NEW YORK, April 10, 2023 /PRNewswire/ -- The size of the automotive parts aftermarket market in US is set to grow by USD 30.83 billion between 2022 and 2027, progressing at a CAGR of 7.69% during the forecast period, according to Technavio Research. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. For more insights on CAGR and YOY growth rate, Download a Sample Report
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 3M Co., Adient Plc, Aisin Corp., American Axle and Manufacturing Holdings Inc., Aptiv Plc, DENSO Corp., FlexNGate Group of Companies, Lear Corp., Magna International Inc., NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Stellantis NV, Tenneco Inc., Valeo SA, Yazaki Corp., and ZF Friedrichshafen AG are some of the major market participants.
The advantages of original equipment replacement parts, the growing average age of vehicles in the US, the growing passion for vehicle customization, and the growth in the number of vendors will offer immense growth opportunities. However, the adoption of 3D printing in the manufacturing industry is likely to pose a challenge for market vendors. In a bid to help players strengthen their market foothold, this report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Frequently Asked Questions:
- Based on segmentation by type, which is the leading segment in the market?
The passenger vehicles segment will lead the growth of the market.
- What are the major trends in the market?
The growing availability of automotive aftermarket parts on e-commerce platforms is identified as the key trend in the market.
- At what rate is the market projected to grow?
The market is projected to grow at a CAGR of 7.69% during the forecast period.
- Who are the top players in the market?
3M Co., Adient Plc, Aisin Corp., American Axle and Manufacturing Holdings Inc., Aptiv Plc, DENSO Corp., FlexNGate Group of Companies, Lear Corp., Magna International Inc., NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Stellantis NV, Tenneco Inc., Valeo SA, Yazaki Corp., and ZF Friedrichshafen AG are the top players in the market.
- What are the key market drivers and challenges?
The market is driven by the advantages of original equipment replacement parts. However, the adoption of 3D printing in the manufacturing industry will challenge the growth of the market.
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Automotive Parts Aftermarket Market in US 2023-2027: Segmentation
- Type
- Passenger Vehicles
- Commercial Vehicles
- Distribution Channel
- Offline
- Online
The market growth in the passenger vehicles segment will be significant during the forecast period. The investments in R&D of vehicles and testing, compliance with standards, or standardization have increased over the years. This has increased the product lifecycle of passenger vehicles, which has also increased the time span of vehicles among consumers. In addition, the increasing volume sales of plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs) in the US will positively influence the growth of the segment.
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Automotive Parts Aftermarket Market in US 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The report covers the following areas:
- Automotive Parts Aftermarket Market Size in US
- Automotive Parts Aftermarket Market Trends in US
- Automotive Parts Aftermarket Market Analysis in US
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Automotive Parts Aftermarket Market in US 2023-2027: Vendor Analysis and Scope
The automotive parts aftermarket market in US is fragmented, with the presence of many well-established vendors. Automakers are making significant investments in R&D to offer better products to their customers and expand their customer base. Vendors in the market are opting for mergers, acquisitions, and strategic partnerships to strengthen their position. The market landscape is expected to remain competitive, as market growth will be slow during the forecast period. Some of the key vendors covered in the report include:
- Aisin Corp. - The company offers automotive parts such as cooling, engine, drivetrain, body, electronics, and chemicals equipment.
- American Axle and Manufacturing Holdings Inc. - The company offers automotive parts such as axle and driveshaft components.
- Aptiv Plc - The company offers automotive parts such as high voltage systems, data connectivity, electrical centers, and safety-critical connectors.
- DENSO Corp. - The company offers automotive parts such as oil filters, wiper blades, cabin air filters, air filter elements, and spark plugs.
- 3M Co.
- FlexNGate Group of Companies
- Lear Corp.
- Magna international inc.
- NGK SPARK PLUG Co. Ltd.
- Panasonic Holdings Corp.
- Pioneer Corp.
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Schaeffler AG
- Stellantis NV
Automotive Parts Aftermarket Market in US 2023-2027: Driver
The growth of the market is driven by the advantages of original equipment replacement parts. The use of fake, unauthorized, or duplicate parts in automobiles aftermarket further increases the damage to the vehicle. This is because such parts or components not only fail to match the performance of the original and genuine parts but can also affect the performance of the vehicle as well. Original equipment parts generally come with a warranty and adhere to quality standards and specifications. This increases buyer confidence and acts as a market enabler.
Automotive Parts Aftermarket Market in US 2023-2027: Challenge
The adoption of 3D printing in the manufacturing industry is identified as the major challenge in the market. Automobile spare parts manufacturers are moving toward on-demand manufacturing to reduce packaging and inventory management costs. They are adopting 3D printing to achieve same-day production and shipments, instead of producing spare parts in bulk and storing them in inventory. This saves time and labor costs for spare parts manufacturers. However, this is expected to reduce the need for automotive parts, which, in turn, will negatively impact the growth of the market during the forecast period.
Automotive Parts Aftermarket Market in US 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist automotive parts aftermarket market growth in US during the next five years
- Estimation of the automotive parts aftermarket market size in US and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive parts aftermarket market across the US
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive parts aftermarket market vendors in US
Related Reports:
- The automotive aftermarket market is estimated to grow at a CAGR of 6.26% between 2022 and 2027. The size of the market is forecasted to increase by USD 164.58 billion. The market is segmented by vehicle type (passenger cars and commercial vehicles), distribution channel (retailer, wholesale, and distribution), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The automotive brake components aftermarket market is estimated to grow at a CAGR of 3.2% between 2022 and 2027. The size of the market is forecasted to increase by USD 14.07 billion. The market is segmented by product (brake pads, brake shoes, brake calipers, and others), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
Automotive Parts Aftermarket Market in US: Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.69% |
Market growth 2023-2027 |
USD 30.83 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
7.09 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Adient Plc, Aisin Corp., American Axle and Manufacturing Holdings Inc., Aptiv Plc, DENSO Corp., FlexNGate Group of Companies, Lear Corp., Magna International Inc., NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Stellantis NV, Tenneco Inc., Valeo SA, Yazaki Corp., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Browse through Technavio's Consumer Discretionary Market Reports
Table of contents:
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
- Exhibit 06: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 07: Parent market
- Exhibit 08: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 09: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 10: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 11: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 12: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 13: Chart on US: Year-over-year growth 2022-2027 (%)
- Exhibit 14: Data Table on US: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 automotive parts aftermarket market in US 2017 - 2021
- Exhibit 15: Historic Market Size – Data Table on automotive parts aftermarket market in US 2017 - 2021 ($ billion)
- 4.2 Type Segment Analysis 2017 - 2021
- Exhibit 16: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
- 4.3 Distribution channel Segment Analysis 2017 - 2021
- Exhibit 17: Historic Market Size – Distribution channel Segment 2017 - 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 24: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Type
- 6.1 Market segments
- Exhibit 25: Chart on Type - Market share 2022-2027 (%)
- Exhibit 26: Data Table on Type - Market share 2022-2027 (%)
- 6.2 Comparison by Type
- Exhibit 27: Chart on Comparison by Type
- Exhibit 28: Data Table on Comparison by Type
- 6.3 Passenger vehicles - Market size and forecast 2022-2027
- Exhibit 29: Chart on Passenger vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 30: Data Table on Passenger vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 31: Chart on Passenger vehicles - Year-over-year growth 2022-2027 (%)
- Exhibit 32: Data Table on Passenger vehicles - Year-over-year growth 2022-2027 (%)
- 6.4 Commercial vehicles - Market size and forecast 2022-2027
- Exhibit 33: Chart on Commercial vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 34: Data Table on Commercial vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Chart on Commercial vehicles - Year-over-year growth 2022-2027 (%)
- Exhibit 36: Data Table on Commercial vehicles - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Type
- Exhibit 37: Market opportunity by Type ($ billion)
- Exhibit 38: Data Table on Market opportunity by Type ($ billion)
7 Market Segmentation by Distribution Channel
- 7.1 Market segments
- Exhibit 39: Chart on Distribution Channel - Market share 2022-2027 (%)
- Exhibit 40: Data Table on Distribution Channel - Market share 2022-2027 (%)
- 7.2 Comparison by Distribution Channel
- Exhibit 41: Chart on Comparison by Distribution Channel
- Exhibit 42: Data Table on Comparison by Distribution Channel
- 7.3 Offline - Market size and forecast 2022-2027
- Exhibit 43: Chart on Offline - Market size and forecast 2022-2027 ($ billion)
- Exhibit 44: Data Table on Offline - Market size and forecast 2022-2027 ($ billion)
- Exhibit 45: Chart on Offline - Year-over-year growth 2022-2027 (%)
- Exhibit 46: Data Table on Offline - Year-over-year growth 2022-2027 (%)
- 7.4 Online - Market size and forecast 2022-2027
- Exhibit 47: Chart on Online - Market size and forecast 2022-2027 ($ billion)
- Exhibit 48: Data Table on Online - Market size and forecast 2022-2027 ($ billion)
- Exhibit 49: Chart on Online - Year-over-year growth 2022-2027 (%)
- Exhibit 50: Data Table on Online - Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by Distribution Channel
- Exhibit 51: Market opportunity by Distribution Channel ($ billion)
- Exhibit 52: Data Table on Market opportunity by Distribution Channel ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 53: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- 9.3 Impact of drivers and challenges
- Exhibit 54: Impact of drivers and challenges in 2022 and 2027
- 9.4 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 55: Overview on Criticality of inputs and Factors of differentiation
- 10.3 Landscape disruption
- Exhibit 56: Overview on factors of disruption
- 10.4 Industry risks
- Exhibit 57: Impact of key risks on business
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 58: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 59: Matrix on vendor position and classification
- 11.3 Adient Plc
- Exhibit 60: Adient Plc - Overview
- Exhibit 61: Adient Plc - Business segments
- Exhibit 62: Adient Plc - Key offerings
- Exhibit 63: Adient Plc - Segment focus
- 11.4 Aisin Corp.
- Exhibit 64: Aisin Corp. - Overview
- Exhibit 65: Aisin Corp. - Business segments
- Exhibit 66: Aisin Corp. - Key offerings
- Exhibit 67: Aisin Corp. - Segment focus
- 11.5 American Axle and Manufacturing Holdings Inc.
- Exhibit 68: American Axle and Manufacturing Holdings Inc. - Overview
- Exhibit 69: American Axle and Manufacturing Holdings Inc. - Business segments
- Exhibit 70: American Axle and Manufacturing Holdings Inc. - Key offerings
- Exhibit 71: American Axle and Manufacturing Holdings Inc. - Segment focus
- 11.6 Aptiv Plc
- Exhibit 72: Aptiv Plc - Overview
- Exhibit 73: Aptiv Plc - Business segments
- Exhibit 74: Aptiv Plc - Key offerings
- Exhibit 75: Aptiv Plc - Segment focus
- 11.7 DENSO Corp.
- Exhibit 76: DENSO Corp. - Overview
- Exhibit 77: DENSO Corp. - Business segments
- Exhibit 78: DENSO Corp. - Key news
- Exhibit 79: DENSO Corp. - Key offerings
- Exhibit 80: DENSO Corp. - Segment focus
- 11.8 FlexNGate Group of Companies
- Exhibit 81: FlexNGate Group of Companies - Overview
- Exhibit 82: FlexNGate Group of Companies - Product / Service
- Exhibit 83: FlexNGate Group of Companies - Key offerings
- 11.9 Lear Corp.
- Exhibit 84: Lear Corp. - Overview
- Exhibit 85: Lear Corp. - Business segments
- Exhibit 86: Lear Corp. - Key news
- Exhibit 87: Lear Corp. - Key offerings
- Exhibit 88: Lear Corp. - Segment focus
- 11.10 Magna International Inc.
- Exhibit 89: Magna International Inc. - Overview
- Exhibit 90: Magna International Inc. - Business segments
- Exhibit 91: Magna International Inc. - Key news
- Exhibit 92: Magna International Inc. - Key offerings
- Exhibit 93: Magna International Inc. - Segment focus
- 11.11 Panasonic Holdings Corp.
- Exhibit 94: Panasonic Holdings Corp. - Overview
- Exhibit 95: Panasonic Holdings Corp. - Business segments
- Exhibit 96: Panasonic Holdings Corp. - Key news
- Exhibit 97: Panasonic Holdings Corp. - Key offerings
- Exhibit 98: Panasonic Holdings Corp. - Segment focus
- 11.12 Pioneer Corp.
- Exhibit 99: Pioneer Corp. - Overview
- Exhibit 100: Pioneer Corp. - Business segments
- Exhibit 101: Pioneer Corp. - Key offerings
- Exhibit 102: Pioneer Corp. - Segment focus
- 11.13 Robert Bosch GmbH
- Exhibit 103: Robert Bosch GmbH - Overview
- Exhibit 104: Robert Bosch GmbH - Business segments
- Exhibit 105: Robert Bosch GmbH - Key news
- Exhibit 106: Robert Bosch GmbH - Key offerings
- Exhibit 107: Robert Bosch GmbH - Segment focus
- 11.14 Schaeffler AG
- Exhibit 108: Schaeffler AG - Overview
- Exhibit 109: Schaeffler AG - Business segments
- Exhibit 110: Schaeffler AG - Key offerings
- Exhibit 111: Schaeffler AG - Segment focus
- 11.15 Stellantis NV
- Exhibit 112: Stellantis NV - Overview
- Exhibit 113: Stellantis NV - Business segments
- Exhibit 114: Stellantis NV - Key news
- Exhibit 115: Stellantis NV - Key offerings
- Exhibit 116: Stellantis NV - Segment focus
- 11.16 Yazaki Corp.
- Exhibit 117: Yazaki Corp. - Overview
- Exhibit 118: Yazaki Corp. - Product / Service
- Exhibit 119: Yazaki Corp. - Key offerings
- 11.17 ZF Friedrichshafen AG
- Exhibit 120: ZF Friedrichshafen AG - Overview
- Exhibit 121: ZF Friedrichshafen AG - Business segments
- Exhibit 122: ZF Friedrichshafen AG - Key news
- Exhibit 123: ZF Friedrichshafen AG - Key offerings
- Exhibit 124: ZF Friedrichshafen AG - Segment focus
12 Appendix
- 12.1 Scope of the report
- 12.2 Inclusions and exclusions checklist
- Exhibit 125: Inclusions checklist
- Exhibit 126: Exclusions checklist
- 12.3 Currency conversion rates for US$
- Exhibit 127: Currency conversion rates for US$
- 12.4 Research methodology
- Exhibit 128: Research methodology
- Exhibit 129: Validation techniques employed for market sizing
- Exhibit 130: Information sources
- 12.5 List of abbreviations
- Exhibit 131: List of abbreviations
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