Spare parts: An expected rise in the price of new cars may aid industry growth

Over the five years to 2018, the Auto Parts Stores industry in Michigan experienced modest growth. Since the industry’s largest market is households, disposable income levels are strongly correlated with revenue growth. When consumers are strapped for cash, they are more likely to hold off on repairing their vehicles. However, when disposable income levels grow too quickly, consumers may opt to forgo repairing older vehicles and purchase new cars instead. Thus, the price of new vehicles is also an important factor. When the price of new vehicles decreases in accordance with rising disposable income levels, the prospect of purchasing a new car rather than repairing an old one becomes more enticing and feasible...purchase to read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 13-18
1.2%
Forecast Growth 18-23
Profit
Employment
12,486
Businesses
2,387

Industry Threats & Opportunities

  • The continued growth in the industry is anticipated to continue attracting new entrants
  • Additional Insights for the Auto Parts Stores in Michigan Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Auto Parts Stores in Michigan Industry are

  • Having a cost effective distribution system
  • Control of distribution arrangements
  • Having a loyal customer base
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income in Michigan and Average age of vehicle fleet in the Auto Parts Stores in Michigan industry impact industry performance..

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    Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income in Michigan
  • Average age of vehicle fleet
  • Total vehicle miles
  • Number of motor vehicle registrations
  • Price of new cars

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Auto Parts Stores in Michigan Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • New Car Dealers
  • Used Car Dealers
  • Auto Mechanics
  • Car Body Shops
  • Car Wash & Auto Detailing
  • Oil Change Services
  • Consumers

  • Key Selling Industries
  • Auto Parts Wholesaling

  • Products & Services
  • Critical parts (new)
  • Performance parts
  • Maintenance parts
  • Critical parts (used)
  • Vehicle accessories
  • Chart: Auto Parts Stores in Michigan Industry Products and Services Segmentation

  • Major Markets
  • Households and individuals
  • Other
  • Repair shops
  • Retailers and wholesalers for resale
  • Chart: Major Market Segmentation for the Auto Parts Stores in Michigan Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Auto Parts Stores in Michigan

  • Basis of Competition
    Barriers to Entry
    Advance Auto Parts Inc., AutoZone Inc., Genuine Parts Company, O'Reilly Automotive Inc., The Pep Boys - Manny, Moe & Jack,
  • Table: Advance Auto Parts Inc. - financial performance
  • Table: AutoZone Inc. - financial performance
  • Table: Genuine Parts Company - financial performance
  • Table: O'Reilly Automotive Inc. - financial performance
  • Table: The Pep Boys - Manny, Moe & Jack - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Auto Parts Stores in Michigan Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Auto Parts Stores in Michigan Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of motor vehicle registrations (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Aftermarket
  • The market for spare parts, accessories and components.
  • Do-It-For-Me (Difm)
  • Those who purchase materials themselves and then hire a third party to complete the project.
  • Do-It-Yourself (Diy)
  • Those who purchase products and complete projects themselves.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Industry Market Report on Auto Parts Stores in Michigan is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Auto Parts Stores in Michigan:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Auto Parts Stores in Michigan market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Auto Parts Stores in Michigan, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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