According to a new report published by Introspective Market Research, titled, "Aftermarket Automotive Parts Market by Type (OEM, Replacement), Product (Tires, Batteries, Brakes, Filters, Lighting, Engine Components, Exhaust Components, Others), Distribution Channel (Retail, Wholesale), Vehicle Type (Passenger Cars, Commercial Vehicles), and Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa)," The Global Aftermarket Automotive Parts Market Size Was Valued at USD 474.15 Billion in 2023 and is Projected to Reach USD 704.77 Billion by 2032, Growing at a CAGR of 6.1% from 2024 to 2032.The aftermarket automotive parts market encompasses the manufacturing, remanufacturing, distribution, and retail of vehicle components and accessories that are purchased and installed after the original vehicle's sale. This market serves a wide range of needs, including routine maintenance, repairs, upgrades, and customization for both passenger cars and commercial vehicles. Products range from essential wear-and-tear items like tires, brakes, and filters to more complex engine components, lighting systems, and aesthetic accessories. The market is broadly categorized into OEM (Original Equipment Manufacturer) parts, which are identical to those installed by the manufacturer, and replacement/third-party parts, which offer alternatives in terms of brand, price, and performance.
The aftermarket parts industry offers significant advantages over exclusive reliance on dealership-supplied OEM parts, primarily through greater affordability, wider availability, and increased consumer choice. Independent repair shops and DIY enthusiasts benefit from a competitive landscape that provides cost-effective options without compromising quality. This market dynamic allows vehicle owners to maintain their vehicles economically, extend their lifespan, and personalize them according to their preferences. The widespread use of these parts spans individual vehicle owners, independent repair garages, fleet operators, and specialized customization shops across the globe.
A key growth driver for the aftermarket automotive parts market is the global increase in the average age of vehicles on the road. As consumers hold onto their vehicles for longer periods, the demand for replacement parts for maintenance, repair, and restoration naturally escalates. Older vehicles typically require more frequent servicing and component replacements compared to newer models. This trend is further supported by economic factors that encourage vehicle owners to maintain their current cars rather than purchase new ones, thereby continuously fueling the need for a wide array of aftermarket parts, from routine consumables to more complex system components.
A significant market opportunity in the aftermarket automotive parts sector lies in the booming e-commerce penetration and the growing preference for online purchasing of automotive components. Consumers are increasingly turning to online platforms for their automotive part needs due to convenience, competitive pricing, and a vast selection. This shift allows smaller manufacturers and distributors to reach a broader customer base beyond traditional brick-and-mortar stores. Investing in robust online sales channels, digital marketing, and efficient logistics for direct-to-consumer delivery can unlock substantial growth, catering to both DIY enthusiasts and independent repair shops looking for convenient procurement options.
Aftermarket Automotive Parts Market, Segmentation
The Aftermarket Automotive Parts Market is segmented on the basis of Type, Product, Distribution Channel, and Vehicle Type.
Type
- The Type segment is further classified into OEM and Replacement. Among these, the Replacement sub-segment accounted for the highest market share in 2023. This dominance is primarily attributed to the cost-effectiveness and wide availability of replacement parts compared to OEM components. Consumers and independent repair shops often opt for aftermarket replacement parts as they offer a more economical solution without necessarily compromising quality, especially for routine maintenance and common repairs. The competitive pricing and extensive range of brands available in the replacement segment drive its significant market share, catering to budget-conscious buyers and expanding vehicle lifespans.
Product
- The Product segment is further classified into Tires, Batteries, Brakes, Filters, Lighting, Engine Components, Exhaust Components, and Others. Among these, the Tires sub-segment accounted for the highest market share in 2023. Tires represent a consistently high-demand product category in the aftermarket due to their nature as essential wear-and-tear items that require regular replacement for safety and performance. Factors such as driving conditions, mileage, and legal requirements for tread depth ensure a continuous purchasing cycle. The broad range of tire types (all-season, winter, performance) and brands further contributes to its market dominance, making it a cornerstone of the aftermarket automotive parts industry.
Some of The Leading/Active Market Players Are-
- Robert Bosch GmbH (Germany)
- ZF Friedrichshafen AG (Germany)
- Continental AG (Germany)
- Denso Corporation (Japan)
- Magna International Inc. (Canada)
- Aisin Corporation (Japan)
- Tenneco Inc. (US)
- Brembo S.p.A. (Italy)
- Michelin (France)
- Goodyear Tire & Rubber Company (US)
- Bridgestone Corporation (Japan)
- Delphi Technologies (UK)
- BorgWarner Inc. (US)
- Lear Corporation (US)
- Hitachi Astemo, Ltd. (Japan)
Key Industry Developments
- In March 2023, Continental AG announced a strategic investment in a new production facility for advanced driver-assistance systems (ADAS) components in North America. This move is aimed at strengthening its position in the rapidly evolving technology segment of the automotive aftermarket.
This investment by Continental highlights the increasing technological sophistication within the aftermarket. As vehicles incorporate more advanced electronics, the demand for specialized diagnostic tools and replacement parts for ADAS, infotainment, and connectivity systems creates new avenues for growth and requires manufacturers to adapt their offerings. - In September 2023, Tenneco Inc. launched a new line of Monroe® OESpectrum® shock absorbers and struts for a wider range of popular vehicle models. This product expansion aims to provide consumers with high-quality, ride-control options that match original equipment performance.
This product launch by Tenneco showcases the continuous effort by aftermarket manufacturers to provide high-quality, expanded coverage for various vehicle makes and models. By offering premium replacement parts, Tenneco addresses the consumer need for reliable components that restore or enhance vehicle performance and safety, reinforcing brand loyalty.
Key Findings of the Study
- Replacement parts dominate the market due to cost-effectiveness and widespread availability.
- Tires hold the largest product share as essential wear-and-tear components.
- North America leads the market, driven by a large vehicle fleet and strong DIY culture.
- Market growth is primarily fueled by the aging vehicle parc and increasing vehicle lifespan.
- E-commerce penetration and technological advancements are key market trends.
