According to SPER Market Research, the Automotive Parts and Components Market is estimated to reach USD 2287.8 billion by 2032 with a CAGR of 3.80%. Automobile parts and components are those that are installed after the manufacturer has shipped the car. The sale of equipment, service repair, collision repair, aftermarket accessories, replacement tyres, and equipment are all included in this sector. It encompasses companies involved in the manufacture, distribution, installation, sale, and remanufacture of all car components and accessories.
The digitalization of car repairs and component sales brought about by advancements in technology has sped up the expansion of the automotive aftermarket industry. Automotive aftermarket activities include the manufacture, remanufacturing, distribution, redistribution, end-retail, resale, and installation of a vehicle. Replacement, collision, aesthetic, and performance parts are all included in the aftermarket. The digitization of automotive component sales and maintenance brought about by the employment of cutting-edge technology has enhanced the aftermarket’s profile.
Automotive Parts and Components Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 3.80%
- Forecast Market Size (2032): 2287.8 billion
The worldwide integrated automobile industry was severely and quickly impacted by the COVID-19 issue. The automobile sector is already under tremendous strain from a downturn in global demand, but the closure of vehicle assembly factories, widespread production disruptions, and disruption in the export of aftermarket components all adding to the problem. Due to COVID-19, less people are driving since they remain at home and the economy has entered a recession, which means that their automobiles last longer. In Past Years, the COVID-19 pandemic had an effect on the sales of aftermarket automobile components. However, it is anticipated that in the upcoming years, the fleet of aged vehicles would increase demand for these automotive parts.
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Automotive Parts and Accessories Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
- Body Parts
- Brake Parts
- Lighting & Electronic Components
- DIFM (Do it for Me)
- DIY (Do it Yourself)
- OE (Delegating to OEM’s)
By Distribution Channel:
- Wholesale & Distributers
- Genuine Parts
- Uncertified Parts
- Middle East
- North America
- Latin America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Automotive Parts and Accessories Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 3M Company, Continental AG, Cooper Tire & Rubber Company, Delphi Automotive PLC, Denco Corporation, Federal-Mogul Corporation, Hella KGaA Huek & Co, Robert Bosch GmbH, Valeo Group, ZF Friedchshafen.
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