New York, March 01, 2023 (GLOBE NEWSWIRE) — The auto parts market is expected to generate revenue of $548 billion by 2022, according to Persistent Market Research. With the top 5 market players controlling a significant portion of the auto parts market by 2023, the demand for auto parts will increase. The entire auto parts market is expected to increase to one 5.5% CAGR from 2023 to 2033, reaching 984 billion dollars.
The automotive aftermarket is a complex and dynamic industry serving the needs of vehicle owners and repair shops around the world. Aftermarket parts are replacement parts that are not manufactured by the original equipment manufacturer (OEM). They are designed to fit and perform like the original parts and are often less expensive than OEM parts. This industry has been growing rapidly in recent years, and is expected to continue to do so in the coming years.
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History of the auto parts market
The auto parts market 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 their own parts. As a result, repair shops had to make their own parts or buy them from a local blacksmith or machine shop.
As the automobile industry matured, standardized parts became more common and the aftermarket industry began to take shape. In the 1920s, there were several companies making replacement 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 following years, the auto parts market continued to grow and evolve. With the rise of mass production techniques and globalization, spare parts became more available and more affordable. Today, the aftermarket industry is a multi-billion dollar industry serving the needs of vehicle owners and repair shops around the world.
Key companies profiled:
- Bajaj Auto Ltd.
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Hella KGaA Hueck & Co.
- NGK spark plug
- Exide Technologies
- Gabriel India Limited
- Hitachi Astemo Ltd.
- KYB Corporation
- Tenneco Inc.
- others
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Types of auto parts market
There are several types of auto aftermarket, such as:
- Spare parts: These are parts designed to replace a damaged or worn part of a vehicle. Replacement parts can be 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 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 designed to improve the appearance or functionality of a vehicle. Accessories can be OEM or aftermarket. OEM accessories are manufactured by the original equipment manufacturer, while aftermarket accessories are manufactured by a third-party company.
Advantages of the aftermarket for auto parts
The auto aftermarket offers several benefits to vehicle owners and repair shops, including:
- Cost savings: Aftermarket parts are often less expensive than OEM parts, which can mean significant cost savings for vehicle owners and repair shops.
- availability: Replacement parts are widely available and can be purchased from a variety of sources, including online stores, local auto parts stores, and specialty stores.
- quality: Many replacement parts are manufactured to meet or exceed OEM specifications, meaning they are designed to fit and perform like the original parts.
- Personalization– Aftermarket parts offer a wide range of customization options, including performance upgrades, cosmetic upgrades, and functional upgrades.
Challenges of the auto parts market
Despite its many advantages, the auto parts market faces several challenges, including:
- Quality control: Since replacement parts are manufactured by several companies, it can be difficult to guarantee consistent quality across all products.
- Intellectual property: Some aftermarket manufacturers have been accused of infringing OEM patents and trademarks, which can lead to legal disputes and costly litigation.
- Brand recognition: OEMs have established brand recognition and customer loyalty, which can make it difficult for aftermarket manufacturers to gain traction in the market.
- 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 the auto parts market
- By product: Engine and transmission parts (pistons, piston rings, oil filters, oil pumps, air filters, clutch, transmission filters), brake parts (brake pads, brake calipers, brake rotors brake, brake shoes, brake drums), electrical parts (starter, alternators), batteries, bulbs, sensors), fuel intake and ignition parts (fuel filters, fuel injectors, spark plugs, glow plugs, fuel pumps), air conditioning parts (cabin air filters, compressors, condensers, fan motors), suspension parts (shock absorbers, leaf springs, coil springs, air springs), exhaust parts (pipes exhaust, mufflers), engine cooling parts (radiators, radiator fans, intercoolers, water pumps), steering parts, wheels, tires
- By vehicle: Passenger vehicles, light commercial vehicles, heavy commercial vehicles, all-terrain vehicles, off-road vehicles
- By sales channel: Authorized dealers, independent dealers, online channel
- By region: North America, Latin America, Europe, East Asia, South Asia Pacific, Middle East and Africa
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About PMR – Automotive and Transport
Persistence’s Automotive & Transportation Division of Market Research provides exclusive coverage and actionable insights into the automotive and transportation industry including the automotive, aviation, shipping and marine sectors and the railway. Market findings and competitive intelligence from OEMs, the aftermarket, services and the technology landscape have helped numerous industry stakeholders from automakers, component manufacturers, channel partners and service providers. services to make informed decisions and keep them up to date with market behavior.
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