Spare Parts Manufacturing Global Market Report 2025

The spare parts manufacturing market size has grown strongly in recent years. It will grow from $517.69 billion in 2024 to $547.11 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period is driven by rising demand for vehicle maintenance and repairs, expanding use of industrial machinery across manufacturing sectors, increasing need for replacement parts due to aging equipment, growth in aftermarket sales for automotive and industrial applications, and heightened consumer awareness of equipment longevity and performance.

The spare parts manufacturing market size is expected to see strong growth in the next few years. It will grow to $690.44 billion in 2029 at a compound annual growth rate (CAGR) of 6%. The growth during the forecast period is driven by the increasing focus on sustainability and recyclable spare parts, growing electrification of vehicles boosting specialized component demand, rising demand for lightweight and high-performance industrial parts, increasing aftermarket penetration in emerging economies, and growing emphasis on predictive maintenance in industrial sectors. Primary trends in the forecast period include the development of digital twin models, advancement in modular spare parts, integration of internet of things solutions, innovation in sustainable manufacturing processes, and innovation in high-strength alloys and composites.

The growth of the shift toward electric vehicles (EVs) is expected to enhance the growth of the spare parts manufacturing market during the forecast period. Electric vehicles (EVs) refer to automobiles powered entirely or partially by electricity, using rechargeable batteries instead of traditional internal combustion engines. The growth of the shift toward electric vehicles (EVs) is supported by increasing environmental concerns, government incentives, advancements in battery technology, and rising consumer preference for sustainable and cost efficient transportation solutions. Spare parts manufacturing supports this shift by producing essential components such as batteries, electric motors, and power electronics, ensuring efficient maintenance, minimizing downtime, and enabling broader adoption of EV technology. For example, the International Energy Agency, a France based intergovernmental organization, reported that in 2024, electric car sales exceeded 17 million units worldwide, representing an increase of over 25 percent, with an additional 3.5 million vehicles sold compared to 2023. Therefore, the growth of the shift toward electric vehicles is enhancing the growth of the spare parts manufacturing market.

Key companies operating in the spare parts manufacturing market are emphasizing the development of advanced products, such as sensor integrated components, to improve vehicle uptime, enhance diagnostic efficiency, and minimize maintenance costs and downtime. Sensor integrated components are truck parts embedded with intelligent sensors that track real time performance metrics, including temperature, pressure, and wear levels. For example, in April 2024, Trendy Automobile Components, an India based vehicle spare parts manufacturer and aftermarket supplier, introduced a new range of truck electrical and chassis components designed for commercial vehicles to ensure reliable repairs and maintenance. The electrical range, featuring sensor integrated components along with indicator lights, fuse boxes, wiring harnesses, and alternators, is built for high durability and consistent operation, supporting essential systems such as lighting, signaling, and power distribution. In addition, the truck chassis parts, including brake shoe springs, clutch springs, lift axle pins, and water separators, offer strong structural integrity and safety, engineered to endure heavy duty conditions while maintaining vehicle stability and performance efficiency.

In February 2025, The Carlyle Group Inc., a US-based private equity firm, acquired Highway Industries Limited and Roop Automotives Limited for an undisclosed amount. With this acquisition, Carlyle aims to establish a diversified global auto components platform, expand its footprint in the advanced manufacturing and automotive components sector, and leverage operational synergies to strengthen technological capabilities and enhance customer value. Highway Industries Limited is an India-based manufacturing company, while Roop Automotives Limited is an India-based manufacturer specializing in spare parts production.

Major players operating in the spare parts manufacturing market are DHL Group, Kuehne + Nagel, DB Schenker, UPS Supply Chain Solutions, CEVA Logistics, DSV, XPO Logistics, FedEx Supply Chain, Nippon Express, Geodis, C.H. Robinson Worldwide, Sinotrans Ltd., Kerry Logistics, Yusen Logistics, Bolloré Logistics, Hellmann Worldwide Logistics, Expeditors International, Rhenus Logistics, Dachser, Penske Logistics, Agility Logistics, Ryder Group, Broekman Logistics, Logwin, Toyota Tsusho, TVS Logistics (TVS Supply Chain Solutions), SEKO Logistics, GEFCO, AnJi (SAIC AnJi Logistics), Kintetsu World Express.

North America was the largest region in the spare parts manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spare parts manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.

The spare parts manufacturing market research report is one of a series of new reports that provides spare parts manufacturing market statistics, including spare parts manufacturing industry global market size, regional shares, competitors with a spare parts manufacturing market share, detailed spare parts manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the spare parts manufacturing industry. This spare parts manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Spare parts manufacturing involves the design, production, and supply of components used to replace worn or damaged parts in machinery, vehicles, or equipment. These parts help ensure continuous operation, reliability, and extended lifespan by providing readily available replacements. They can include original equipment manufacturer (OEM) components or aftermarket alternatives that meet performance and safety standards.

The key products in spare parts manufacturing include precision-machined parts, injection-molded parts, forged parts, die-cast parts, and custom-fabricated parts. Precision-machined parts are components produced with high accuracy and tight tolerances using advanced machining techniques such as CNC turning, milling, or grinding to meet exact specifications. These parts are made from various materials including metal, plastic, rubber, ceramics, and composites and are used for applications such as repair and maintenance, replacements, and upgrades. Spare parts are distributed through OEMs and aftermarket channels, serving a wide range of end-user industries including automotive, aerospace, machinery and equipment, consumer electronics, healthcare, and others.

The countries covered in the spare parts manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The spare parts manufacturing market consists of sales of engine components, transmission parts, brake system components, electrical and electronic parts, and suspension and steering parts. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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