Report Overview

An increasing demand for advanced safety features, growing sales of electric and hybrid vehicles, rising vehicle customization, and the adoption of online sales channels drive the growth of United States Auto Parts and Accessories Market during the forecast period between 2024 and 2030.

United States Auto Parts and Accessories Market – Industry Trends & Forecast Report, 2030

United States Auto Parts and Accessories Market size by value was estimated at USD 15.18 billion in 2023. During the forecast period between 2024 and 2030, United States Auto Parts and Accessories Market size is expected to expand at a CAGR of 5.60% reaching a value of USD 21.34 billion by 2030. United States Auto Parts and Accessories Market is driven by several key factors. Increasing demand for advanced safety features and the growing sales of electric and hybrid vehicles are significant contributors. Additionally, the rising demand for vehicle customization and the adoption of online sales channels boost market growth. Government regulations promoting vehicle safety and emissions standards further drive the market. These factors collectively enhance the demand for auto parts and accessories, supporting the market's steady expansion.

Auto Parts and Accessories – Overview

Auto parts and accessories are components designed to enhance or maintain a vehicle's functionality, performance, or appearance. They range from small items like wiper blades and filters to complex parts like engines and transmissions. These products are essential for vehicle repairs, upgrades, and customization. The Auto Parts and Accessories Market includes both original equipment manufacturer (OEM) parts and aftermarket parts, catering to various vehicle types, including passenger cars, commercial vehicles, and sports utility vehicles.

United States Auto Parts and Accessories Market      

Growth Drivers

Expanding Automotive Industry in United States

The expanding automotive industry significantly drives United States Auto Parts and Accessories Market. Increased vehicle production and sales, driven by consumer demand for advanced safety features and electric vehicles, boosts the need for auto parts. Additionally, the rise in vehicle customization and the adoption of online sales channels further support market growth. This expansion enhances the availability and variety of auto parts and accessories, contributing to the market's steady growth.

Challenges

Lack of Standardized Regulations

The lack of standardized regulations in United States Auto Parts and Accessories Market poses a significant restraint. Inconsistent regulations across states create challenges for manufacturers and suppliers, leading to increased compliance costs and operational complexities. This fragmentation hinders the development and adoption of uniform safety and quality standards, affecting product reliability and consumer trust. Additionally, it complicates the market entry for new players and innovation, ultimately slowing down market growth.

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

Further intensification and spreading of geopolitical tensions among major glboal countries, such as those between United States and China, significantly impact United States Auto Parts and Accessories Market. Disruptions in supply chains due to conflicts and trade restrictions lead to delays and increased costs for raw materials and components. Additionally, tariffs and trade barriers complicate international transactions, raising operational costs for manufacturers.

United States Auto Parts and Accessories Market

Segmental Information    

United States Auto Parts and Accessories Market – By Product

By product, United States Auto Parts and Accessories Market is divided into Engine Parts, Electrical Parts, Drive & Transmission, Steering Parts, Suspension & Braking Parts, Equipment, and other (including Interior and Exterior Accessories) segments. The engine parts segment is the largest product type in United States Auto Parts and Accessories Market. The segment includes critical components, such as pistons, valves, camshafts, and other engine-related parts that are essential for vehicle operation. The demand for engine parts is driven by regular vehicle maintenance, the growing trend of vehicle customization, and the need for replacement parts in aging vehicles. Therefore, engine parts account for the largest share of revenue in the Overall Auto Parts and Accessories Market.

United States Auto Parts and Accessories Market – By Vehicle Type

On the basis of vehicle type, United States Auto Parts and Accessories Market is divided into Passenger Vehicles, Commercial Vehicles, Sports Utility Vehicles, and Two Wheelers segments. The passenger vehicles segment is the largest vehicle type in United States Auto Parts and Accessories Market. The segment’s dominance in the market is driven by the high number of passenger cars on the road and the continuous demand for replacement parts, accessories, and upgrades. The segment's growth is further supported by increased consumer spending on vehicle customization and maintenance, as well as the expanding number of vehicle models. The rise of electric vehicles also contributes to the demand within this segment.

United States Auto Parts and Accessories Market – By End User

Based on end user, United States Auto Parts and Accessories Market is divided into Individual Consumers, Fleet Owners, Government Agencies, and Transport Companies segments. The individual consumers segment represents the largest end user in United States Auto Parts and Accessories Market, due to a rising number of vehicle owners purchasing replacement parts, upgrades, and accessories for personal use. DIY car repairs, customizations, and online retail growth have contributed to increased demand. The convenience and variety available in the market, along with the rising popularity of vehicle modifications and maintenance among enthusiasts, fuel the segment's significant share in the overall market.

Competitive Landscape

Key players in the highly competitive United States Auto Parts and Accessories Market include Continental, Denso, Valeo, Aisin Corporation, BorgWarner, Inc., Robert Bosch GmbH, Lear Corporation, Magna International, ZF Friedrichshafen, and American Axle & Manufacturing Holdings Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In April 2021 - Lippert Components Inc., acquired Kaspar Ranch Hand Equipment, LLC, to strengthen its position in the aftermarket for automotive parts.

Scope of the Report

By Product

• Engine Parts

• Electrical Parts

• Drive & Transmission Steering Parts

• Suspension & Braking Parts Equipment

• Others (including Interior and Exterior Accessories)

By Vehicle Type

• Passenger Vehicles

• Commercial Vehicles

• Sports Utility Vehicles

• Two Wheelers

By Sales Channel

• OEMs (Original Equipment Manufacturers)

• Aftermarket

By End User

• Individual Consumers

• Fleet Owners

• Government Agencies

• Transport Companies