Global Spare Parts Product Market Overview:
Spare parts have revolutionized modern manufacturing, the importance of spare parts and after sales services and maintenance is that original equipment manufacturers (OEMs) are increasingly realizing the potential, and are making a industry model by providing after sales services. Aftermarket sales and services are estimated to be 75% more profitable than those of the core business. However, over 67% of companies are growing their services business more slowly than their main businesses. As companies begin to realize the growth potential in the after–sales market they should take heightened interest in their services business.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Blockchain Technology to Ease Tracking and Traceability in Spare Parts Supply Chain and Technological Advancements in Spare Parts Logistics
Market Growth Drivers:
Aging Operational On-Road Vehicles Rising Demand for Spare Parts and Increase in Demand from Major End-Users Such As Automotive and Machinery
Challenges:
Growing Demand For Warehouses Increasing Cost for Logistics Providers
Restraints:
High Inventory Cost & Low Warehousing Space
Opportunities:
3-D Printing to Transform Supply Chain of Spare Parts
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail competitive advantage through combined synergies.
Some of the key players profiled in the report are Bosch (Germany), Spare Parts Manufacturing (South Africa), Jayem Automotives (India), SCT Vertriebs GmbH (Germany), GNA Enterprises (India), Dunlop (United States), SIO Automotive (Turkey), CEAT (India), JBM Group (India), Avtec (United States) and MAG GERMANY (Germany). Additionally, following companies can also be profiled that are part of our coverage like Arlington Industries (United Kingdom), Minda Industries (India), Memcol (United Kingdom) and Exide (India). Analyst at AMA Research see German Vendors to retain maximum share of Global Spare Parts Product market by 2028. Considering Market by Enterprise Size, the sub-segment i.e. Small & Medium Enterprises will boost the Spare Parts Product market.
Latest Market Insights:
Tata Motors Ltd will create a joint venture with Jayem Automotives Pvt. Ltd, a business that creates and prototypes high-performance car models.
3D printing technology has revolutionized the spare parts industry by enabling manufacturers to create custom parts for specific machines and equipment. This technology has also reduced the time required for creating new parts, making the process faster and more efficient.
What Can be Explored with the Spare Parts Product Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Spare Parts Product Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Spare Parts Product
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Spare Parts Product market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Spare Parts Product market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Manufacturers of Spare Parts, Suppliers of Spare Parts, Wholesalers, Distributors and Retailers of Spare Parts, Automobile Industry, Electronics Industry and Governmental Bodies.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.