Global Automotive Spare Parts
Market Report
2024
Automotive Spare Parts market size is USD 668154.2million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.20% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Automotive Spare Parts market size is USD 668154.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.20% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Automotive Spare Parts Market Sales Revenue 2024 | $ 668154 Million |
Global Automotive Spare Parts Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.2% |
North America Automotive Spare Parts Market Sales Revenue 2024 | $ 267262 Million |
North America Automotive Spare Parts Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.4% |
Middle East and Africa Automotive Spare Parts Market Sales Revenue 2024 | $ 13363.1 Million |
Middle East and Africa Automotive Spare Parts Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.9% |
Europe Automotive Spare Parts Market Sales Revenue 2024 | $ 200446 Million |
Europe Automotive Spare Parts Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.7% |
Asia Pacific Automotive Spare Parts Market Sales Revenue 2024 | $ 153675 Million |
Asia Pacific Automotive Spare Parts Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.2% |
South America Automotive Spare Parts Market Sales Revenue 2024 | $ 13363.1 Million |
South America Automotive Spare Parts Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.9% |
Market Split by Type |
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Market Split by Product |
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Market Split by Vehicle Type |
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Market Split by Sales Channel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Automotive Spare Parts Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Automotive spare parts are referred to as a component of an automobile. Auto parts and components comprise of chassis, bodies, interiors, seating, exteriors, powertrains, electronics, mirrors, closures, roof systems and modules, and so forth. All the parts and components are connected in a car to supply the best driving experience. The classification of auto parts and accessories contains interiors and exteriors, driveline and powertrain, electronics, bodies and chassis, seating, lighting, wheel and tires, and so forth.
The rapid urbanization across the globe acts as one of the major factor driving the growth of air brake system market. The surge in the in sales and production of commercial vehicles and off-highway trucks, and integration of the system in heavy and commercial vehicles to apply more massive brake effort accelerate the market growth. The use of air brake system in wider application in parking brakes, and service brakes, and increased railways and high-speed trains further influence the market.
In March 2023, Hitachi ltd setup a new facility of auto part manufacturing at India to catar domnetic and overseas market.
(Source:https://www.hitachi.com/New/cnews/month/2023/02/230222.html)
The automotive spare parts market is driven by the growing number of vehicles on the road, resulting from increasing vehicle sales worldwide. As more vehicles are sold, the demand for spare parts also increases, driving market growth. Additionally, the aging vehicle fleet in many regions contributes to the demand for spare parts, as older vehicles require more frequent maintenance and repairs. This trend is particularly significant in developed regions where the average age of vehicles on the road is higher. As a result, the automotive spare parts market is expected to witness steady growth due to the continuous need for spare parts to maintain and repair vehicles.
Technological advancements in automotive manufacturing have significantly impacted the automotive spare parts market. The integration of advanced technologies such as sensors, IoT, and AI in modern vehicles has led to the development of complex automotive systems. These advanced systems require specialized spare parts and components, driving the demand for innovative and high-quality spare parts. Additionally, technological advancements have improved the durability and performance of vehicles, leading to longer vehicle lifespans. As vehicles become more advanced, the demand for specialized spare parts and components is expected to increase, further driving market growth.
The automotive spare parts industry relies heavily on complex global supply chains. Disruptions in the supply chain, such as those caused by the COVID-19 pandemic, natural disasters, or trade disputes, can lead to shortages of critical components and increase lead times. These disruptions can impact production schedules, increase costs, and affect the availability of spare parts in the market.
The COVID-19 pandemic has had a profound impact on the Automotive Spare Parts market, disrupting global supply chains and causing a significant decline in demand. As countries imposed lockdowns and travel restrictions, automotive production plants were forced to shut down or operate at reduced capacity, leading to a shortage of spare parts. Additionally, the closure of dealerships and repair shops limited consumer access to spare parts, further impacting the market. The economic uncertainty caused by the pandemic also led to a decrease in consumer spending on non-essential items, including automotive spare parts. However, the pandemic also accelerated the adoption of online sales channels for spare parts, as consumers turned to e-commerce platforms to purchase goods. This shift towards online sales is expected to continue post-pandemic, reshaping the Automotive Spare Parts market.
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The Automotive Spare Parts market is highly competitive, characterized by the presence of numerous global and regional players. Key players in the market include Bosch, Continental AG, Denso Corporation, and Delphi Automotive PLC, among others. These companies are constantly engaged in product innovation, strategic partnerships, and mergers and acquisitions to maintain their market position.
In April 2021, Lippert Components Inc. announced that it has acquired Kaspar Ranch Hand Equipment, LLC. Lippert Components Inc. sought to increase its share in automotive performance parts with this acquisition.
In February 2020, The "Your Car. Your Data. Your Choice." The campaign was supported by MotoRad LTD. in collaboration with the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association. This campaign was started to educate car owners about the data that contains important maintenance and repair information for their vehicles.
(Source:https://www.facebook.com/YourCarYourData/
Top Companies Market Share in Automotive Spare Parts Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
Global Automotive Spare Parts Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Automotive Spare Parts Industry growth. Automotive Spare Parts market has been segmented with the help of its Type, Product Vehicle Type, and others. Automotive Spare Parts market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the driveline and powertrain segment dominates the Automotive Spare Parts market, accounting for the largest share. This segment includes components such as engines, transmissions, and axles, which are essential for vehicle propulsion. The dominance of this segment can be attributed to the frequent need for maintenance and replacement of driveline and powertrain components, driven by the wear and tear associated with vehicle use.
The electronics segment is the fastest-growing category in the Automotive Spare Parts market. This growth is fueled by the increasing integration of advanced electronic systems in vehicles, including infotainment systems, driver assistance systems, and telematics. As vehicles become more technologically advanced, the demand for electronic spare parts is expected to rise significantly. Moreover, the growing popularity of electric vehicles is driving the need for specialized electronic components, such as battery management systems and electric vehicle control units, further boosting the growth of this segment.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Automotive Spare Parts Industry. Request a Free Sample PDF!
According to Cognitive Market Research, the engine parts segment is the dominant category in the Automotive Spare Parts market, accounting for the largest share. Engine parts, including components such as pistons, cylinders, and valves, are critical for the proper functioning of vehicles and require regular maintenance and replacement. The dominance of this segment is driven by the high frequency of engine-related issues and the need for continuous upkeep to ensure optimal vehicle performance.
The suspension and braking parts equipment segment is the fastest-growing category in the Automotive Spare Parts market. This growth is fueled by several factors, including the rising focus on vehicle safety and the increasing demand for enhanced driving comfort. Suspension and braking systems play a crucial role in ensuring vehicle stability, control, and safety. As a result, there is a growing need for high-quality spare parts to maintain and upgrade these systems.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Automotive Spare Parts market report 2024 Edition by contacting our team.
According to Cognitive Market Research, the passenger vehicle segment dominated the market. Passenger vehicles, including cars, SUVs, and vans, are the most commonly used vehicles worldwide, accounting for a significant share of the automotive market. The high volume of passenger vehicles on the roads translates to a higher demand for spare parts, as these vehicles require regular maintenance and repairs. Factors such as increasing urbanization, rising disposable incomes, and improved living standards contribute to the growing demand for passenger vehicles, thereby driving the demand for spare parts in this segment.
The fastest-growing category in the Automotive Spare Parts market is the commercial vehicle segment. Commercial vehicles, including trucks, buses, and vans used for commercial purposes, are experiencing robust growth due to expanding logistics and transportation sectors, driven by e-commerce and industrial development. The increasing demand for efficient and reliable transportation of goods and passengers is leading to a rise in the sales of commercial vehicles, thereby boosting the demand for spare parts.
According to Cognitive Market Research, the offline sales channel. Despite the growth of online retail, many consumers still prefer to purchase spare parts from physical stores. The offline channel includes brick-and-mortar stores, dealerships, and auto parts stores, where customers can physically examine the parts and seek advice from sales representatives. This channel dominates the market due to the convenience and immediacy it offers, especially for urgent repairs or when specific parts need to be matched precisely.
The fastest-growing category is the online sales channel. The growth of e-commerce platforms and online marketplaces has revolutionized the way spare parts are bought and sold. Online channels offer a wide range of products, competitive prices, and the convenience of shopping from anywhere at any time. Moreover, the availability of detailed product descriptions, customer reviews, and easy comparison tools has increased consumer confidence in purchasing spare parts online.
According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America's dominance in the automotive spare parts market can be attributed to several factors. Firstly, the region has a large automotive industry with a high demand for spare parts due to the large vehicle population. Additionally, North America has a well-established distribution network for automotive spare parts, ensuring efficient supply chain management. Moreover, the region boasts advanced manufacturing capabilities, allowing for the production of high-quality spare parts. Furthermore, North America is home to several major automotive manufacturers and suppliers, leading to a competitive market environment that drives innovation and product development.
Asia Pacific is the fastest-growing region in the automotive spare parts market due to several key factors. Firstly, the region has experienced significant economic growth, leading to a rise in disposable incomes and increased vehicle ownership. This has resulted in higher demand for automotive spare parts for maintenance and repair purposes. Additionally, the automotive industry in Asia Pacific is witnessing rapid expansion, with many global automakers establishing manufacturing facilities in the region. This has led to increased demand for spare parts to support these manufacturing operations. Furthermore, the rise of e-commerce in Asia Pacific has made it easier for consumers to access a wide range of automotive spare parts online, driving market growth.
The current report Scope analyzes Automotive Spare Parts Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
According to Cognitive Market Research, the global Automotive Spare Parts market size was estimated at USD 668154.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 267261.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031. North America's automotive spare parts market is characterized by a highly developed automotive industry and a large vehicle parc. The region's market is primarily driven by the United States, which is one of the largest automotive markets globally. Canada and Mexico also contribute significantly to the market. The North America automotive spare parts market can be segmented based on product type, vehicle type, distribution channel, and geography. Product types include engine parts, electrical parts, chassis parts, and others. In conclusion, the North America automotive spare parts market is poised for steady growth driven by factors such as the region's mature automotive industry, technological advancements, and consumer demand for high-quality products.
Country Analysis
According to Cognitive Market Research, the global Automotive Spare Parts market size was estimated at USD 668154.2 Million out of which Middle East and Africa market of more than 2.00% of the global revenue with a market size of USD 13363.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031. The Middle East and Africa (MEA) automotive spare parts market is a dynamic landscape with varied trends. The region's automotive sector is influenced by factors such as economic conditions, regulatory frameworks, and technological advancements. The MEA automotive spare parts market can be segmented based on product type, vehicle type, distribution channel, and country. Product types include engine parts, electrical parts, chassis parts, and others. In conclusion, the MEA automotive spare parts market offers significant growth opportunities but is also subject to various challenges. Market players need to understand the diverse market landscape, adapt to changing regulations, and leverage technological advancements to succeed in this region.
According to Cognitive Market Research, the global Automotive Spare Parts market size was estimated at USD 668154.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 200446.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. The European automotive spare parts market is a dynamic and diverse sector driven by several factors. With a well-established automotive industry and a large vehicle parc, Europe is a significant market for automotive spare parts. The European automotive spare parts market can be segmented based on product type, vehicle type, distribution channel, and geography. Product types include engine parts, electrical parts, chassis parts, and others. In conclusion, the European automotive spare parts market is a competitive and evolving landscape with significant growth potential. Factors such as technological advancements, stringent regulatory requirements, and the growing demand for high-quality products are driving the market forward.
According to Cognitive Market Research, the global Automotive Spare Parts market size was estimated at USD 668154.2 Million out of which Asia Pacific is the fastest growing market of more than 23% of the global revenue with a market size of USD 153675.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031. The Asia Pacific region is witnessing rapid growth in the automotive spare parts market due to several factors. Rising disposable incomes, urbanization, and increasing vehicle ownership are fueling the growth further. Moreover, the region's expanding aftermarket sector and the presence of a large number of manufacturers and suppliers contribute to its growth trajectory. The Asia Pacific automotive spare parts market can be segmented based on product type, vehicle type, distribution channel, and geography. Product types include engine parts, electrical parts, chassis parts, and others. In conclusion, the Asia Pacific automotive spare parts market presents lucrative opportunities for industry players. The region's robust economic growth, increasing vehicle sales, and technological advancements are driving market growth.
According to Cognitive Market Research, the global Automotive Spare Parts market size was estimated at USD 668154.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 33407.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031. Latin America's automotive spare parts market is characterized by diverse trends across its countries. The Latin America automotive spare parts market can be segmented based on product type, vehicle type, distribution channel, and country. Product types include engine parts, electrical parts, chassis parts, and others. In conclusion, Latin America's automotive spare parts market presents a mix of challenges and opportunities. While economic fluctuations in some countries pose challenges, others offer growth prospects driven by increasing vehicle sales and government support.
Senior Research Analyst at Cognitive Market Research
ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Type | Driveline and Powertrain, Interiors and Exteriors, Electronics, Seating, Lighting, Other Types |
Product | Engine Parts, Electrical Parts, Drive and Transmission Steering Parts, Suspension and Braking Parts Equipment, Others |
Vehicle Type | Passenger, Commercial, Light Commercial Vehicle, Sports Vehicles, Others |
Sales Channel | Online, Offline |
List of Competitors | Bosch, Continental, Mahler, Tenneco, ZF, Alpine Electronics, Pioneer Corporation, DENSO, Hella, KYB, SMP, SKF |
This chapter will help you gain GLOBAL Market Analysis of Automotive Spare Parts. Further deep in this chapter, you will be able to review Global Automotive Spare Parts Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Automotive Spare Parts Market Trends North America Automotive Spare Parts Technological Road Map North America Automotive Spare Parts Market Drivers North America Automotive Spare Parts Market Restraints North America Automotive Spare Parts Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Product Analysis 2019 -2031
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Chapter 12 Market Split by Vehicle Type Analysis 2019 -2031
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Chapter 13 Market Split by Sales Channel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Automotive Spare Parts market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Driveline and Powertrain have a significant impact on Automotive Spare Parts market? |
What are the key factors affecting the Driveline and Powertrain and Interiors and Exteriors of Automotive Spare Parts Market? |
What is the CAGR/Growth Rate of Engine Parts during the forecast period? |
By type, which segment accounted for largest share of the global Automotive Spare Parts Market? |
Which region is expected to dominate the global Automotive Spare Parts Market within the forecast period? |
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Additional Quantitative Data |
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