The Latest Auto Parts Industry Statistics Explained
The global auto parts market size was estimated at USD 378.4 billion in 2019.
This statistic denotes that in 2019, the overall market for auto parts globally was valued at approximately USD 378.4 billion. This figure represents the total financial worth of all auto parts sold and purchased worldwide within that year. The estimation suggests the substantial scale and economic significance of the auto parts industry, which plays a crucial role in supporting the maintenance, repair, and customization of vehicles. The size of the market suggests a high demand for auto parts, reflecting the widespread use of vehicles across various sectors and regions, and indicating a significant opportunity for businesses operating within this industry to meet consumer needs and generate revenue.
The auto parts industry is expected to grow at a compound annual growth rate of 2.3% from 2020 to 2027.
The statistic provided indicates that the auto parts industry is projected to experience steady growth over the period from 2020 to 2027, with a compound annual growth rate (CAGR) of 2.3%. This means that on average, the industry is expected to increase its revenue by 2.3% each year during this period. The CAGR takes into account the compounding effect of growth each year, providing a more accurate representation of the industry’s overall growth trajectory. This forecast suggests that there is a positive outlook for the auto parts sector, with opportunities for businesses within the industry to expand and thrive in the coming years.
The Asia-Pacific region accounted for the largest market share of 39.9% in 2019.
The statistic indicating that the Asia-Pacific region accounted for the largest market share of 39.9% in 2019 suggests that this region had the highest proportion of market activity compared to other regions across various industries or sectors during that year. This means that companies or businesses operating within the Asia-Pacific region had a significant presence and impact on the market, potentially driving global trends and economic activities. The high market share indicates the region’s economic importance, its potential as a lucrative market for businesses, and its influence on global trade and investment flows. Analyzing this statistic can provide insights into market dynamics, consumer behaviors, and industry trends within the Asia-Pacific region, shaping strategies and decisions for businesses operating both locally and globally.
The U.S auto parts retail industry had total revenues of $58.4bn in 2018, representing a compound annual growth rate (CAGR) of 2.4% between 2014 and 2018.
The statistic indicates that the U.S auto parts retail industry generated total revenues of $58.4 billion in 2018, with a compound annual growth rate (CAGR) of 2.4% over the period from 2014 to 2018. This growth rate suggests that the industry experienced a moderate, steady increase in revenue over the four-year period, highlighting a generally positive trend in the market. The CAGR of 2.4% reflects the average annual growth rate of the industry during this period, indicating a modest but sustained expansion in the market. This information is valuable for stakeholders, analysts, and businesses operating within the auto parts retail industry as it provides insight into the industry’s performance and potential opportunities for strategic planning and decision-making.
By 2023, the U.S auto parts retail industry is forecasted to have a value of $61.24 billion.
The statistic states that by 2023, the U.S auto parts retail industry is projected to reach a total value of $61.24 billion. This figure reflects the anticipated sum of revenue generated by the retail sales of various auto parts throughout the United States within the specified time frame. The forecasted value suggests a significant market size and economic activity within the auto parts retail sector, indicating potential growth and demand for automotive components in the coming years. Factors such as consumer spending habits, industry trends, vehicle sales, and overall economic conditions are likely influencing this projected value. Ultimately, this statistic serves as a valuable insight for industry stakeholders, policymakers, and investors to better understand and plan for the future trajectory of the U.S auto parts retail industry.
The auto parts manufacturing industry in the U.S has a market size of $265.9 billion in 2021.
The statistic stating that the auto parts manufacturing industry in the U.S has a market size of $265.9 billion in 2021 indicates the total value of goods and services produced within this sector during the given year. This figure reflects the economic significance and scale of the industry, illustrating its substantial contribution to the overall economy. A market size of this magnitude suggests that there is strong demand for auto parts in the U.S, highlighting the importance of this industry in supporting both domestic and global automotive markets. This statistic serves as a key indicator of the industry’s growth, competitiveness, and potential for future development and investment opportunities.
From 2016 to 2021, the auto parts manufacturing industry in the U.S has had an annual growth of -2.0%
The statistic indicates that from 2016 to 2021, the auto parts manufacturing industry in the United States experienced a decline in annual growth rate of -2.0%. This means that on average, the industry’s output and performance have reduced by 2.0% each year during this period. A negative growth rate suggests that the industry has been contracting rather than expanding over the five-year span, which could be influenced by various factors such as changes in consumer demand, competition, technological advancements, or economic conditions. This decline highlights a challenging period for the auto parts manufacturing sector in the U.S, prompting a need for strategic analysis and potentially restructuring efforts to reverse the negative trend.
The U.S. automotive parts aftermarket industry accounts for nearly $300 billion in annual sales.
The statistic stating that the U.S. automotive parts aftermarket industry accounts for nearly $300 billion in annual sales highlights the significant economic scale and importance of this sector within the United States. This substantial figure underscores the widespread demand for automotive parts and accessories beyond those supplied by original equipment manufacturers (OEMs), including replacement parts, performance enhancements, and maintenance supplies. The industry’s size indicates a robust market for consumer purchases and business transactions, showcasing the vast opportunities for manufacturers, distributors, retailers, and service providers operating within the aftermarket automotive sector. Moreover, the statistic underscores the industry’s considerable contribution to the overall automotive and retail economy, emphasizing its influence on employment, innovation, and competition within the marketplace.
The average age of vehicles on the road in the United States is now 11.8 years – this aging car population has led to increased demand for parts.
The statistic that the average age of vehicles on the road in the United States is now 11.8 years indicates that the cars currently in use are aging, which has several implications. Firstly, it suggests that consumers are holding onto their vehicles for longer periods, likely due to improvements in car quality and economic factors. This trend has subsequently led to an increased demand for vehicle parts, as older cars require more maintenance and repairs to stay operational. This could benefit the automotive aftermarket industry, as companies selling replacement parts are likely to see a boost in sales due to the growing need for maintenance and repairs in an aging car population. Additionally, this statistic highlights the importance of investing in infrastructure and policies that support the maintenance and longevity of older vehicles to ensure the safety and efficiency of the transportation system as a whole.
75% of aftermarket auto repair is performed by independent auto repair shops.
The statistic “75% of aftermarket auto repair is performed by independent auto repair shops” indicates that the majority of car repairs that are done after the warranty period by customers are handled by independent auto repair shops rather than dealer service departments. This suggests that independent repair shops play a significant role in the automotive industry, providing a wide range of services to car owners seeking cost-effective and specialized maintenance and repairs for their vehicles. The preference for independent shops over dealer service departments may be driven by factors such as pricing, convenience, expertise, personalized service, and flexibility in scheduling appointments.
In the U.S., online auto parts sales hit $16 billion in 2019.
The statistic stating that online auto parts sales in the U.S. reached $16 billion in 2019 signifies a substantial and growing market within the automotive industry. This figure highlights the increasing trend of consumers turning to online platforms to purchase auto parts, showcasing the convenience and accessibility of e-commerce in this sector. The $16 billion value suggests a significant economic impact generated by online auto parts sales, reflecting the preferences of consumers who seek a wide variety of products, competitive pricing, and the convenience of shopping from the comfort of their homes. This statistic also hints at the potential for further growth and development in the online auto parts market as technology continues to advance and consumer behaviors evolve.
Europe is second to North America’s auto parts market, accounting for approximately 25% of the global market share.
The statistic indicates that Europe holds the second-largest market share in the global auto parts industry, after North America. Specifically, Europe accounts for roughly a quarter (25%) of the total market share worldwide. This suggests that Europe plays a significant role in the auto parts market, trailing behind North America but still holding a sizable portion of the industry. The statistic highlights the importance of Europe as a major player in the global auto parts sector, showcasing its substantial presence and influence within the market.
In the United Kingdom, revenue in the ‘Car Parts’ segment amounts to US$4,586m in 2021.
The statistic indicates that the revenue generated from the ‘Car Parts’ segment in the United Kingdom reached US$4,586 million in the year 2021. This figure reflects the total amount of money generated from the sales of car parts within the country during that specific year. The revenue amount serves as a key indicator of the economic activity and market size of the car parts industry in the UK. It highlights the significant demand for car parts within the country and implies a strong market presence for businesses operating in this segment. Additionally, this statistic can be used to assess the overall performance and growth potential of the car parts industry in the United Kingdom.
The market’s largest segment is ‘Tires & Rims’ with a market volume of US$1,099m in 2021 in the UK car parts market.
The statistic indicates that among all segments within the UK car parts market, ‘Tires & Rims’ is the largest segment in terms of market volume, generating a total revenue of US$1,099 million in 2021. This suggests that tires and rims are in high demand among consumers in the UK, potentially driven by factors such as vehicle maintenance needs, seasonal trends, and consumer preferences. Additionally, the significant market volume of ‘Tires & Rims’ highlights the importance of this segment within the broader car parts industry and may influence business strategies and decisions for companies operating in this market.
It is estimated that counterfeit auto parts industry cause an estimated annual loss of USD 3 billion to the industry in the United States.
The statistic indicates that the counterfeit auto parts industry in the United States is causing a significant financial impact on the legitimate industry, resulting in an estimated annual loss of USD 3 billion. This suggests that the production and distribution of fake auto parts are undermining the revenue and profitability of authentic auto parts manufacturers and suppliers. The presence of counterfeit auto parts not only poses a risk to consumers in terms of safety and performance but also erodes the market share and competitiveness of genuine industry players. This statistic highlights the need for stricter enforcement measures, stronger regulations, and enhanced consumer awareness to address the issue of counterfeit auto parts and mitigate the economic losses faced by the legitimate industry.
The Mexico auto parts production value was 92.7 billion U.S. dollars in 2019.
The statistic indicates that the total value of auto parts production in Mexico amounted to 92.7 billion U.S. dollars in the year 2019. This figure represents the monetary worth of auto parts manufactured within Mexico during that year, showcasing the significant contribution of the auto parts industry to the country’s economy. The statistic highlights Mexico’s role as a major player in the auto parts manufacturing sector globally, indicating a substantial market size and production capacity within the country. Furthermore, the data underscores the importance of the automotive industry in Mexico’s overall industrial landscape and economic development.
Auto parts exports from Mexico were valued at around 100 billion U.S. dollars in 2019.
The statistic indicates that in the year 2019, Mexico exported auto parts with a total estimated value of approximately 100 billion U.S. dollars. This substantial export value signals the significant contribution of the auto parts industry to Mexico’s economy and its role as a major player in the global market for automotive components. The data highlights Mexico’s position as a key supplier of auto parts to other countries, particularly in North America, where it forms part of the intricate supply chains that support the production of vehicles in the region. The sizeable export figure underscores the economic importance of the auto parts sector in Mexico and its impact on trade relations with other nations.
Japan’s auto parts industry has been steadily growing, with market value reaching approximately 29.31 trillion Japanese yen in fiscal year 2018.
The statistic indicates that Japan’s auto parts industry has experienced consistent growth, as evidenced by its market value reaching around 29.31 trillion Japanese yen in fiscal year 2018. This data suggests that the industry has been expanding over time, likely driven by factors such as technological advancements, increasing demand for automobiles, and global market trends. The significant market value reflects the overall economic importance and competitiveness of Japan’s auto parts sector. This growth trend could potentially have positive implications for the country’s economy, employment, and innovation within the automotive industry.
In Russia, the volume of online automobile parts sales in 2019 was 220 billion Rubles (2.9 billion U.S. dollars).
The statistic reveals that in Russia in 2019, the total amount generated through online sales of automobile parts reached 220 billion Rubles, which is equivalent to approximately 2.9 billion U.S. dollars. This high volume of sales indicates a significant market for online automobile parts transactions in the country, showcasing the growing trend of consumers shifting towards digital platforms for purchasing automotive components. The figure highlights the substantial financial impact that the online automobile parts industry has had in Russia during that particular year, underscoring the importance of e-commerce in the automotive sector in the country.
References
0. – https://www.www.mordorintelligence.com
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2. – https://www.www.just-auto.com
3. – https://www.www.ibisworld.com
4. – https://www.www.statista.com
5. – https://www.www.hedgescompany.com
6. – https://www.www.fortunebusinessinsights.com
