Used Auto Parts Market Status

INTERNATIONAL - Used Auto Parts Sales Business

According to Precedence Research, the global automotive aftermarket was valued at US$ 721.2 billion in 2021 and predicted to surpass US$ 1167.09 billion by 2030, poised to grow at a noteworthy CAGR of 5.49% during the forecast period 2022 to 2030.

Growth Factors

Regulatory bodies including the U.S. Environmental Protection Agency and the JASMA monitor the environmental impact and built standards related to automotive components such as noise emission level from mufflers and resonators in automotive exhaust systems expected to trigger advancement in the automotive parts. In addition, digitization of sales and service of component delivery and online distribution portals for aftermarket components in synchronization with global automotive suppliers, expected to bring prominent investment from the market players. Because of online and digitized delivery gateways, the automotive aftermarket expected to witness significant growth in the developing countries. In addition, rising trend for online sale of automotive aftermarket parts projected to further boost the market growth in the coming years.

Though, the automotive aftermarket is highly influenced by the digitized gateway pattern, high cost of research & development expected to hamper the market growth. Additionally, the consumer shift towards smart and intelligent automobile parts also uplift the overall cost of the components.

DOMESTIC - Used Auto Parts Sales Business

The used auto parts sales business involves operating a marketplace or online store where customers can purchase second-hand auto parts. The goal of this business is to provide a platform where sellers can list dismantled or decomposed parts from vehicles, and customers in need of specific parts can easily find and purchase them.

By incorporating the used auto parts sales service into the existing platform, alongside the vehicle dismantling and used car sales services, ByeByeCar aims to create a comprehensive marketplace for all aspects of the automotive industry. This marketplace will cater to customers who require various parts for both domestic and imported vehicles, including tires and other related components.

The primary objective of the used auto parts sales service is to promote the recycling and reuse of auto parts, contributing to environmental sustainability and cost-efficiency in vehicle maintenance and repairs.