PUBLISHER: IMARC | PRODUCT CODE: 1636358
PUBLISHER: IMARC | PRODUCT CODE: 1636358
The global spare parts logistics market size reached USD 47.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 63.6 Billion by 2033, exhibiting a growth rate (CAGR) of 3.21% during 2025-2033. The increasing demand in the automotive industry, various technological advancements, and rising expenditure capacities of consumers represent some of the key factors driving the market.
Spare parts logistics refers to a process or a range of services used to manage the flow of accessories required by different industries from one location to another. Spare parts are interchangeable components of machines and systems that are stored as inventory and used to replace failed or damaged parts. These components are designed in such a way that they can be easily removed or fixed. Spare parts logistics helps in planning the process chain, inspecting the quality of spare parts, controlling the availability of stocks and service parameters, and tracking consignment. It also performs a series of checks, such as modification, storage, post-production, and technical problems, prior to the delivery of spare parts. As a result, spare parts logistics is widely used across the electronics, aerospace, industrial, and automotive industries.
The increasing demand for spare parts in the automotive industry across the globe is one of the key factors driving the market growth as they are widely used to interchange a dysfunctional section of a machine with a functional one. In line with this, the rising consumer preference toward used or old vehicles owing to increasing prices of new vehicles is facilitating the demand for spare parts. Additionally, the introduction of multi-story shelf systems and automated storage and retrieval systems (ASRS) for storing spare pacers and protecting them from hazardous substances is favoring the market growth. Apart from this, key players are focusing on better transparency and efficiency, and minimizing the delivery time is providing an impetus to the market growth. Along with this, the utilization of a global positioning system (GPS) to monitor the speed and routes of the vehicle going to the assigned destination is propelling the market growth. Moreover, the integration of the Internet of Things (IoT), transportation management systems (TMS), and the adoption of warehouse management, order entry, automated transportation, and dispatching communication systems for streamlining operations and reducing risks are positively influencing the market growth. Furthermore, the increasing utilization of spare parts logistics in the electronics industry to ensure an optimal level of availability of essential components used for electronic devices is creating a positive outlook for the market. Other factors, including increasing production of passenger vehicles, rising expenditure capacities of consumers, and extensive research and development (R&D) activities, are anticipated to drive the market growth.
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