Global Auto Parts Market is valued at approximately USD 2326.65 billion in 2023 and is anticipated to grow at a substantial compound annual growth rate (CAGR) of 3.62% over the forecast period 2024-2032. The auto parts market encompasses a wide array of components integral to vehicle assembly, repair, and maintenance, including engine parts, braking systems, suspension and steering elements, electrical components, and more. The market's growth trajectory is propelled by several key factors, including technological advancements in automotive systems, the rapid digitalization of repair and maintenance services, and the burgeoning demand from the aftermarket segment.
One of the primary growth drivers for the global auto parts market is the increasing integration of advanced technologies in automotive components. Innovations in braking systems, lighting, and electronic control units (ECUs) are significantly enhancing vehicle performance and safety, thereby driving the demand for high-performance auto parts. Furthermore, the rise of 3D printing technology in auto parts manufacturing is revolutionizing production processes, allowing for the fabrication of complex components with greater precision and efficiency. This trend, coupled with the growing popularity of hybrid and electric vehicles, is expected to fuel market growth over the forecast period. However, online retailers challenging traditional aftermarket retailers and competition from counterfeit parts are the key factors that are substantially halting the growth of the market globally.
In addition, the global shift towards e-commerce has catalyzed a significant transformation in the automotive aftermarket sector. The convenience and accessibility of online platforms have led to a surge in online sales of automotive parts, with consumers increasingly opting for digital channels to purchase replacement parts and accessories. This shift is reshaping the traditional aftermarket landscape, presenting both opportunities and challenges for industry players. While online retailers are capturing a growing share of the market, traditional brick-and-mortar stores are facing intensified competition, necessitating strategic adaptations to maintain their market position.
The key regions considered for the global Auto Parts Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Auto Parts Market in terms of revenue. The market growth in the region is being attributed to factors including growing and aging vehicle fleet, increasing demand for vehicle repairs and maintenance, rising disposable incomes, and the surge in online sales channels. Additionally, the integration of advanced technologies like electric vehicles and autonomous driving systems is creating new opportunities for auto parts manufacturers. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rapid urbanization, rising disposable incomes, and a surge in vehicle production. Additionally, government initiatives promoting electric and hybrid vehicles, coupled with advancements in automotive technology, are creating significant growth opportunities for the region's auto parts industry.
Major market players included in this report are:
3M Co.
AISIN CORP.
Akebono Brake Industry Co. Ltd.
Autoliv Inc.
BorgWarner Inc.
Brembo Spa
General Motors Co.
HELLA GmbH and Co. KGaA
Hyundai Motor Co.
Lear Corp.
Magna International Inc.
Marelli Holdings Co. Ltd.
Robert Bosch GmbH
Schaeffler AG
Stellantis NV
The detailed segments and sub-segments of the market are explained below:
By End-user:
OEM
Aftermarket
By Distribution Channel:
Offline
Online
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
