Reports - Auto Parts Market
Auto Parts Market Size, Share & Trends Analysis Report by Component (Battery, Chassis System, Cooling System, Underbody Components, Engine Components, Automotive Filter, Lighting Components, Electrical Components, Other Components) by Sales Channel (OEM, Aftermarket) by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)
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2035
3.16%
Asia Pacific
Asia Pacific
2019 - 2023
2023 - 2035
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The global Auto Parts Market is valued at USD 370.1 Billion in 2022 and is projected to reach a value of USD 520.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 3.16% between 2023 and 2030.
Premium Insights
One of the main factors propelling the Auto Parts market is the rising demand for cars worldwide. The automobile sector has been steadily growing, as seen by data from the International Organization of Motorcar Manufacturers (OICA). Global car production has been rising steadily, with over 77 million vehicles produced in 2020. The need for Auto Parts has naturally increased in tandem with this production boom. A number of things influence the dynamics of the market for car parts. First of all, the move to electric and hybrid cars has been greatly aided by technological improvements, requiring the use of specialist roles. Furthermore, the manufacturing of environmentally friendly vehicle parts has increased as a result of the increased focus on sustainability and environmental issues. Additionally, the growth of e-commerce has had a big impact on car parts distribution and sales, opening up more access for customers. The market for Auto Parts is robust and changing as a result of all these variables coming together, indicating that the sector will continue to expand and innovate.
Top Market Trends
Economic Insights
Economic insights have had a major impact on the Auto Parts market, especially in the wake of the COVID-19 pandemic. At first, the pandemic hurt the market by causing supply chain hiccups, plant closings, and a decline in consumer spending on non-essentials like vehicle components. The Automotive Aftermarket Suppliers Association (AASA) reports that the industrys revenues fell noticeably in 2020 as a result of the pandemics negative effects. Nonetheless, its important to remember that the auto components sector has shown resilience and flexibility as the world economy progressively improves. This is partially because there is a greater need for private automobiles as people avoid using public transit, which has led to an increase in auto repair and maintenance activities. In addition, the market has received cash injections from government stimulus packages and economic recovery initiatives, which have supported the markets comeback. The car parts industry is predicted to regain its footing as economies steadily grow and consumer confidence rises, providing chances for expansion and innovation despite difficult financial circumstances.
Market Segmentation
Auto Parts {{Segmentation_Ext}}
Based on Component
Engine Components to Account for Largest Market Share Due to Widened Functionality
In 2022, engine components will be the most widely used product in the automotive parts market. First and foremost, the engine is the foundation of every car, and its parts are essential to both general performance and dependability. Second, as automobile technology develops, machines become more specialized and sophisticated, requiring a large number of different parts to perform other tasks, including power generation, emission control, and combustion. Thirdly, the sheer number of engine-related components—such as fuel injection systems, cylinders, camshafts, and pistons—contributes to the high usage of engines. Lastly, engine components are a vital and pivotal product area in the Auto Parts industry due to the ongoing requirement for engine maintenance, repair, and updating.
Based on the Sales Channel
OEM to Sell Most Auto Parts Owing to Better Functionality and Compatibility
In 2022, OEM (Original Equipment Manufacturer) goods are utilized extensively in the automobile components market. The primary reason for this domination is because OEM parts are the original parts that the car manufacturers install during production. These components are made especially to fit the vehicles specifications, guaranteeing best-in-class functionality, safety, and compatibility. Original Equipment Manufacturers (OEMs) are the preferred option for many consumers since they depend on OEM parts to uphold the quality and reputation of their brands. Furthermore, OEM parts are frequently covered by warranties, which adds to their allure. OEM components continue to be the industry standard for people looking for dependability and confidence that their cars will perform as intended, even while the aftermarket provides a vast array of options.
Based on Vehicle Type
Passenger Cars to Widened their Footprint due to a Huge Consumer Base
In 2022, in the automotive market, passenger cars are the most popular choice among those offered. When compared to other vehicle categories, the sheer number of passenger automobiles on the road is the main cause of this supremacy. The most popular form of personal transportation for single people and families is the passenger vehicle, which greatly contributes to its widespread use. Furthermore, sales of passenger cars generally surpass those of light and heavy commercial vehicles, making them a priority for automakers as well as the aftermarket parts sector. Parts connected to passenger cars are in constant demand, from regular maintenance items to customization possibilities, solidifying their status as the most popular product category in the automotive industry.
Based on Region
North America to Lead Global-based Sales Owing to Widened Number of Vehicles on the Road
In the market for automobile parts, North America is thought to have the highest sales volume. Because of the well-established automotive sector in North America and the enormous number of vehicles on the road, there is a constant need for replacement components. Furthermore, aftermarket sales are driven by a strong culture of vehicle ownership and higher discretionary incomes in this region. Moreover, a strong ecosystem for the production and distribution of automobile parts is created by the presence of several significant automakers in North America.
On the other hand, the market for automobile parts is expanding quickly in the Asia Pacific area. There is a huge increase in demand for both original equipment and aftermarket components in nations like China and India due to the rising middle class, urbanization, and rising car ownership. The regions growing status further fuels the need for car components in Asia Pacific as a hub for automobile manufacturing and the investment it is receiving from international automakers.
Competitive Landscape
Global behemoths and niche competitors coexist in the Auto Parts markets fiercely competitive terrain. Large corporations with extensive product portfolios that include electrical systems, engine components, and more, including Bosch, Continental, and Denso, are in the lead. Conversely, specialist competitors like BorgWarner dominate particular markets. Additionally, the market is witnessing the rise of startups that specialize in electric car parts. Online retailers like Amazon and eBay provide different ways for products to be distributed. Eco-friendly solutions are being prioritized by corporations such as Magna International, indicating an increasing trend toward sustainability. In general, this dynamic terrain is shaped by fierce rivalry, technological developments, and environmental concerns.
The key players in the global Auto Parts market include - Robert Bosch GmbH (Germany) among others.
Recent Market Developments
Segmentation of the Global Auto Parts Market
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
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