Report Summary
This report provides a data-backed analysis of the US aftermarket auto parts industry. Looking at consumer preferences now, and market trends ahead, this report offers a fresh perspective for auto parts brands and industry players alike. Below, we’ve provided the key topics covered and hand-selected findings from the full report document.
Key Topics Covered
- Consumers’ vehicle ownership and warranty coverage.
- Vehicle purchase intent and type consideration.
- Automotive aftermarket products purchased.
- Influential factors and sources of discovery impacting purchasing decisions.
- Automotive aftermarket purchasing locations and future buying plans.
- Factors influencing consumers’ choice of automotive aftermarket retailer.
US Car Aftermarket Parts Industry Overview
The market forecast for 2024 estimates a continuation of the gradual growth experienced in 2023. While spending is expected to decrease annually until 2029, this anticipated decline may be due to broader economic factors and changing consumer preferences.
The car aftermarket remains an important, often essential part of the automotive industry. Maintaining relevance will encourage continued growth for aftermarket players.
Auto Aftermarket Consumer Insights
- Households have been consolidating vehicles over recent years. For the first time, more households owned a single car than two in 2023, with this pattern deepening in 2024. Remote work facilitating vehicle sharing and financial incentives caused by higher interest rates have driven this shift.
- Consumers are still interested in buying a car in the short term. Over a third plan to purchase in the next year, despite vehicle availability and affordability challenges. This persistent interest is an opportunity for aftermarket brands to appeal to the desire to prolong vehicle life through maintenance and enhancement.
- Urban car owners are less likely to purchase tires and wheels, batteries, or maintenance products than their suburban or rural counterparts. While in part driven by age, lifestyle also impacts as urban residents leverage alternate modes of transportation to reduce vehicle wear and tear.
What’s Next for the Automotive Aftermarket Industry?
Supply chain issues may ease over the next few years, encouraging car purchasing. However, lingering economic conditions may continue to result in consumers wanting to extend the life of their vehicles. Looking forward, as consumers continue to adapt new, warranty-covered vehicles, aftermarket brands and retailers will need to adapt offerings and reach eCommerce channels effectively.
Find a complete analysis of the US aftermarket auto parts industry in this report.
Report Scope
This Report examines the US market for the automotive aftermarket category.
Automotive aftermarket is the secondary parts market concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories, after the sale of the automobile by the original equipment manufacturer.
Readers of this Report may also be interested in Mintel’s DIY Auto Maintenance – US, 2023 Report.
The consumer research for this Report was fielded in May 2024. The Report was written in July 2024, and the analysis reflects the state of the category during this time.
Meet the Expert
Automotive industry expert Gabe Sanchez delivers in-depth insights with this report.
The auto aftermarket evolves with a shift towards single vehicle ownership, digital shopping, and a focus on value driving consumer choices.
Gabe Sanchez
Automotive Analyst
Table of Contents
-
Executive Summary
- What you need to know
- What consumers want & why
- What consumers want & why (cont’d)
- Total consumer spending and forecast for auto parts and accessories
- Market predictions
- Opportunities
- Leverage emerging technologies
- Go beyond the point of sale
- Highlight commitments to sustainability
- Appeal to consumers’ interest in customization and personalization
- Drive seamless omnichannel purchasing experiences
- Partner with alternate transportation services to reach urban consumers
-
Market Dynamics
- Market context
- Market drivers
- Annual inflation sits at 3% as of June, the lowest it has been in over three years
- Graph 1: headline CPI and shelter CPI, 2021-24
- Consumer sentiment remains down, but is expected to rebound soon
- Graph 2: consumer sentiment index, 2022-24
- Nearly 40% of consumers have seen their financial situations change for the better in the past year
- Graph 3: change in financial situation over the past 12 months, 2024
- Price of new and used vehicles remains elevated
- Average age of vehicles on the road continues to increase
- Younger consumers present future opportunity
- Multicultural consumers present opportunity to drive growth
- Market size and forecast
- Total consumer spending and forecast for auto parts and accessories
- Total consumer spending and forecast for auto parts and accessories (cont’d)
- Driving forward: the evolving dynamics of the automotive aftermarket growth and opportunities
-
Consumer Insights
- Consumer fast facts
- Vehicle ownership and warranty coverage
- Consumers continue to consolidate
- Graph 4: vehicle ownership, 2020-24
- Rise in single car households among suburban and rural areas
- Graph 5: single car households, by area, 2022-24
- Consider warranty coverage
- Graph 6: primary vehicle warranty coverage, 2024
- Ownership varies by age
- Graph 7: vehicle ownership, by age, 2024
- Younger consumers are covered
- Graph 8: primary vehicle warranty coverage, by age, 2024
- Reaching consumers through ownership
- AutoZone and NAPA highlight customization
- Don’t forget about urban consumers…
- Graph 9: vehicle ownership (one or more), by area, 2024
- … but suburban and rural present prime opportunities
- Graph 10: primary vehicle warranty coverage, by area, 2024
- Reaching consumers across areas
- Purchase intent and type consideration
- Consumers are still interested in purchasing in the shorter term
- Graph 11: purchase intent timing, 2024
- Used vehicle interest presents opportunity
- Graph 12: consideration of type, 2024
- New and used car buyers indicate varying influences
- Graph 13: factors that most influence decision to purchase automotive products (% any rank), by type of car considering, 2024
- Steering new and used car buyers
- Women offer opportunity to drive sales
- Graph 14: purchase intent timing, by gender, 2024
- Women offer opportunity to drive sales
- Younger consumers intend to purchase
- Graph 15: purchase intent timing, by age, 2024
- Men are most interested in purchasing a new vehicle
- Graph 16: considering a new vehicle for next purchase, by age and gender, 2024
- Consumers across age groups look to new vehicles
- Graph 17: consideration of type, by age, 2024
- Drive interest among new and used vehicle buyers
- Reach older consumers with aftermarket safety products
- Proactively highlight child-focused aftermarket products
- Graph 18: purchase intent, moms vs dads, 2024
- Suburban and rural consumers offer ample opportunity
- Graph 19: purchase intent, by area, 2024
- Aftermarket products purchased
- Consumers look to keep on rollin’
- Graph 20: maintenance products purchased, by age, 2024
- Reach younger consumers with education, guidance and equipment
- Graph 21: maintenance products purchased, by gender, 2024
- Retailers add complimentary tools to improve access
- Urban consumers indicate most limited products purchased
- Graph 22: maintenance products purchased, by area, 2024
- Ways to reach consumers across areas
- Purchase of cleaning and chemical products varies by age
- Graph 23: cleaning and chemical products purchased, by age, 2024
- Highlight environmental friendliness of aftermarket products
- Room for growth among customization products
- Graph 24: customization products purchased, 2024
- Showcase interior accessories as an entry point to vehicle customization
- Go beyond interior accessories to reach younger consumers with customization
- Graph 25: customization products purchased, by age, 2024
- Focus on personalization to reach consumers, especially younger consumers.
- Uplift interest among parents
- Graph 26: customization products purchased, parents vs overall, 2024
- Highlight parents’ lifestyle, travel to drive appeal for cleaning and interior products
- Opportunity to highlight the importance of safety products to parents…
- Graph 27: security products purchased, by age, 2024
- … and urban consumers
- Graph 28: security products purchased, by area, 2024
- Factors influencing aftermarket purchase
- Quality and price are key influential factors
- Graph 29: factors that most influence the decision to purchase automotive products (any rank), 2024
- Opportunity to optimize outreach
- Graph 30: factors that most influence the decision to purchase automotive products (any rank), by age, 2024
- Dads look beyond price
- Graph 31: select factors that most influence the decision to purchase automotive products (any rank), fathers vs overall, 2024
- Home Depot reaches parents through their children, empowers future DIYers
- Aftermarket product discovery locations
- Auto parts stores are a popular discovery location
- Graph 32: discovery locale for new automotive parts, supplies, or accessories products, 2024
- Integrate QR codes to provide on-demand information
- Auto part stores lead in influence
- Graph 33: discovery locale for new automotive parts, supplies, or accessories products, by gender, 2024
- Opportunity to reach younger consumers beyond the store
- Graph 34: discovery locale for new automotive parts, supplies, or accessories products, by age, 2024
- Opportunity to reach Hispanic consumers
- Graph 35: discovery locale for new automotive parts, supplies, or accessories products (select), Hispanic consumers vs overall, 2024
- Resonate with Hispanic consumers
- Opportunity to reach urban consumers
- Graph 36: discovery locale for new automotive parts, supplies, or accessories products (select), by area, 2024
- Auto aftermarket purchase locations
- Franchise auto parts stores lead, with retail chains not far behind
- Graph 37: auto aftermarket purchase locations, 2024
- eBay revs up its auto aftermarket platform
- Younger consumers open new avenues for emerging retail channels
- Graph 38: auto aftermarket purchase locations, by age, 2024
- Franchise auto parts stores have an opportunity to retain and appeal to consumers
- Black and Hispanic consumers go beyond franchise auto parts stores
- Graph 39: auto aftermarket purchase locations (select), Black and Hispanic consumers vs overall, 2024
- Urban consumers go beyond franchise auto parts stores
- Graph 40: auto aftermarket purchase locations (select), by area, 2024
- Appeal to urban consumers’ interest in localism…
- … and their interest in DIY auto maintenance
- AutoZone’s micro-market strategy
- Future purchasing expectations
- Physical presence remains important
- Graph 41: expectations to purchase automotive parts, supplies, or accessories moving forward, 2024
- Younger shoppers highlight the essential role of omnichannel strategies
- Graph 42: expectations to purchase automotive parts, supplies, or accessories moving forward, by age, 2024
- Omnichannel opportunities
- Drive in-store interest among Hispanic consumers
- Graph 43: expectations to purchase automotive parts, supplies, or accessories moving forward, Hispanic consumers vs overall, 2024
- Appeal to parents’ need for on-demand purchasing
- Graph 44: expectations to purchase automotive parts, supplies, or accessories moving forward, parentals vs overall, 2024
- Empower parents to conduct proactive maintenance, upgrades
- Urban dynamics drive online interest
- Graph 45: expectations to purchase automotive parts, supplies, or accessories moving forward, by area, 2024
- Highlight mobile servicing and diagnostic offerings
- Factors influencing choice of aftermarket retailer
- Price is paramount
- Graph 46: factors that influence where to purchase automotive parts, supplies, or accessories, 2024
- Understanding age-driven preferences in the automotive aftermarket
- Graph 47: factors that influence where to purchase automotive parts, supplies, or accessories, by age, 2024
- Influencing consumers across ages
- Reach younger consumers through lifestyle
- Graph 48: factors that influence where to purchase automotive parts, supplies, or accessories, by parental status, 2024
- Opportunities to optimize messaging
- Graph 49: factors that influence where to purchase automotive parts, supplies, or accessories, by area, 2024
- Attitudes toward auto aftermarket
- Consumers delay purchasing
- Graph 50: “I wait as long as possible before purchasing automotive parts, supplies, or accessories” (% agree), by age, 2024
- Position customization as an entry-point for younger consumers…
- Graph 51: attitudes toward customization and personalization (% agree), by age, 2024
- … and multicultural consumers
- Graph 52: customizing and accessorizing a vehicle is worth the money (% agree), by race, 2024
- Opportunity to develop satellite locations in urban centers
- Help consumers navigate part scarcity
- Graph 53: attitudes toward automotive product availability (% agree), by age, 2024
- Go beyond the point of sale to reach younger consumers…
- Graph 54: attitudes toward sales incentives (% agree), by age, 2024
- … and multicultural consumers
- Graph 55: “I prefer purchasing automotive products from brands that demonstrate a commitment to sustainability and environmental responsibility” (% agree), by race, 2024
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Competitive Strategies
- Ford turns olive waste into sustainable auto parts
- eBay leverages AI to boost auto sales
- AutoNation launches ecommerce platform AutoNationParts.com
- Amazon threatens traditional retailers
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Appendix
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
- Forecast methodology
- Forecast fan chart methodology
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