Market Size of United States Aftermarket Automotive Parts & Components Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
USA Aftermarket Automotive Parts & Components Market Analysis
Currently, the United States Aftermarket Automotive Parts and Components market is valued at USD 17.5 billion. It is expected to reach USD 20 billion in the next five years, registering a CAGR of around 2% during the forecast period.
The impact of the COVID-19 pandemic on the US aftermarket automotive market was severe, and this can be attributed to several productions halts in the manufacturing industry due to lockdowns and travel restrictions imposed by governments across the world. The supply chain of the entire automotive industry is disrupted, impacting the production of automotive parts and components in the market.
However, the market is expected to have steady growth as demand for auto parts manufacturing is directly related to the performance of automakers, as they are the largest purchasers of industry products. The advantages of original replacement parts are one of the primary factors driving the growth of the automotive parts aftermarket in the US. The increasing availability of automotive parts on e-commerce platforms is one of the major aftermarket trends in the United States.
The emergence of 3D printing in the automotive aftermarket industry and the growing demand for hybrid and all-electric vehicles are likely to further boost the market growth during the forecast period. Furthermore, the rise in the sales of used cars is likely to create numerous opportunities for the key players operating in the US aftermarket automotive parts and components market.
USA Aftermarket Automotive Parts & Components Industry Segmentation
The automotive aftermarket is the automotive industry's secondary market, dealing with the manufacturing, remanufacturing, distribution, retailing, and assembly of all vehicle parts, chemicals, equipment, and accessories following the sale of the automobile to the consumer by the original equipment manufacturer (OEM). The OEM may or may not manufacture the parts, accessories, and so on for sale.
The United States Aftermarket Automotive Parts & Components Market has been segmented based on Vehicle Type (Passenger Vehicles and Commercial Vehicles), Application (Engine Components, Transmission, Interior, Exterior, and Other Applications), and Sales Channel (Online and Offline). The report offers market size and forecasts for the United States aftermarket automotive parts and components market in value (USD billion) for all the above segments.
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Application | |
| Engine Components | |
| Transmission | |
| Interior | |
| Exterior | |
| Other Applications |
| Sales Channel | |
| Online | |
| Offline |
United States Aftermarket Automotive Parts & Components Market Size Summary
The United States aftermarket automotive parts and components market is poised for steady growth, driven by the increasing demand for original replacement parts and the rising availability of these parts on e-commerce platforms. The market's resilience was evident during the COVID-19 pandemic, which initially disrupted supply chains but ultimately led to a surge in online sales. The shift towards e-commerce, coupled with advancements in technology and logistics, has enabled faster delivery of high-quality goods, further propelling market expansion. The growing popularity of hybrid and electric vehicles is also contributing to market dynamics, as these vehicles require different components compared to traditional internal combustion engine vehicles. This shift is expected to create new opportunities for key players in the industry.
The market landscape is characterized by a mix of major tier-1 and tier-2 component manufacturers and numerous unorganized players. Companies are increasingly focusing on strategic partnerships and marketing efforts to capture a larger market share. Notable players such as Magna International Inc., Continental AG, and ZF Friedrichshafen AG are actively engaging in collaborations to enhance their product offerings and adapt to evolving market trends. The ongoing transition towards e-mobility is prompting manufacturers to invest in electric vehicle-related parts and components, although the adoption in the aftermarket space is expected to be gradual. As the industry continues to evolve, companies are likely to diversify their product lines to include essential components for electric vehicles, ensuring they remain competitive in the changing automotive landscape.
United States Aftermarket Automotive Parts & Components Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter Five Forces
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in USD Billion)
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2.1 Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 Application
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2.2.1 Engine Components
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2.2.2 Transmission
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2.2.3 Interior
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2.2.4 Exterior
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2.2.5 Other Applications
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2.3 Sales Channel
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2.3.1 Online
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2.3.2 Offline
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United States Aftermarket Automotive Parts & Components Market Size FAQs
What is the current United States Aftermarket Automotive Parts & Components Market size?
The United States Aftermarket Automotive Parts & Components Market is projected to register a CAGR of 2% during the forecast period (2024-2029)
Who are the key players in United States Aftermarket Automotive Parts & Components Market?
Magna International Inc., Continental AG, ZF Friedrichshafen AG, DENSO Corporation and Lear Corporation are the major companies operating in the United States Aftermarket Automotive Parts & Components Market.
