Automotive Parts Aftermarket Market in US Size to grow by USD 35 billion between 2024-2028
According to a research report “ Automotive Parts Aftermarket Market in US” by Type (Passenger vehicles, Commercial vehicles) Distribution Channel (Offline, Online) Geography (North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 35 billion, at a CAGR of over 8.09% during the forecast period. The automotive parts aftermarket in the United States is experiencing significant growth due to the adoption of original equipment (OE) replacement parts. These parts offer several advantages, including warranties ranging from one to three years and adherence to quality standards and specifications. By utilizing OE replacement parts, commercial buyers can confidently replace worn-out components in vehicles, ensuring optimal performance and reliability. This confidence-boosting factor is a crucial market enabler for the automotive parts aftermarket industry in the US.
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By Type, the Passenger vehicles segment is projected to dominate the market size in 2024
The Automotive Parts Aftermarket in the US is a significant business sector, exhibiting robust growth. This market caters to the demand for replacement parts and accessories for various makes and models of vehicles. Key drivers include increasing vehicle parc, rising consumer preference for customization, and the growing trend towards vehicle maintenance rather than replacement. Market leaders focus on innovation, supply chain efficiency, and customer service to maintain competitiveness.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024
The United States automotive parts aftermarket sector experiences significant growth due to the substantial market share of passenger vehicles. With a high demand for hatchbacks, sedans, and estates, this segment records substantial sales volumes. Routine maintenance and part replacement are essential for these vehicles, contributing to the sector's expansion. Furthermore, the increasing sales of plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs) in the US market boost the demand for aftermarket parts, as these vehicles require specialized components to ensure optimal performance. The diverse consumer preferences across the country underscore the market's complexity, necessitating a deep understanding of the sector's intricacies.
North America is forecasted to hold the largest market size by region in 2024
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The Automotive Parts Aftermarket Market in US growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Automotive Parts Aftermarket in the US is a significant and diverse industry, encompassing a wide range of products including Body Parts, Tools, Fluids, Automotive Electronics, Engine Parts, Suspension, Exhaust Systems, Lighting, Wheels, Tires, Batteries, Brakes, Filters, Car Care Products, Performance Parts, Accessories, OEM Parts, and Replacement Parts. This market caters to both the do-it-yourself (DIY) enthusiasts and professional mechanics, supplying them with the necessary components to keep vehicles on the road. The US Aftermarket for Automotive Parts is a major contributor to the country's economy, with sales projected to reach over USD150 billion by 2025. The market is driven by several factors, including the increasing number of vehicles on the road, the growing popularity of DIY car repair, and the demand for fuel-efficient and high-performance parts. Moreover, advancements in technology have led to the development of sophisticated Automotive Electronics and Performance Parts, catering to the needs of modern vehicles. The market is highly competitive, with numerous players offering a wide range of products, making it essential for consumers to differentiate between OEM Parts and Replacement Parts to ensure optimal vehicle performance and safety.
Market Research Overview
The Automotive Parts Aftermarket in the US is a significant industry, encompassing a wide range of components and accessories for various vehicle makes and models. This market includes Steering Wheel Buttons, Locks, and Covers, as well as Power Steering Components like Coolers, Reservoirs, Hoses, and Fluids, Steering Dampers, and Gear Boxes. Other essential parts include Idler and Pitman Arms, Tie Rod Ends, Power Steering Racks, Steering Columns, and Suspension Components like Struts, Shock Absorbers, Coil Springs, Leaf Springs, and Air Suspension Systems. Additionally, the market covers Brake Components such as Boosters, Wheel Cylinders, Master Cylinders, ABS Control Modules, Sensors, Fluids, and Lines. Furthermore, it includes Engine Components like Control Modules, Bushings, Bearings, Seals, Hoses, Belts, Gaskets, and various Fluids. The market is influenced by factors like environmental concerns, rising fuel prices, and the growing popularity of Electric Vehicles (EVs). Consumer spending habits, economic impact, and longer lead times due to supply shortages and raw material constraints are also essential considerations. Technological advancements, such as robotics and automation, 3D printing, and digital platforms, are transforming the industry. The market caters to various stakeholders, including OEMs, wholesalers & distributors, retailers, installers, and logistics experts. It includes parts for various vehicle systems, such as Drive Train, Chassis, Fuel, Cooling, Air Conditioning, Ignition, and Exhaust Systems. Additionally, it covers Collision Repair Parts, Auto Detailing Supplies, Maintenance Parts, Exterior and Interior Accessories, Body Parts, Tools, Fluids, Automotive Electronics, Performance Parts, and OEM and Replacement Parts. The market is vast and diverse, with numerous players, including Auto Parts Warehouse, CarParts, start-ups, and automotive vendors. It is a critical component of the transportation industry, with significant economic impact and implications for CO2 emissions, fuel economy standards, and logistics.
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