United States Car Parts Aftermarket Market Size was valued at USD 18.2 Billion in 2022. The Car Parts Aftermarket market industry is projected to grow from USD 18.6 Billion in 2023 to USD 22.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.50% during the forecast period (2024 - 2032). The growing emphasis on vehicle maintenance and aging vehicle fleet are the main market drivers anticipated to propel the Car Parts Aftermarket market in the United States.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The United States aftermarket car parts and components market is anticipated to grow positively due to a rise in people's internet activity. Producers can now supply high-quality items faster because of technological advancements and the accelerating pace of logistical progress, which has propelled market expansion. E-commerce activity is growing faster than expected due to the ongoing epidemic. In Addition, in 2020, the automobile aftermarket proved its tenacity once more with better-than-expected performance despite the global COVID-19 pandemic. In 2021, there was a notable industry recovery. In 2021, the total aftermarket sales of light-duty vehicles in the United States will increase by approximately 11.2%, reaching USD 325 billion. Historically, online parts sales growth rate has been roughly 16% per year; however, in 2021, e-commerce operations had a 30% spike due to the coronavirus pandemic. Accessories, aftermarket, and replacement parts fall under this category. Therefore, throughout the forecast period, this pandemic has given the leading players in the market profitable chances. Furthermore, the expansion of the automobile sector is impacted by the yearly increase in the market for electric vehicles. In 2021, the United States yearly sales of plug-in electric vehicles exceeded 172.1 thousand units, demonstrating the significant demand for parts and components to meet the demands of this industry. Furthermore, the United States is the biggest producer of plug-in hybrid automobiles. The nation is also the market leader for these automobiles, with top producers including Cadillac, GMC, Tesla, and Chrysler.
Moreover, plug-in electric car sales have risen in the United States over the past few years due to the industry's ongoing shift towards e-mobility. Electric vehicles are significantly less complex than traditional powertrain automobiles, with about 2,000 components. According to Tesla, for example, the drivetrain of its model has just 17 moving parts total, of which two are found in the motor. It is expected that automotive component makers will begin manufacturing their related parts because the drivetrain is the engine of any electric car. In Addition, it is estimated that approximately 150,000 of the 590,000 American workers employed in the car parts industry make internal combustion engine (ICE) components. This number is anticipated to fluctuate during the projection period as businesses allocate a portion of their resources to manufacturing EV parts and components. Some other crucial components that businesses will eventually produce to remain competitive in the market include power inverters, DC-DC converters, batteries, related parts, and motor control units (MCUs). In the after-market sector, the adoption of EV-related spare parts will start slowly. Still, it is anticipated to increase significantly after a few years as the industry experiences a paradigm shift. Thus, driving the Car Parts Aftermarket market revenue.
The United States Car Parts Aftermarket market segmentation, based on Type, includes Passenger Vehicles And Commercial Vehicles. The passenger vehicles segment mostly dominated the market. The need for frequent servicing and maintenance for popular cars like hatchbacks, sedans, and estates drives high-volume sales in this market. The proliferation of battery-electric and plug-in hybrid automobiles is also a factor in its expansion. Due to the great diversity of the US market, domestic and international automakers see strong sales volumes. Overall, passenger car quality and dependability have increased, resulting in longer product lifecycles and a higher need for replacement parts.
The commercial vehicles category is anticipated to be the fastest growing. Due to their frequent use in harsh environments, commercial vehicles have faster wear and tear. The steady demand for maintenance supplies and replacement components to maintain business fleets in top condition helps the aftermarket. Commercial fleet operators seek aftermarket fuel-efficient solutions to cut operating expenses. This includes engine management systems, air filters, and fuel injectors.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on Distribution Channels, the United States Car Parts Aftermarket market segmentation includes offline and online. The online category generated the most income. This is due to wipers, brake pads, tires, air filters, and spark plugs, which are examples of wear and tear components that are frequently changed. While AutoNation and AutoZone are participants in the pure-play aftermarket, OE replacement parts are provided by reputable suppliers like Continental, ZF Friedrichshafen, and Delphi Technologies. Online retailers of automotive aftermarket parts, like US Auto Parts Network, eBay, and Amazon, dominate the market. In general, these elements are anticipated to propel the expansion of the passenger car segment within the US automotive parts aftermarket throughout the projected timeframe.
The offline category is expected to be the quickest rate. Conventional auto parts stores are specialized retail establishments offering a broad selection of automotive accessories and parts. National chains such as AutoZone, Advance Auto Parts, and O'Reilly Auto Parts are a few examples, along with smaller local shops. Independent garages and automobile repair shops are important components of the aftermarket distribution chain. To satisfy their clients' repair and maintenance requirements, these businesses frequently obtain parts straight from manufacturers or regional wholesalers.
The demand for auto parts manufacturing is directly connected with manufacturers' performance, as they are the biggest consumers of industry products. Hence, the market is anticipated to increase steadily. One of the main reasons behind the rapid expansion of the US car parts aftermarket is the benefits of original replacement components. One of the most significant aftermarket trends in the United States is the growing availability of car parts via e-commerce platforms. The market is expected to develop even more over the projected period due to the rise of 3D printing in the automotive aftermarket sector and the rising demand for hybrid and all-electric cars. In Addition, the increase in used car sales will probably present many chances for the major participants in the US aftermarket automotive parts and components industry.
The market for Car Parts Aftermarkets is expected to grow even more due to major players in the industry making significant R&D investments to extend their lines of equipment. Alongside these significant market developments, market participants engage in various strategic actions to broaden their market reach. These activities include introducing new equipment types, contractual agreements, mergers and acquisitions, increased investments, and cooperation with other organizations. The Car Parts Aftermarket sector needs to provide affordable products to grow and thrive in a more cutthroat and dynamic market.
Major players in the United States Car Parts Aftermarket market are attempting to increase market demand by investing in research and development operations, including 3M Co., Adient Plc, DENSO Corp., Lear Corp., Aisin Corp., Aptiv Plc, Magna International Inc., Pioneer Corp., Robert Bosch GmbH, NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Tenneco Inc., Schaeffler AG, Stellantis NV, FlexNGate Group of Companies, and American Axle and Manufacturing Holdings Inc.
December 2022: BorgWarner Inc. stated that it will eventually meet or surpass its stated target of 25% revenue from EVs by 2025. With this announcement, BorgWarner believes it will separate its Fuel Systems and Aftermarket businesses into a distinct, publicly traded company, which they call "NewCo." NewCo also intends to capitalize on growth trends in gasoline direct injection (GDI) and hydrogen injection systems.
June 2022: The ProTec Independent Front Suspension (IFS) was introduced by Meritor, Inc. for use in motorcoach applications. The new IFS MIS-20E suspension from Meritor is the first specifically developed for motor coaches' demanding load requirements and ride quality. With this device, Meritor has created its first completely integrated suspension and steering system that bus and coach makers can easily swap out. The technique is grounded in field-tested methods. The ProTec IFS features twin-tube performance dampers for comfort and control, great overall tire life, and a GAWR of up to 20,000 pounds.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 18.2 Billion |
| Market Size 2023 | USD 18.6 Billion |
| Market Size 2032 | USD 22.7 Billion |
| Compound Annual Growth Rate (CAGR) | 2.50% (2023-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel |
| Countries Covered | United States |
| Key Companies Profiled | 3M Co., Adient Plc, DENSO Corp., Lear Corp., Aisin Corp., Aptiv Plc, Magna International Inc., Pioneer Corp., Robert Bosch GmbH, NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Tenneco Inc., Schaeffler AG, Stellantis NV, FlexNGate Group of Companies, and American Axle and Manufacturing Holdings Inc |
| Key Market Opportunities | Growing adoption of cutting-edge technologies, including electronic components, smart sensors, and connectivity solutions. The increasing focus on sustainability |
| Key Market Dynamics | The growing emphasis on vehicle maintenance Aging vehicle fleet |
Frequently Asked Questions (FAQ) :
The United States Car Parts Aftermarket market size was valued at USD 18.6 Billion in 2023.
The market is projected to grow at a CAGR of 2.50% during the forecast period, 2024-2032.
The key players in the market are 3M Co., Adient Plc, DENSO Corp., Lear Corp., Aisin Corp., Aptiv Plc, Magna International Inc., Pioneer Corp., Robert Bosch GmbH, NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Tenneco Inc., Schaeffler AG, Stellantis NV, FlexNGate Group of Companies, and American Axle and Manufacturing Holdings Inc, among others.
The passenger vehicles category dominated the market in 2023.
The online category had the largest share of the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Analyst Explore the profile of garvit vyas, one of our esteemed authors at market research future, and access their expert research contributions in the field of market research and industry analysis
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
