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

Updated On: 15 April 2024

Automotive Components Market REPORT OVERVIEW

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global automotive components market size was USD 1578160 million in 2022 and market is projected to touch USD 2265722.54 million by 2031 at CAGR 4.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with automotive components industry experiencing higher-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.

The many components and systems that make up an automobile are referred to as automotive components. These parts are necessary for a vehicle to operate and perform properly. The engine, gearbox, exhaust system, suspension, brakes, steering system, electrical system, and body parts are a few examples of these parts. Each of these parts is essential to ensure the vehicle's functionality, performance, and safety. Manufacturers create a dependable and effective mode of transportation by designing and putting these parts together in a way that they perform well together.

Power is produced and transferred to the wheels by the engine and gearbox parts, which allow a vehicle to move. For a vehicle to slow down and stop properly, braking parts including brake pads, discs, and calipers are essential. By absorbing shocks and vibrations from the road, suspension parts like shock absorbers and springs offer a comfortable and smooth ride. The use of steering mechanisms ensures that a vehicle may be maneuvered successfully by allowing the driver to control the direction of the vehicle.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused problems for manufacturers of automotive materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for automotive. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall automotive industry. This has partially impacted the automotive components market.

LATEST TRENDS

"Autonomous Vehicles to Boost the Market Growth"

Autonomous vehicles were a significant driver of innovation and growth in the automotive components industry. In order to allow autonomous driving capabilities, the demand for specialized parts and systems has expanded as a result of the development of self-driving technology. To receive information about their environment and make judgements in real time, autonomous cars largely rely on numerous sensors like LiDAR (Light Detection and Ranging), cameras, radars, and ultrasonic sensors. In order to handle the enormous amount of data acquired by the sensors and perform complicated algorithms for autonomous driving, advanced computer systems and powerful processors are essential. Based on commands from the autonomous driving software, actuators, such as electric motors and hydraulic systems, govern the movement and responsiveness of the vehicle. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is the autonomous vehicles. These new developments are mostly to blame for the market's overall growth.

Automotive Components Market SEGMENTATION

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• By Types 

Based on type, the market is classified into Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies & Chassis, Seating, Wheel & Tires and Others.

• By Application

Based on the market is categorized into OEMs & Aftermarket.

DRIVING FACTORS

"Electric Vehicles that Give the Market Extra Boost"

Adoption of electric vehicles (EV) has recently been a key factor driving the automotive components industry. The demand for electric vehicles has been continuously rising as the globe moves towards more environmentally friendly transportation options, having an impact on many facets of the automotive industry. Due to the popularity of EVs, specialized parts for EVs, such as high-capacity batteries, electric motors, power electronics, and battery management systems, are now required. Battery technology has advanced as a result of the need for longer driving ranges and quicker charging periods, producing battery cells and packs that are more effective and perform better overall. As a result, the growth, and the adoption of electric vehicles will boost the market. It will contribute to the expansion of the automotive industry and it will improve the overall automotive components market growth.

"Lightweight Materials to Encourage Market Expansion"

The demand for greater fuel economy, lower emissions, and superior performance are just a few of the drivers driving the usage of lightweight materials in the automotive components business. Lightweight materials have a number of benefits, including reduced vehicle weight, which improves fuel efficiency and extends electric vehicle range. One of the most widely used lightweight materials in vehicle parts is aluminum. It is easier to recycle, lighter than steel, and has a superior strength-to-weight ratio. Wheels, engine parts, body panels, and other structural elements are all made of aluminum. A type of steel alloy known as high-strength steel offers enhanced strength while maintaining a relatively low weight. To enhance crash performance, it is used in crucial safety components including pillars and beams. Over the course of the forecast period, the market is anticipated to grow as a result of all these advanced features of synthetic media. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"Supply Chain Disruption to Impede Market Expansion"

The supply chain disruption is the impediment to the market. Disruptions in the supply chain, such as a lack of raw materials, problems with logistics, or geopolitical tensions that affect international commerce, can have an impact on the business. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Automotive Components Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for automotive components is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the automotive components market share is the growing demand of product in OEMs & aftermarket is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Lear Corp (U.S.)
• Mark Williams Enterprises Inc (U.S.)
• Continental (Germany)
• Robert Bosch (Germany)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost automotive components industry share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.