Auto Parts and Accessories Market Size, Share, Growth, and Industry Analysis, By Type (Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies & Chassis, Seating, Lighting, Wheel & Tires, Others), By Application (OEMs, Aftermarket), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Auto Parts and Accessories Market REPORT OVERVIEW

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The global auto parts and accessories market size was 2421030 million in 2022 and is projected to touch USD 3386688 million by 2031, exhibiting a CAGR of 3.8% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, auto parts and accessories experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A part of an automobile is commonly referred to as an auto part. Chassis, bodies, interiors, positioning, exteriors, engines, electronics, reflects, closings, roof systems and sections, and so forth are examples of auto parts and components. For the finest driving experience, a car's elements and components are all interrelated. Interiors and exteriors, the engine and the powertrain, technological devices, bodies and frames, seating, illumination, wheels and tires, and other components are included in the classification of vehicle parts and accessories.

The replacement parts for automobiles, machines, and other equipment are referred to as auto parts and accessories. They can be utilized to fix a damaged car or repair missing or damaged parts that improve an automobile's efficiency. As their usage continues to grow throughout the world and maintenance expenses rise, these goods have taken on a significant amount of significance.

COVID-19 Impact: Supply Chain Barriers to Deplete Market Growth

The COVID-19 outbreak had one of the highest exposure rates among sectors, and the automotive and transportation sector experienced unprecedented uncertainty. The auto parts and accessories market share distribution network and product demand were significantly impacted by COVID-19 pandemic. Concern in the industry shifted from China's disruption of the supply chain to the general decline in aftermarket product demand. With the termination of all non-essential services, the utilization of auto parts and accessories will drastically decline.

LATEST TRENDS

"Government Support to Stimulate Market Development  "

The requirement of auto parts and accessories is rising as a result of the expansion of regional demand, government incentives, and simple access to raw materials. Increased government support for the development of new automobiles with more efficient engines is boosting consumer interest in auto parts and accessories, which is driving market expansion. Additionally, as the focus on development in automotive parts and the need for filters from diesel-powered vehicles increases, manufacturers are impacted by the growing demand for SLI batteries.

According to reports, automakers are putting a lot of effort into creating high-performance vehicles that can operate effectively in any environment. These elements are promoting the market's expansion for vehicle parts and accessories. Increased disposable income and expanded auto production are also contributing to the market share expansion.

Auto Parts and Accessories Market SEGMENTATION

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• By Type

Based on type; the market is divided into driveline & powertrain, interiors & exteriors, electronics, bodies & chassis, seating, lighting, wheel & tires, others

Driveline & powertrain is the leading part of the type segment.

• By Application

Based on the application; the market is divided into OEMs, aftermarket

OEMs is the leading part of the application segment.

DRIVING FACTORS

"Rise in Consumer Disposable Income to Aid Market Expansion "

The rise in consumer disposable income in emerging nations including Brazil and China is anticipated to accelerate market expansion. Sales of automotive components are anticipated to increase as the demand for vehicles increases. The expansion in auto parts and accessories market growth is being fueled by technological advancements that increase the production of automotive components. The automotive industry operates in an atmosphere of rapid change, with new technology practically daily. As a result, to remain competitive in this ever-changing business, car part makers are adjusting their strategy to reflect recent advancements.

"Original Equipment Manufacturer to Foster Industry Progress "

The market is divided between OEMs and aftermarket based on application. An original equipment manufacturer creates systems or components that are used in the finished product of another business. OEM is aware of the significance of the aforementioned category in the present engine management product mix. The automotive aftermarket consists of the production, remanufacturing, distribution, retail, and installations of all vehicle parts, chemicals, machines, and accessories once the original equipment manufacturer, or OEM, delivered the vehicle to the consumer. In 2020, the OEMs sector dominated the industry.

RESTRAINING FACTORS

"Fluctuations in Consumer Buying Behaviour to Hinder Market Advancement "

Additionally, adjustments in consumer purchasing patterns may have a significant impact on the auto parts and accessories market growth in the near future. People are increasingly holding onto their cars despite the fluctuations in the economy. The parts and accessories aftermarket players have already been hit by the liquidity and capital shortage, and this gap is anticipated to grow over the coming months.

Auto Parts and Accessories Market REGIONAL INSIGHTS

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"Low Labor Cost in Asia Pacific to Support Market Advancement "

Asia Pacific controlled the auto parts and accessories market in terms of size. From 2023 to 2030, the region's market will continue to experience significant expansion. Automobile sales are expected to increase in the area as a result of increased consumer and passenger vehicle production and sales, the use of advanced technologies in the manufacturing of auto parts, and the digitization of automotive part delivery services. The market is anticipated to grow at the quickest rate during the period of the forecast. Additionally, the prevalence of major players in the Asia Pacific market increases the utilization of these components.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

 Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Robert Bosch (Germany)
• Denso (Japan)
• Magna International (U.S.)
• Continental (Germany)
• ZF Friedrichshafen (Germany)
• Hyundai Mobis (South Korea)
• Aisin Seiki (Japan)
• Faurecia (France)
• Lear (U.S.)
• Valeo (France)
• Delphi Automotive (U.K.)
• Yazaki (Japan)
• Sumitomo Electric (Japan)
• JTEKT (Japan)
• Thyssenkrupp (Germany)
• Mahle GmbH (Germany)
• Yanfeng Automotive (China)
• BASF (Germany)
• Calsonic Kansei (Japan)
• Toyota Boshoku (Japan)
• Schaeffler (Germany)
• Panasonic Automotive (Japan)
• Toyoda Gosei (Japan)
• Autoliv (U.S.)
• Hitachi Automotive (Japan)
• Gestamp (Spain)
• BorgWarner (U.S.)
• Hyundai-WIA (South Korea)
• Magneti Marelli (Italy)
• Samvardhana Motherson (India)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.