Automotive Body Parts Market

The global Automotive Body Parts market was valued at USD 428.12 Billion in 2020 and is projected to reach USD 590.43 Billion by 2028, growing at a CAGR of 4.10%% from 2021 to 2028.

The automotive body parts are different parts of a vehicle which are manufactured separately and used to build or repair vehicles for their proper functioning. The industry can be broadly classified into organised and unorganised sectors. The organised sector od automotive body parts caters to original equipment manufacturers and consists of high-value components while the unorganised sector comprises low-valued products and caters mostly to the aftermarket category.

The report covers in-depth study on the global Automotive Body Parts market, which comprises market trends such as drivers, restraints, and opportunities, regional trends, segmental analysis, and competitive landscape among others. This study comprises the market estimations and forecast in terms of revenue for each segment at the global/regional/country level along with a detailed analysis of growth prospects, challenges, and opportunities. The report includes a separate chapter covering detailed Automotive Body Parts market overview that includes Porter’s Five Forces Analysis, PESTLE Analysis, Player Positioning Analysis, SWOT Analysis, and Value Chain Analysis among others.

The wise spread COVID-19 outbreak has impacted several industries including Automotive Body Parts. The governments across the globe compel to employ stringent restriction such as lockdown, international border seals, and   implementing strict social distancing measures. This forces serval industries to opt for work from home which in turn disrupted the business processes. However, after mid 2021 the world is witnessing reopening of trading activities, business operations which is expected to stimulate the economic growth during upcoming years.  The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The report explains various driving factors, restraints/challenges, and opportunities in detail. These assessments aid the industry stakeholders to analyze the Automotive Body Parts market on the basis of different parameters, such as economies of scale, the share of various distribution channels, various factors affecting consumer behavior such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences.

The increasing delivery sales and services of component coupled with the arrival of online portal distributing components is expected to augment the growth of the automotive body parts market during the forecast period. This is due to the global auto-part supplier groups that are likely to draw huge investments from the key participants. Additionally, the presence of leading market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, is also expected to increase the demand of the market in the years to come. Furthermore, growing online sales of automotive components are projected to support the growth of the market. 

The increasing demand for replacement of body parts is anticipated to augment the growth of the automotive body parts market in the years to come. The replacement of body parts projected to be high and held around 70.3% of the automotive body parts market revenue share in 2020. This is due to the extreme strain by poor road conditions and low life cycle of the parts. The vehicles’ early aging will provide a positive outlook for automotive body parts. Along with that, factors such as low production cost, rising number of manufacturers, and increasing number of accidents, are likely to support the growth of the market. 

A major factor that is hampering the growth of the automotive body parts market is the counterfeit market. This is creating obstacle for the organized players of the components in the automotive industry. Additionally, the increased lifecycle of replaced components are also hindering the automotive body part market as they lead to longer time gaps between consecutive vehicle servicing.

The report delivers an acute breakdown of the market based on various segments such as Product Types, End-user, and region. The report will cover market estimations and forecast for each segment by region for the years 2016–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report.

On the basis of Product Types, the market is divided into Automotive Sunroof, Windshield Wiper, Door Lock, Exterior Rearview Mirror, Door Handle, Roof Rack, Other. Exterior Rearview Mirror held the largest share in 2020 and is projected to witness substantial growth during the forecast period.

Based on End-user, the market is divided into OEM, Aftermarket. Aftermarket attributed to the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The global Automotive Body Parts market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Automotive Body Parts market are MEKRA Lang, Thule, ALPHA Corporation, U-Shin, Trico, JAC Products, Huf Group, Inalfa, Aisin, Gentex, SL Corporation, Mitsuba, Valeo, VAST, Magna, Murakami Kaimeido, Ficosa, Denso, FIAMM, Yachiyo Industry, Mobitech, Webasto, Federal-Mogul, Kiekert, SMR, Bosch, ITW Automotive, Hella, Inteva, Mitsui Kinzoku.. This section of the report will provide you extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence among others. Moreover, the report also includes extensive information on key strategies such as new product development/launch, merger & acquisitions, partnerships, collaborations & joint ventures, research & development, and regional expansion.  

Based on the geography, the global Automotive Body Parts market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The regional analysis covers market estimations and forecast for each segment for each region for the years 2016–2028. The concentration of raw material suppliers as well as market players in one specific region impacts the global market scenario and the report covers exclusive information on the same.  Also, the report analyzes the intensity of competition in each region and its influence on the growth of the global Automotive Body Parts market.