United States Auto Parts and Accessories Market Size Expands at 5.6% CAGR to Cross USD 21.3 Billion by 2030

Published | 30 September 2024

United States Auto Parts and Accessories Market is thriving due to increasing vehicle ownership, a spurring demand for vehicle customization, thriving e-commerce platforms, rising disposable income, and advancements in automotive technologies.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated United States Auto Parts and Accessories Market size by value at USD 15.18 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects United States Auto Parts and Accessories Market size to expand at a CAGR of 5.60% reaching a value of USD 21.3 billion by 2030. United States Auto Parts and Accessories Market is driven by several factors, including a growing number of vehicles in use, increased consumer interest in vehicle customization, and a rise in e-commerce platforms offering auto parts. The market is also supported by technological advancements in automotive components, rising demand for electric and hybrid vehicles, and stringent government regulations on vehicle maintenance and safety. Additionally, the growing trend of DIY vehicle repair and the increasing average age of vehicles boost demand for auto parts.

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Opportunity – Deepening Penetration of Online Retail

Further penetration of e-commerce is a key growth driver in United States Auto Parts and Accessories Market. Consumers are increasingly opting for online platforms due to the convenience, variety, and competitive pricing they offer. E-commerce platforms like Amazon, eBay, and specialized auto parts websites are attracting a growing customer base. Moreover, enhanced delivery options and expanding product availability are further driving demand, making online retail a crucial distribution channel in the market.

Impact of Escalating Geopolitical Tensions on United States Auto Parts and Accessories Market

Escalating geopolitical tensions impact United States Auto Parts and Accessories Market by disrupting global supply chains, increasing manufacturing costs, and creating delays in the availability of critical components. Tariffs, trade restrictions, and sanctions can lead to higher prices for imported parts, while reliance on foreign raw materials may force companies to seek alternative suppliers. Additionally, uncertainty surrounding international relations can decrease consumer confidence, negatively affecting demand for new vehicles and aftermarket accessories in the United States Market.

Aftermarket Sales Channel Holds Larger Share of United States Market

The aftermarket segment accounts for a larger market share of United States Auto Parts and Accessories Market by sales channel, due to the growing preference among vehicle owners to customize and upgrade their vehicles after the initial purchase. The demand for replacement parts, performance parts, and maintenance parts within the aftermarket segment significantly contributes to its leading position. The trend reflects the increasing consumer interest in enhancing vehicle performance, aesthetics, and functionality. The other major sales channel segment in United States Auto Parts and Accessories Market is OEMs (Original Equipment Manufacturers).

Competitive Landscape

United States Auto Parts and Accessories Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Continental, Denso, Valeo, Aisin Corporation, BorgWarner, Inc., Robert Bosch GmbH, Lear Corporation, Magna International, ZF Friedrichshafen, and American Axle & Manufacturing Holdings Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in United States Auto Parts and Accessories Market.

Don’t miss the business opportunity United States Auto Parts and Accessories Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of United States Auto Parts and Accessories Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in United States Auto Parts and Accessories Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the Market.

Scope of the Report

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