Automotive Spare Parts Market
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The Booming Automotive Spare Parts Market: Trends, Challenges, and Opportunities 2030

Jānis Kalniņš

The Global Market Size of Automotive Spare Parts Market from 2017 to 2021 and its CAGR from 2017 to 2021, and also forecasts its market size to the end of 2030 and its expected to grow with a CAGR of 5.75% from 2022 to 2030. driven by technological advancements, changing consumer preferences, and increasing environmental regulations. As vehicles evolve, so too does the market for automotive spare parts, which plays a crucial role in ensuring the longevity and performance of vehicles. In this blog, we’ll explore the current state of the automotive spare parts market, its trends, challenges, and the opportunities that lie ahead.

Companies Covered:

  • Sumitomo
  • Magna International Inc.
  • NTN Corp.
  • Mando
  • Hyundai WIA
  • MRF
  • TVS
  • Bharat Forge
  • Continental AG
  • ZF Friedrichshafen AG

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This growth is fueled by several factors:

  1. Increase in Vehicle Ownership: As disposable incomes rise globally, more people are purchasing vehicles. This surge in vehicle ownership leads to a higher demand for spare parts for maintenance and repairs.
  2. Aging Vehicle Fleet: In many regions, especially in developed markets, the average age of vehicles is increasing. Older vehicles typically require more frequent repairs and replacement parts, driving demand in the spare parts market.
  3. E-commerce Growth: The rise of online platforms for purchasing spare parts has made it easier for consumers and businesses to access a wider range of products. This shift has transformed the way spare parts are marketed and sold, making them more accessible.

Key Trends in the Automotive Spare Parts Market

  1. Digitization and Technology Integration: The integration of technology in the automotive industry is revolutionizing the spare parts market. Companies are leveraging data analytics, IoT, and AI to optimize inventory management, predict demand, and enhance customer experiences. E-commerce platforms are also increasingly utilizing augmented reality (AR) and virtual reality (VR) to provide immersive shopping experiences.
  2. Sustainability and Eco-Friendly Parts: With growing awareness of environmental issues, there is a rising demand for sustainable and eco-friendly spare parts. Manufacturers are exploring ways to produce parts from recycled materials and reduce waste during production.
  3. Electric and Hybrid Vehicles: The shift towards electric and hybrid vehicles is reshaping the spare parts market. Traditional spare parts for combustion engines are being replaced or supplemented by parts designed for electric drivetrains, battery systems, and advanced electronic components.
  4. Global Supply Chain Resilience: Recent disruptions in global supply chains have highlighted the importance of resilience. Companies are now focusing on diversifying their suppliers and adopting localized sourcing strategies to mitigate risks associated with reliance on single sources.

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Opportunities for Growth

  1. Aftermarket Services: The aftermarket segment presents a significant opportunity for growth. Companies can offer value-added services, such as installation, maintenance, and repair, to enhance customer loyalty and drive additional revenue.
  2. Expansion into Emerging Markets: As vehicle ownership rises in emerging markets, there is a growing demand for spare parts. Companies that strategically position themselves in these regions can capitalize on the increasing need for maintenance and repair services.
  3. Collaboration and Partnerships: Forming strategic partnerships with automotive manufacturers, distributors, and technology providers can enhance product offerings and improve market reach. Collaborations can also lead to innovations in spare parts production and distribution.

Segmentation:

By Type

  • Motor Vehicle Engine
  • Power Train & Parts
  • Motor Vehicle Electrical & Electronic Equipment,
  • Others

By Service

  • OEM
  • Aftermarket

Cover Following Regions:

  • North America
  • South America
  • Asia & Pacific
  • Europe
  • MEA

About Us

Stats and Research is a global market research and consulting service provider specialized in offering wide range of business solutions to their clients including market research reports, primary and secondary research, demand forecasting services, focus group analysis and other services. We understand that how data is important in today’s competitive environment and thus, we have collaborated with industry’s leading research providers who works continuously to meet the ever-growing demand for market research reports throughout the year.

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