Metal Spare Parts Market Share, Opportunities, Industry 2031
Metal Spare Parts Market Share, Opportunities, Industry 2031
Segments - Global Metal Spare Parts Market By Certification (Genuine Parts, Certified Parts, and Uncertified Parts), By Metal Type (Steel, Aluminum, Magnesium, Iron, and Others), By Application (Vehicle, and Equipment), By Distribution Chanel (Online, and Offline) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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Report Description
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
- Vehicle
- Equipment
By Distribution Chanel
- Online
- Offline
By Region
- North America
- U.S.
- Canada
- 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.
Frequently Asked Questions
Major Manufactures 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, and UNO Minda.
The report covers GDP, disposable income, regulatory standards and testing of metal, population, automotive industry, and others.
The base year considered for the global metal spare parts market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2021 to 2027.
The market is expected to decline between 2019 and 2020 owing to the slight impact of COVID-19 pandemic on the Metal Spare Parts market. The pandemic has led to shutodwon across production of automobile and equipment and hence the decline in demand for metal spare parts.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Vehicle are the key application that are driving the metal spare parts market.
Rise in applications of metal spare parts in different industries, 3D printing technology in metal spare part manufacturing are anticipated to propel market growth and growing disposable income are key factors driving the metal spare parts market growth.
In addition to market size (in USD Billion) and Company Market Share (in % for base year 2019), other data such as Macro-economic factors, COVID 19 impact on the market is available in final report.
According to this Growth Market Reports report, the market from Metal Spare Parts is likely to register a CAGR of approximately 4.1% during forecast period 2020-2027, with an anticipated valuation of USD 541.3 billion by the end of the 2027.
Additional company profiles can be provided on request.
Table Of Content
Chapter 1 Executive SummaryChapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Metal Spare Parts Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Metal Spare Parts Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Metal Spare Parts Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Metal Spare Parts Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Metal Spare Parts Market Size & Forecast, 2017-2027
4.5.1 Metal Spare Parts Market Size and Y-o-Y Growth
4.5.2 Metal Spare Parts Market Absolute $ Opportunity
Chapter 5 Global Metal Spare Parts Market Analysis and Forecast By Certification
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Certification
5.1.2 Basis Point Share (BPS) Analysis By Certification
5.1.3 Absolute $ Opportunity Assessment By Certification
5.2 Metal Spare Parts Market Size Forecast By Certification
5.2.1 Genuine Parts
5.2.2 Certified Parts
5.2.3 Uncertified Parts
5.3 Market Attractiveness Analysis By Certification
Chapter 6 Global Metal Spare Parts Market Analysis and Forecast By Metal Type
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Metal Type
6.1.2 Basis Point Share (BPS) Analysis By Metal Type
6.1.3 Absolute $ Opportunity Assessment By Metal Type
6.2 Metal Spare Parts Market Size Forecast By Metal Type
6.2.1 Steel
6.2.2 Aluminum
6.2.3 Magnesium
6.2.4 Iron
6.2.5 Others
6.3 Market Attractiveness Analysis By Metal Type
Chapter 7 Global Metal Spare Parts Market Analysis and Forecast By Application
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By Application
7.1.2 Basis Point Share (BPS) Analysis By Application
7.1.3 Absolute $ Opportunity Assessment By Application
7.2 Metal Spare Parts Market Size Forecast By Application
7.2.1 Vehicle
7.2.2 Equipment
7.3 Market Attractiveness Analysis By Application
Chapter 8 Global Metal Spare Parts Market Analysis and Forecast By
Distribution Channel
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities By Distribution Channel
8.1.2 Basis Point Share (BPS) Analysis By Distribution Channel
8.1.3 Absolute $ Opportunity Assessment By Distribution Channel
8.2 Metal Spare Parts Market Size Forecast By Distribution Channel
8.2.1 Online
8.2.2 Offline
8.3 Market Attractiveness Analysis By Distribution Channel
Chapter 9 Global Metal Spare Parts Market Analysis and Forecast by Region
9.1 Introduction
9.1.1 Key Market Trends & Growth Opportunities by Region
9.1.2 Basis Point Share (BPS) Analysis by Region
9.1.3 Absolute $ Opportunity Assessment by Region
9.2 Metal Spare Parts Market Size Forecast by Region
9.2.1 North America
9.2.2 Europe
9.2.3 Asia Pacific
9.2.4 Latin America
9.2.5 Middle East & Africa (MEA)
9.3 Market Attractiveness Analysis by Region
Chapter 10 Coronavirus Disease (COVID-19) Impact
10.1 Introduction
10.2 Current & Future Impact Analysis
10.3 Economic Impact Analysis
10.4 Government Policies
10.5 Investment Scenario
Chapter 11 North America Metal Spare Parts Analysis and Forecast
11.1 Introduction
11.2 North America Metal Spare Parts Market Size Forecast by Country
11.2.1 U.S.
11.2.2 Canada
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 North America Metal Spare Parts Market Size Forecast By Certification
11.6.1 Genuine Parts
11.6.2 Certified Parts
11.6.3 Uncertified Parts
11.7 Basis Point Share (BPS) Analysis By Certification
11.8 Absolute $ Opportunity Assessment By Certification
11.9 Market Attractiveness Analysis By Certification
11.10 North America Metal Spare Parts Market Size Forecast By Metal Type
11.10.1 Steel
11.10.2 Aluminum
11.10.3 Magnesium
11.10.4 Iron
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis By Metal Type
11.12 Absolute $ Opportunity Assessment By Metal Type
11.13 Market Attractiveness Analysis By Metal Type
11.14 North America Metal Spare Parts Market Size Forecast By Application
11.14.1 Vehicle
11.14.2 Equipment
11.15 Basis Point Share (BPS) Analysis By Application
11.16 Absolute $ Opportunity Assessment By Application
11.17 Market Attractiveness Analysis By Application
11.18 North America Metal Spare Parts Market Size Forecast By Distribution Channel
11.18.1 Online
11.18.2 Offline
11.19 Basis Point Share (BPS) Analysis By Distribution Channel
11.20 Absolute $ Opportunity Assessment By Distribution Channel
11.21 Market Attractiveness Analysis By Distribution Channel
Chapter 12 Europe Metal Spare Parts Analysis and Forecast
12.1 Introduction
12.2 Europe Metal Spare Parts Market Size Forecast by Country
12.2.1 Germany
12.2.2 France
12.2.3 Italy
12.2.4 U.K.
12.2.5 Spain
12.2.6 Russia
12.2.7 Rest of Europe
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Europe Metal Spare Parts Market Size Forecast By Certification
12.6.1 Genuine Parts
12.6.2 Certified Parts
12.6.3 Uncertified Parts
12.7 Basis Point Share (BPS) Analysis By Certification
12.8 Absolute $ Opportunity Assessment By Certification
12.9 Market Attractiveness Analysis By Certification
12.10 Europe Metal Spare Parts Market Size Forecast By Metal Type
12.10.1 Steel
12.10.2 Aluminum
12.10.3 Magnesium
12.10.4 Iron
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis By Metal Type
12.12 Absolute $ Opportunity Assessment By Metal Type
12.13 Market Attractiveness Analysis By Metal Type
12.14 Europe Metal Spare Parts Market Size Forecast By Application
12.14.1 Vehicle
12.14.2 Equipment
12.15 Basis Point Share (BPS) Analysis By Application
12.16 Absolute $ Opportunity Assessment By Application
12.17 Market Attractiveness Analysis By Application
12.18 Europe Metal Spare Parts Market Size Forecast By Distribution Channel
12.18.1 Online
12.18.2 Offline
12.19 Basis Point Share (BPS) Analysis By Distribution Channel
12.20 Absolute $ Opportunity Assessment By Distribution Channel
12.21 Market Attractiveness Analysis By Distribution Channel
Chapter 13 Asia Pacific Metal Spare Parts Analysis and Forecast
13.1 Introduction
13.2 Asia Pacific Metal Spare Parts Market Size Forecast by Country
13.2.1 China
13.2.2 Japan
13.2.3 South Korea
13.2.4 India
13.2.5 Australia
13.2.6 South East Asia (SEA)
13.2.7 Rest of Asia Pacific (APAC)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Asia Pacific Metal Spare Parts Market Size Forecast By Certification
13.6.1 Genuine Parts
13.6.2 Certified Parts
13.6.3 Uncertified Parts
13.7 Basis Point Share (BPS) Analysis By Certification
13.8 Absolute $ Opportunity Assessment By Certification
13.9 Market Attractiveness Analysis By Certification
13.10 Asia Pacific Metal Spare Parts Market Size Forecast By Metal Type
13.10.1 Steel
13.10.2 Aluminum
13.10.3 Magnesium
13.10.4 Iron
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis By Metal Type
13.12 Absolute $ Opportunity Assessment By Metal Type
13.13 Market Attractiveness Analysis By Metal Type
13.14 Asia Pacific Metal Spare Parts Market Size Forecast By Application
13.14.1 Vehicle
13.14.2 Equipment
13.15 Basis Point Share (BPS) Analysis By Application
13.16 Absolute $ Opportunity Assessment By Application
13.17 Market Attractiveness Analysis By Application
13.18 Asia Pacific Metal Spare Parts Market Size Forecast By Distribution Channel
13.18.1 Online
13.18.2 Offline
13.19 Basis Point Share (BPS) Analysis By Distribution Channel
13.20 Absolute $ Opportunity Assessment By Distribution Channel
13.21 Market Attractiveness Analysis By Distribution Channel
Chapter 14 Latin America Metal Spare Parts Analysis and Forecast
14.1 Introduction
14.2 Latin America Metal Spare Parts Market Size Forecast by Country
14.2.1 Brazil
14.2.2 Mexico
14.2.3 Rest of Latin America (LATAM)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Latin America Metal Spare Parts Market Size Forecast By Certification
14.6.1 Genuine Parts
14.6.2 Certified Parts
14.6.3 Uncertified Parts
14.7 Basis Point Share (BPS) Analysis By Certification
14.8 Absolute $ Opportunity Assessment By Certification
14.9 Market Attractiveness Analysis By Certification
14.10 Latin America Metal Spare Parts Market Size Forecast By Metal Type
14.10.1 Steel
14.10.2 Aluminum
14.10.3 Magnesium
14.10.4 Iron
14.10.5 Others
14.11 Basis Point Share (BPS) Analysis By Metal Type
14.12 Absolute $ Opportunity Assessment By Metal Type
14.13 Market Attractiveness Analysis By Metal Type
14.14 Latin America Metal Spare Parts Market Size Forecast By Application
14.14.1 Vehicle
14.14.2 Equipment
14.15 Basis Point Share (BPS) Analysis By Application
14.16 Absolute $ Opportunity Assessment By Application
14.17 Market Attractiveness Analysis By Application
14.18 Latin America Metal Spare Parts Market Size Forecast By Distribution Channel
14.18.1 Online
14.18.2 Offline
14.19 Basis Point Share (BPS) Analysis By Distribution Channel
14.20 Absolute $ Opportunity Assessment By Distribution Channel
14.21 Market Attractiveness Analysis By Distribution Channel
Chapter 15 Middle East & Africa (MEA) Metal Spare Parts Analysis and Forecast
15.1 Introduction
15.2 Middle East & Africa (MEA) Metal Spare Parts Market Size Forecast by Country
15.2.1 Saudi Arabia
15.2.2 South Africa
15.2.3 UAE
15.2.4 Rest of Middle East & Africa (MEA)
15.3 Basis Point Share (BPS) Analysis by Country
15.4 Absolute $ Opportunity Assessment by Country
15.5 Market Attractiveness Analysis by Country
15.6 Middle East & Africa (MEA) Metal Spare Parts Market Size Forecast By Certification
15.6.1 Genuine Parts
15.6.2 Certified Parts
15.6.3 Uncertified Parts
15.7 Basis Point Share (BPS) Analysis By Certification
15.8 Absolute $ Opportunity Assessment By Certification
15.9 Market Attractiveness Analysis By Certification
15.10 Middle East & Africa (MEA) Metal Spare Parts Market Size Forecast By Metal Type
15.10.1 Steel
15.10.2 Aluminum
15.10.3 Magnesium
15.10.4 Iron
15.10.5 Others
15.11 Basis Point Share (BPS) Analysis By Metal Type
15.12 Absolute $ Opportunity Assessment By Metal Type
15.13 Market Attractiveness Analysis By Metal Type
15.14 Middle East & Africa (MEA) Metal Spare Parts Market Size Forecast By Application
15.14.1 Vehicle
15.14.2 Equipment
15.15 Basis Point Share (BPS) Analysis By Application
15.16 Absolute $ Opportunity Assessment By Application
15.17 Market Attractiveness Analysis By Application
15.18 Middle East & Africa (MEA) Metal Spare Parts Market Size Forecast By Distribution
Channel
15.18.1 Online
15.18.2 Offline
15.19 Basis Point Share (BPS) Analysis By Distribution Channel
15.20 Absolute $ Opportunity Assessment By Distribution Channel
15.21 Market Attractiveness Analysis By Distribution Channel
Chapter 16 Competition Landscape
16.1 Metal Spare Parts Market: Competitive Dashboard
16.2 Global Metal Spare Parts Market: Market Share Analysis, 2019
16.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
16.3.1 Jayem Automotives
16.3.2 ANAND Group
16.3.3 AVTEC
16.3.4 Bharat Seats Limited
16.3.5 DENSO CORPORATION
16.3.6 Guru Nanak Auto Enterprises Ltd
16.3.7 HI-TECH TOOLS
16.3.8 JBM Group
16.3.9 JTEKT India Limited
16.3.10 Lucas TVS
16.3.11 Orion Hydrulics Pvt Ltd.
16.3.12 Robert Bosch Power Tools GmbH
16.3.13 Sundaram Clayton Limited
16.3.14 UNO Minda
Methodology
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