Auto Parts Market to Reach Valuation of USD 1103.4 Billion by 2030 – Continuous Innovation in Braking Components, Headlamps, and Other Parts Drives the Market

In terms of revenue, the Global Auto Parts Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 6.8% from 2023 to 2030.

The global Auto Parts market is experiencing growth due to the increasing technological advancements. Constant innovation in braking components, headlamps, and other parts is fuelling the market's growth. High-performance braking systems now incorporate electronic features such as regenerative braking, brake-by-wire, and electronic stability control systems, which contribute to the market's expansion.

Furthermore, 3D printing technology is being employed to produce Auto Parts. Many additive-manufactured parts made from synthetic materials are now used in vehicle production. Throughout the projected period, market growth is anticipated to be driven by the adoption of 3D printing in the automotive sector and the growing demand for hybrid and all-electric vehicles. Therefore, these factors are anticipated to contribute to the market's growth in the coming years. 

Key Highlights from the Report

• Based on Component, the Engine Component segment dominates the Auto Parts market due to the ongoing engine maintenance, repair, and updating requirement.
• Based on the Sales Channel, the OEM segment was responsible for the market's significant expansion in 2022 due to the expanding inclination of automakers worldwide.
• Based on Vehicle Type, the Passenger Cars segment mentioned the potential growth of the market in 2022 owing to the large number of passenger vehicles on the road.
• Based on region, Asia Pacific holds the significant market share within the Auto Parts market in 2022, owing to an increase in demand for both original equipment and aftermarket components in this region. 

Market Dynamics

The growing demand for vehicles globally has played a crucial role in expanding the Auto Parts market. As more vehicles are sold, the demand for replacement parts and accessories also rises. For example, in 2020, despite the COVID-19 pandemic, the global automotive sector recovered in the second half of the year, with China being the largest market. This increased demand for vehicles subsequently increased the demand for Auto Parts. Furthermore, the expansion of the automobile manufacturing industry directly impacts the growth of the Auto Parts market. As more car manufacturers establish or expand their production facilities, there is a simultaneous increase in the demand for various auto components. For instance, companies like Toyota, Honda, and Volkswagen have all expanded their manufacturing plants in different regions, thereby contributing to the growth of the Auto Parts market.

Asia Pacific led the Auto Parts market in 2022. This region has become one of the largest automotive markets globally, with countries like China, Japan, and India leading the industry's growth. As the automotive industry expands in these countries, the demand for Auto Parts, including engines, transmissions, electrical systems, and body parts, has increased significantly. Additionally, Asia Pacific is a hub of vehicle production, with a growing number of automakers setting up manufacturing plants in countries like China, India, Thailand, and Indonesia. This has created a substantial demand for Auto Parts, as these manufacturers require a steady supply of components to produce vehicles. 

The Global Auto Parts Market is Segmented as follows

• Component
  • Battery
  • Chassis System
  • Cooling System
  • Underbody Components
  • Engine Components
  • Automotive Filter
  • Lighting Components
  • Electrical Components
  • Other Components
• Sales Channel
  • OEM
  • Aftermarket
• Vehicle Type
  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Other Vehicle Types
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Auto Parts Market is

Robert Bosch GmbH (Germany), DENSO Corporation (Japan), Continental AG (Germany), ZF (Germany), Friedrichshafen AG (Germany), Hyundai Motor Group (South Korea), Aisin Corporation (Japan), Magna International Inc. (Canada), Valeo (France), Lear Corporation (U.S.), Yazaki Group (Japan), Sumitomo Electric Industries Ltd. (Japan), Tenneco Inc. (U.S.), Akebono Brake Industry Co. Ltd. (Japan), Panasonic Holdings Corporation (Japan), Faurecia S.E. (France), Marelli Holdings Co. Ltd. (Japan) 

The Global Auto Parts Market Scope can be Tabulated as below