Replacement Parts Account for Largest Share of Aftermarket Product Growth
June 30, 2017—Among the four major groups of aftermarket products, replacement parts generated the largest share of car and light truck product growth over the last four years, according to a new report from Lang Marketing.
Light vehicle aftermarket products can be divided into four major groups, the report stated:
- Replacement parts
- Tools and equipment
Replacement parts accounted for nearly two-thirds of 2016 aftermarket product volume, 64.7 percent—despite slipping from 65.4 percent of 2012 light vehicle products to 64.7 percent of the 2016 market—followed by chemicals with 14.2 percent share. Accessories were third at 11.4 percent, followed by tools and equipment with 9.7 percent of 2016 light vehicle products.
Accessories and tools and equipment increased their light vehicle product share during the 2012-2016 period. Parts and chemicals, on the other hand, declined in car and light truck annual product share.
Replacement parts climbed $6.6 billion in aftermarket product volume between 2012 and 2016, followed by accessories (up $2 billion), tools and equipment (a $1.5 billion gain), and chemicals (increasing $1.2 billion at user-price).
Replacement parts accounted for 59. percent of the more than $11 billion surge in light vehicle aftermarket products between 2012 and 2016, followed by accessories (with 17.5 percent growth share), tools and equipment (12.5 percent), and chemicals (11 percent).