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 |
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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 currently experiencing steady growth. The market's expansion is due to several factors, including the demand for auto parts manufacturing which is directly linked to the performance of automakers, the growing availability of automotive parts on e-commerce platforms, and the rise in sales of used cars. The emergence of 3D printing in the automotive aftermarket industry and the increasing demand for hybrid and all-electric vehicles are also expected to contribute to market growth. Despite the disruptions caused by the COVID-19 pandemic, the automotive aftermarket demonstrated its resilience with a strong performance. The growth rate of online parts sales has traditionally been high, but the pandemic has led to a surge in e-commerce activities, creating opportunities for major players in the market. The rise of electric vehicles is also impacting the growth of the automotive industry, leading to an increased demand for parts and components. The US aftermarket automotive parts and components market is neither consolidated nor fragmented, with the presence of major tier-1 and tier-2 component manufacturers and a large number of unorganized players.
Explore MoreUnited 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.
