Global Metal Spare Parts Market By Certification (Genuine Parts, Certified Parts, and Uncertified Parts)

Market Outlook:

The global metal spare parts market was valued at USD 526.4 Billion in 2019 and is projected to reach USD 541.3 Billion by 2027, expanding around a CAGR of 4.1% during the forecast period. 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.

Global Metal Spare Market Analysis

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.

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.

Global Metal Spare Market By Certification

Based on material, 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.

Global Metal Spare Market By Type

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.

Global Metal Spare Market By Region

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.