The global auto parts and accessories market is largely fragmented and is expected to remain so throughout the forecast period. The United States alone accounts for the largest share of the market, and other North American countries are expected to witness stable growth over the forecast period. Latin America and the Middle East are expected to grow at a moderate pace, but the market in these regions is still in its infancy stage. The following table shows the regions by region for the auto parts and accessories market:
The market for auto parts and accessories is segmented by region and country. North America is expected to experience the highest CAGR during the forecast period, followed by Europe and Asia Pacific. The automotive parts and accessories market is largely driven by the growing demand for security and safety features, and by the presence of key players in each region. The demand for car tires is expected to remain high throughout the forecast period, owing to the continued growth of the global automobile industry.
The auto parts and accessories market is divided into several segments: body parts, chassis, interiors, exteriors, powertrain, and accessories. OEMs provide the vehicle with various parts such as engines and transmissions. Aftermarket suppliers offer warranty coverage and add features and functions to vehicles. As such, the auto parts and accessories market is widely used in the aftermarket and OEM segments. These segments are highly segmented and can be segmented by type.
The electrical system segment is largely segmented by vehicle type. The electrical system provides the car with various functions and improves the performance of the vehicle, including fuel efficiency, horsepower, and faster starting. Apart from the electrical system, the accessories segment is expected to experience significant growth during the forecast period, driven by the growing trend of customization among consumers. Apart from improving efficiency and performance, the electrical systems and accessories segment also provides the vehicle with aesthetic look and high levels of design and engineering.
The global auto parts and accessories market is expected to reach $12.3 trillion by 2026. The industry is expected to grow at a moderate rate, with the growth of the auto industry in emerging economies being only 3%. While Japan, Canada, and Germany are expected to grow at a moderate pace, the driveline and powertrain segment is expected to grow at a higher rate than the rest of the industry. However, there are some challenges and opportunities.
The online automotive parts and accessories sales market exhibits low concentration. However, major players in the industry are AutoZone Inc., O’Reilly Automotive Inc., and Advance Auto Parts. Their products cover replacement, performance, and maintenance parts, as well as accessories. In this article, we will discuss some of the key challenges in the auto parts and accessories market. So, what should you do? Get the latest trends and forecasts for this industry.