Auto Parts Market Size, Share, Growth, and Industry Analysis, By Type (Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies & Chassis, Seating, Lighting, Wheel & Tires and Others), By Application (OEM, Aftermarket), Regional Insights, and Forecast From 2024 To 2032

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Auto Parts Market Report Overview

The global auto parts market size was USD 2325.16 billion in 2023 and is projected to grow from USD 2411.19 billion in 2024 to USD 3241.4 billion by 2032, exhibiting a CAGR of 3.7% during the forecast period. Asia-Pacific holds leading position in auto parts market share in 2023.

Auto parts are components or accessories that are used in the construction, repair, or enhancement of vehicles. Engine Parts include components such as pistons, crankshafts, camshafts, valves, cylinder heads, gaskets, and timing belts or chains. Transmission and Drivetrain parts enable power transfer from the engine to the wheels. Examples include clutches, gears, drive shafts, differentials, and axles.

Brake System parts help in slowing down or stopping a vehicle. They consist of brake pads, brake rotors, brake calipers, brake lines, and the master cylinder. Suspension and Steering Parts ensure a smooth and controlled ride. They include shocks, struts, control arms, ball joints, tie rods, and steering racks. Electrical parts manage the electrical system of a vehicle. Examples include the battery, alternator, starter motor, spark plugs, ignition coils, and wiring harnesses. Fuel System Parts are responsible for delivering fuel to the engine. They consist of the fuel pump, fuel injectors, fuel filter, and fuel tank. Cooling System components help regulate the engine temperature. They include the radiator, water pump, thermostat, cooling fan, and hoses.

COVID-19 Impact: Pandemic Hampered the Demand for Market

The global COVID-19 pandemic has been unprecedented and staggering, with Auto parts market 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 once the pandemic is over. 

Many auto parts manufacturers faced disruptions in their supply chains due to factory shutdowns, restrictions on movement, and reduced workforce during the pandemic. This led to delays in production and delivery of auto part, causing a shortage in the market. The pandemic caused a decline in vehicle sales as economic uncertainty, lockdown measures, and reduced consumer spending affected the automotive industry. With fewer cars being produced and sold, the demand for market also decreased. The pandemic resulted in a shift in consumer behaviour, with people reducing their travel and commuting. As a result, the demand for certain parts like tires, brakes, and suspension components decreased, while the demand for maintenance and repair parts increased as people focused on keeping their existing vehicles in good condition. The economic impact of the pandemic led to financial challenges for many parts suppliers. Reduced sales and disrupted operations put financial strain on companies, leading to layoffs, bankruptcies, or closures in some cases.

Latest Trends

"Growing Demand for Electric Vehicles to Fuel Market Growth"

With the growing popularity of electric vehicles, there has been an increased demand for EV-specific auto parts. These include electric drivetrains, batteries, charging infrastructure, and other related components. As more countries and manufacturers embrace electrification, the demand for these parts is expected to rise. The development of autonomous vehicles has also influenced the market. Sensors, radar systems, LiDAR technology, and other components required for autonomous driving are in demand. As self-driving technology advances, there is an increasing need for sophisticated parts that support these systems. The parts industry has seen a shift towards online platforms and e-commerce. Consumers are increasingly purchasing auto parts through online retailers and marketplaces. This trend offers convenience, a wider range of options, and competitive pricing. Additionally, some traditional brick-and-mortar stores are expanding their online presence to cater to this growing demand.

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Auto Parts Market Segmentation

• By Type Analysis

According to type, the market can be segmented into driveline & powertrain, interiors & exteriors, electronics, bodies & chassis, seating, lighting, wheel & tires and others.

• By Application Analysis

Based on application, the market can be divided into OEM, aftermarket.

Driving Factors

"Growth in Automotive Industry to Stimulate Market Growth"

The growth and expansion of the automotive industry have a direct impact on the auto part market. As the automotive sector experiences growth and innovation, the demand for auto parts increases. Factors such as rising vehicle production, technological advancements, and the introduction of electric and autonomous vehicles contribute to the growth of the parts market. As vehicles age, they require more frequent maintenance and repairs. With a growing number of older vehicles on the road, the demand for replacement parts and components increases. This drives the market, as vehicle owners seek to keep their cars in good condition and extend their lifespan.

"Growing Globalization and International Trade to Boost Market Growth" 

The market is significantly influenced by globalization and international trade. Manufacturers and suppliers in the industry rely on global networks for sourcing raw materials, components, and finished products. Trade agreements, tariffs, and import/export regulations are further boosting auto parts market growth. Modern vehicles are becoming more connected, and this connectivity requires various components such as sensors, control modules, and communication systems. Parts manufacturers are adapting to this trend by developing products that enable seamless integration of vehicles with the Internet of Things (IoT) and other smart technologies.

Restraining Factors

"Economic Factors and Competition to Restrict Market Growth "

Economic downturns and recessions significantly impacted the auto industry. During times of economic hardship, consumers may delay vehicle purchases or opt for cheaper alternatives, leading to reduced demand for auto parts. The market is highly competitive, with numerous suppliers vying for contracts with automakers and aftermarket sales. Intense competition can lead to price pressures and reduced profit margins, especially in regions with high market saturation.

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Auto Parts Market Regional Insights

"Presence of Key Players in Asia-Pacific Anticipated to Drive Market Expansion"

Asia-Pacific holds the leading position in auto parts market share. This region has been experiencing significant growth in the automotive industry, with countries like China, Japan, and South Korea being major contributors. China, in particular, has emerged as the world's largest automotive market, driving the demand for auto part. The country's rapid industrialization, urbanization, and increasing disposable income have led to a surge in vehicle ownership and production. This has created a massive market for auto part, making China a key player in the global industry.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

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.

The top key players in the market are Robert Bosch GmbH, Denso, Valeo, Continental, Aptiv, ZF Friedrichshafen, Magna International, Faurecia S.A., Magneti Marelli, Aisin Seiki, Brembo, Akebono Brake Industry, Hella KGaA Hueck, ACDelco. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

LIST OF TOP AUTO PARTS COMPANIES

• Robert Bosch GmbH
• Denso
• Valeo
• Continental
• Aptiv
• ZF Friedrichshafen
• Magna International
• Faurecia S.A.
• Magneti Marelli
• Aisin Seiki
• Brembo
• Akebono Brake Industry
• Hella KGaA Hueck
• ACDelco

Report Coverage

This report examines an understanding of the Auto parts market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.