According to a recent market study published by Growth Market Reports titled, “Global Metal Spare Parts Market by certification, metal type, application, distribution channel and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 526.4 Billion in 2019 and is expected to grow at a healthy growth rate of around 4.1 % by the year 2027. Technological advancements in metal spare parts manufacturing and growing adoption of light weight metal for manufacturing spare parts are estimated to create lucrative opportunities in the market in the near future. Increasing demand for maintenance and repairing vehicles by the automotive industry in the market is expected to increase the demand for metal spare parts manufacturing in the next few years. Recent market trends include increasing trend of purchasing from online channels and innovation of technologies for manufacturing of metal spare parts, globally, are expected to boost the market growth.

 The global Metal Spare Parts market has been fragmented based on certification, metal type, application, distribution channel and Region. In terms of certification, the market has been segmented into genuine parts, certified parts, and uncertified parts. On the basis of metal type, the market has been segmented into steel, aluminum, magnesium, iron, others. On the basis of application, the market is segmented into vehicle and equipment. On the basis of distribution channels the market has been segmented into online and offline.

Based on region, the global metal spare parts market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region has been further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific has been further segmented into Australia, China, Japan, India, South Korea, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region has been further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.

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The effect of COVID-19 is anticipated to be strongly felt in the automotive industry due to high dependency on import and export activities. Moreover, the pandemic situation has led to the closure of several non-essential businesses and shutdown of production factories in the world, which in turn, has resulted in to halt in the automotive manufacturing and equipment manufacturing in year 2020. Since the COVID-19 pandemic is diminishing the automobile demand and repair and maintenance activities across worldwide locations, the demand for metal spare parts is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain disruption has created a slowed down in production due to restrictions on national borders. However, this pandemic has significantly hampered small enterprises who are holding significant position in this market. The market is expected to slowly return to its normal growth in next two years.

As per Growth Market Reports industry analyst Vidya Jadhav, “The global metal spare parts market is anticipated to witness significant growth during forecast period 2021-2027 driven by strong demand from auto manufacturers in emerging economies, especially China and India. Moreover, acceptance of technologies such as 3D printing technology in the manufacturing process of metal spare parts is anticipated to create lucrative opportunity during forecast period.”

Key Takeaways from the Study

  • Europe based Robert Bosch Power Tools GmbH, Denso Corporation, UNO Minda are some of the prominent players operating in the global spare parts market.
  • Asia Pacific accounts for a major share of the market, followed by Europe. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period.
  • The vehicle segment is dominating the market and is anticipated to expand at a significant CAGR during the forecast period driven by strong production of vehicles across globe and constant need of spare parts replacement as a result of wear and tear due to usage.
  • Physical stores require many employees and high fixed costs (rent) to run stores and thus are unable to offer a wide selection of goods due to the presence of limited space, which offers opportunities for online sales channels. Online retailers can deliver a vast selection of products without having to pay as many workers and needing access to shipping companies to sell their products.
  • Many businesses with both an online and offline presence (physical stores) view the two different channels as way to increase sales & revenue and expand the business regionally.
  • The Middle East & Africa and Latin America are expected to grow at moderate CAGR during the forecast period.

Report Scope

Report Metric

Details

Market Value in 2019

USD 526.4 Billion

Market Growth Rate (from 2021 to 2027)

4.1 %

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 - 2027

Units Considered

Value (USD Billion)

Market Segments

By Certification, By Metal Type, By Applications, By Distribution Channel

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Germany, France, Italy, U.K, Spain, Russia, Rest of Europe, Australia, China, Japan, South Korea, Rest of Asia Pacific (APAC), Brazil, Mexico, Rest of Latin America, South Africa, Saudi Arabia, UAE Rest of Middle East & Africa

Key Companies Profiled

Jayem Automotives, ANAND Group, AVTEC, Bharat Seats Limited, DENSO CORPORATION, Guru Nanak Auto Enterprises Ltd, HI-TECH TOOLS, JBM Group, JTEKT India Limited, Lucas TVS, Orion Hydrulics Pvt Ltd., Robert Bosch Power Tools GmbH, Sundaram Clayton Limited, UNO Minda

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: automotive spare parts manufacturers, vehicle spared parts manufacturers, equipment spare parts manufacturers, raw material suppliers, primary respondents, and distributors.
  • Demand Side: Vehicle manufacturers, equipment manufacturers, light duty vehicle manufacturers, heavy duty vehicle manufacturers, and others
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
  • Associations and Industry Bodies: Environmental Protection Agency (EPA), International, Organization for Standardization (ISO), Organization of Plastics Processors of India (OPP), Ministry of Health, Labor and Welfare (MHLW), World Trade Organization (WTO), Occupational, Safety and Health Administration (OSHA), American National Standards Institute(ANSI), Indian Centre for Plastics in the Environment (ICPE).