Metal Spare Parts Market Outlook:
The global metal spare parts market was valued at USD 593.84 Billion in 2022 and is likely reach to USD 852.56 Billion by 2031, expanding at a CAGR of 4.1% during the forecast period 2023-2031. Spare parts are changeable part used for the repair or replacement of failed or damaged units. As per certification, these parts are categorized such as genuine parts, certified parts, and uncertified parts.
Genuine parts are components installed at the time of manufacturing of a vehicle or an equipment. These parts are manufactured using various type of metals such as steel, iron, aluminium, and magnesium. Initially, steel and iron were widely used metals in the automotive industry. Most of a vehicle’s weight was due to the components made from these metals.
However, nowadays, aluminium and magnesium are gaining traction in the market owing to increasing demand of lightweight vehicles. Magnesium and aluminum weigh lighter than steel and iron, which is expected to propel the demand for lightweight metals in the market.
Metal Spare Parts Market Dynamics
The global metal spare parts market growth is attributed to factors such as the rising use of metal spare parts in various industries such as construction, aerospace, defense, and automotive. The automotive industry offers extreme market potential in the global metal spare parts manufacturing market, due to speedy advancements and developments made in the manufacture of automobile spare parts.
Moreover, applications of the metal spare parts used for construction equipment, agricultural equipment, and mining equipment is gaining traction. Spare parts are used in aircrafts, ships, and several other machineries; therefore, increasing use of aircrafts and ships for import and export, defense, and transportation is expected to drive the demand for metal spare parts in the future.
Metal Spare Parts Market Segmental Outlook
On the basis of certification, the global metal spare parts market is segmented as genuine parts, certified parts, uncertified parts. Genuine parts segment is anticipated is dominating the market with more than half of the market share and expected to continue its dominance during the forecast period as genuine parts are priced comparatively high.
Certified parts segment is estimated to hold approximately over 28% share of the market in 2020 as certified parts are widely accepted by manufactures for manufacturing finished products.
The uncertified parts segment is estimated to grow at significant CAGR during forecast period share during forecast period due to availably of counterfeit cheap priced spare parts.
Based on metal type, the market is segmented into steel, aluminum, magnesium, iron, others. Steel account for the major share as the metal is widely used by the automotive industry. Additionally, iron is extensively employed for manufacturing car engines and other spare parts.
Titanium, copper, brass, and others are used for manufacturing of machinery, equipment, and automobile. These metal offers various characteristics such as corrosion resistance and high strength, which makes them suitable for manufacturing machinery.
Based on application, the market is divided into vehicle, equipment. Vehicle account for the major share owing to increasing demand for vehicles such as passenger vehicles and transportation vehicles (heavy duty vehicles) worldwide.
The equipment segment is expected to grow in the near future, as the demand for agricultural equipment, mining equipment, and construction equipment is increasing, due to increase in agricultural, construction and mining activities.
On the basis of distribution channels, the market is divided into online and offline. The offline segment is expected to hold a high share of the global metal spare parts market, owing to the increasing number of purchase from offline channel.
Metal Spare Parts Market Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted approximately over 1/3rd of the market in 2020.
The market in the region is projected to expand at a CAGR over 4% during the forecast period as there is increase in demand for metal spare parts in Asia Pacific, increasing focus of players in development of metal spare parts, rise in government initiatives are some of the factors expected to boost the market growth on the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Metal Spare Parts Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Metal Spare Parts Market Performance
Segments
By Certification
- Genuine Parts
- Certified Parts
- Uncertified Parts
By Metal Type
- Steel
- Aluminum
- Magnesium
- Iron
- Others
By Application
By Distribution Chanel
By Region
- North America
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific (APAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Market Players Profiled in the Report
- 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
Competitive Landscape
The global metal spare parts manufacturing market is anticipated to witness significant opportunity during the forecast period. Moreover, the market is currently highly fragmented in nature with the presence of considerable players in this market. The players are increasingly focusing on product innovations to sustain in highly competitive and fragmented market.
Moreover, the partnerships, mergers, and acquisition are some of the other strategies adopted by leading players to strengthen their current position in this market and capture potential market opportunities. Also, leading players operating at global level are holding remarkable position in this market.
Their wide product portfolio and strong brand positioning in the global metal spare parts manufacturing market is responsible for the current position of few players with strong customer portfolio in the market.
Moreover, the increasing penetration of local manufacturers and rising export from the emerging economies is responsible for the fragmentation of global metal spare parts manufacturing market.
The strong growth automotive production and rising construction, mining, and agriculture activities is ultimately leading to the increasing production of equipment involved in these operations. Hence, propelling the demand for spare parts across globe.
- Key players in the market include 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. These companies are considered manufacturers of metal spare parts based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the Metal Spare Parts is added in the company’s capacity.
- In 2017, Jayem Automotive entered into a joint venture with TATA MOTORS for special performance vehicles for the development of special performance vehicles. The joint venture helped the company offer an innovative range of niche products for passenger cars.
- In January 2018, Robert Bosch Power Tools GmbH acquired 5% indirect ownership stake in HERE Technologies. HERE Technologies is a global provider of digital mapping and location services. This action helps them to increase Product Portfolios.
- On July 2019, DENSO CORPORATION established joint venture to offer aftermarket products and services in South Africa. This joint venture helps to sell aftermarket products and services in Southern Africa.