Global Aftermarket Study on Automotive Parts: Rising Vehicle Parc and Preventive Maintenance to Aid Market Expansion
New York, March 01, 2023 (GLOBE NEWSWIRE) -- The automotive parts aftermarket is expected to generate $548 billion in revenue by 2022, according to Persistent Market Research. With the top 5 market players controlling a sizable portion of the automotive parts aftermarket in 2023, the demand for automotive parts will increase. The entire Automotive Parts Aftermarket is anticipated to increase at a CAGR of 5.5% from 2023 to 2033, reaching US$ 984 Billion.
The automotive parts aftermarket is a complex and dynamic industry that serves the needs of vehicle owners and repair shops worldwide. Aftermarket parts are replacement parts that are not manufactured by the original equipment manufacturer (OEM). They are designed to fit and function like the original parts and are often less expensive than OEM parts. This industry has been growing rapidly in recent years, and it is expected to continue to do so in the coming years.
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History of the Automotive Parts Aftermarket
The automotive parts aftermarket has been around for as long as cars have been on the road. In the early days of the automobile, there were no standard parts, and each manufacturer made its own parts. As a result, repair shops had to make their own parts or purchase them from a local blacksmith or machine shop.
As the automotive industry matured, standardized parts became more common, and the aftermarket parts industry began to take shape. By the 1920s, there were several companies manufacturing aftermarket parts, including Wix Filters, Gates Rubber, and Champion Spark Plugs. These companies produced parts that were designed to fit and function like the original parts but were often less expensive.
In the years that followed, the automotive parts aftermarket continued to grow and evolve. With the rise of mass production techniques and globalization, aftermarket parts became more widely available and more affordable. Today, the aftermarket parts industry is a multi-billion-dollar industry that serves the needs of vehicle owners and repair shops worldwide.
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Types of Automotive Parts Aftermarket
There are several types of automotive parts aftermarket, including:
Replacement Parts: These are parts that are designed to replace a damaged or worn-out part on a vehicle. Replacement parts can be either OEM or aftermarket. OEM replacement parts are manufactured by the original equipment manufacturer, while aftermarket replacement parts are manufactured by a third-party company.
Performance Parts: These are parts that are designed to improve the performance of a vehicle. Performance parts can be either OEM or aftermarket. OEM performance parts are manufactured by the original equipment manufacturer, while aftermarket performance parts are manufactured by a third-party company.
Accessories: These are parts that are designed to enhance the appearance or functionality of a vehicle. Accessories can be either OEM or aftermarket. OEM accessories are manufactured by the original equipment manufacturer, while aftermarket accessories are manufactured by a third-party company.
Benefits of Automotive Parts Aftermarket
The automotive parts aftermarket offers several benefits to vehicle owners and repair shops, including:
Cost Savings: Aftermarket parts are often less expensive than OEM parts, which can result in significant cost savings for vehicle owners and repair shops.
Availability: Aftermarket parts are widely available and can be purchased from a variety of sources, including online retailers, local auto parts stores, and specialty shops.
Quality: Many aftermarket parts are manufactured to meet or exceed OEM specifications, which means that they are designed to fit and function like the original parts.
Customization: Aftermarket parts offer a wide range of customization options, including performance upgrades, cosmetic enhancements, and functional improvements.
Challenges of Automotive Parts Aftermarket
Despite its many benefits, the automotive parts aftermarket faces several challenges, including:
Quality Control: Because aftermarket parts are manufactured by a variety of companies, it can be difficult to ensure consistent quality across all products.
Intellectual Property: Some aftermarket parts manufacturers have been accused of infringing on OEM patents and trademarks, which can result in legal disputes and costly litigation.
Brand Recognition: OEMs have established brand recognition and customer loyalty, which can make it difficult for aftermarket parts manufacturers to gain traction in the marketplace.
Consumer Education: Many vehicle owners are not aware of the benefits of aftermarket parts or the differences between OEM and aftermarket parts.
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Key Segments Covered in Automotive Parts Aftermarket
By Product: Engine & Transmission Parts ( Pistons, Piston Rings, Oil Filters, Oil Pumps, Air Filters, Clutch, Transmission Filters), Brake Parts (Brake Pads, Brake Calipers, Brake Rotors, Brake Shoes, Brake Drums), Electrical Parts (Starters, Alternators, Batteries, Light Bulbs, Sensors), Fuel Intake & Ignition Parts (Fuel Filters, Fuel Injectors, Spark Plugs, Glow Plugs, Fuel Pumps), A/C Parts (Cabin Air Filters, Compressors, Condensers, Blower Motors), Suspension Parts (Shock Absorbers, Leaf Springs, Coil Springs, Air Springs), Exhaust Parts (Exhaust Pipes, Mufflers), Engine Cooling Parts (Radiators, Radiator Fans, Intercoolers, Water Pumps), Steering Parts, Wheels, Tires
By Vehicle: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, All-Terrain Vehicles, Off-Highway Vehicles
By Sales Channel: Authorized Dealers, Independent Dealers, Online Channel
By Region: North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
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About PMR – Automotive and Transportation
The Automotive and Transportation division of Persistence market research provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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