Automotive Parts Market by Type (Bodies & Chassis, Driveline & Powertrain, Electronics), Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars), Sales Channel - Global Forecast 2024-2030
The Automotive Parts Market size was estimated at USD 518.19 billion in 2023 and expected to reach USD 543.79 billion in 2024, at a CAGR 5.00% to reach USD 729.64 billion by 2030.
Automotive parts are crucial components and units that contribute to the proper functioning and operation of various motor vehicles, including passenger cars, trucks, and motorcycles. These parts play a vital role in ensuring vehicles' smooth performance and reliability. Automotive parts can be broadly categorized into various groups based on their function and location within the vehicle. Increasing vehicle production, technological advancements in automotive systems fostering greater integration, and rising demand for fuel-efficient vehicles are anticipated to drive the market demand. However, economic fluctuations affecting consumer spending on automobiles, availability of counterfeit products, and fluctuating prices of raw materials costs hamper the demand for automotive parts. Additionally, emerging trends such as electric vehicles (EVs), autonomous driving systems, connected cars, and ride-sharing services present significant opportunities for business expansion in the automotive parts sector.
Regional Insights
The Americas have a significant landscape in the automotive parts market owing to customer purchasing behavior shifting towards more sustainable options due to increased environmental awareness. Rising automakers focus on producing lightweight components using high-strength materials to enhance fuel efficiency. Surging investment commitment towards electric vehicle development and further regional trade agreements facilitated cross-border collaboration among regional auto part manufacturers, contributing to the region's market growth. The EU automotive parts sector has been mainly driven by stringent regulations on CO2 emissions and an accelerating demand for electric vehicles. European manufacturers invested heavily in R&D activities with a focus on sustainable technologies. The Middle East and Africa automotive parts market is expected to grow, driven by rising vehicle ownership rates, expanding urbanization, and rising disposable incomes. APAC has witnessed significant demand for automotive parts due to having a significant automotive manufacturing hub, availability of raw materials, and several government initiatives promoting electric vehicles.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Automotive Parts Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Rise in production and sales of automotive globally
- Ageing vehicle fleet and increase in automotive aftermarket services
- Market Restraints
- Fluctuating cost of raw materials required for the production of automotive parts
- Market Opportunities
- Improvements in battery technology and introduction of new propulsion systems
- Extensive use of 3D printing and robotics in manufacturing of automotive parts
- Market Challenges
- Shortage of automotive parts coupled with quality concerns in aftermarket automotive
- Market Segmentation Analysis
- Type: Significant usage of electronic components and connectors with increasing investments in electrification of the automotive sector
- Vehicle Type: Proliferating demand for automotive parts to manufacture passenger vehicles
- Sales Channel: Increasing preference for aftermarket sales channels owing to the online availability of automotive parts
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Parts Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Parts Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- DAF Components Presents new Powertrains for Coaches and Buses
DAF, a PACCAR Holding B.V. Company, is introducing new PACCAR MX-11 and MX-13 engines for coaches and buses in the automotive parts industry. These engines offer several advantages, including the lowest fuel consumption, longest service intervals, excellent driveability, and low CO2 emissions. They incorporate state-of-the-art innovations such as new injectors, a redesigned cylinder head and block, improved piston and liner design, and a new generation of efficient turbochargers, air compressors, oil pumps, and alternators.
AISIN Develops New Linkage-type Power Door System.”
AISIN CORPORATION introduced a groundbreaking linkage-type power door system during the global unveiling of Toyota Motor Corporation's new Century model. This innovative system offers passengers effortless entry and exit, ensuring a safe and elegant experience without compromising the vehicle's design.
Toyoda Gosei Invests in Pyrenee Inc., a Start-up Developing Safe Driving Assist Devices
Toyoda Gosei Co. Ltd. has made an investment in Pyrenee Inc., a company dedicated to the development of safe driving assistance devices to enhance mobility and ensure safer driving practices. Toyoda Gosei plans to strengthen road safety by integrating Pyrenee's advanced driving assist technology into its own safety systems and interior products, thereby combining passive and preventive safety measures.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Parts Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Automotive Parts Market, highlighting leading vendors and their innovative profiles. These include Adient PLC, Aisin Corporation, Akebono Brake Industry Co., Ltd., American Axle & Manufacturing Holdings, Inc., Aptiv PLC, BENTELER International AG, BorgWarner Inc., Brembo S.p.A., Bridgestone Corporation, Continental AG, Cummins Inc., Dana Incorporated, DENSO Corporation, Dorman Products, Inc., Faurecia Group, Flex-N-Gate Corporation, Ford Motor Company, Freightliner by Daimler Truck AG, General Motors Company, HASCO Hasenclever GmbH + Co KG, Hyundai Mobis Co., Ltd., Infineon Technologies AG, Kyocera Corporation, Lear Corporation, Magna International Inc., Mahle GmbH, Marelli Holdings Co., Ltd., Michelin Group, Mitsubishi Heavy Industries, Ltd., PACCAR Inc., Panasonic Holdings Corporation, Plastic Omnium SE, Robert Bosch GmbH, Samvardhana Motherson International Limited, Schaeffler AG, STMicroelectronics International N.V., Sumitomo Electric Industries, Ltd., TE Connectivity Ltd., Tenneco Inc., Tesla, Inc., ThyssenKrupp AG, Toyoda Gosei Co., Ltd., Toyota Industries Corporation, Valeo, Visteon Corporation, Weichai Power Co., Ltd., Yazaki Corporation, and ZF Friedrichshafen AG.
Market Segmentation & Coverage
This research report categorizes the Automotive Parts Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Bodies & Chassis
- Body Panels
- Body-in-white
- Chassis Frame
- Steering Systems
- Suspension Systems
- Driveline & Powertrain
- Engines
- Transmission Systems
- Electronics
- Driver Assistance Systems
- Engine Control Units
- Infotainment Systems
- Sensors
- Interiors & Exteriors
- Instruments & Controls
- Lights & Signaling Devices
- Seats
- Wheel & Tires
- Brake Systems
- Rims
- Tires
- Wheel Bearings
- Vehicle Type
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
- Sales Channel
- Aftermarket
- Original Equipment Manufacturer
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- Alabama
- California
- Florida
- Indiana
- Kentucky
- Michigan
- New York
- Ohio
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Bodies & Chassis
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rise in production and sales of automotive globally
- 5.1.1.2. Ageing vehicle fleet and increase in automotive aftermarket services
- 5.1.2. Restraints
- 5.1.2.1. Fluctuating cost of raw materials required for the production of automotive parts
- 5.1.3. Opportunities
- 5.1.3.1. Improvements in battery technology and introduction of new propulsion systems
- 5.1.3.2. Extensive use of 3D printing and robotics in manufacturing of automotive parts
- 5.1.4. Challenges
- 5.1.4.1. Shortage of automotive parts coupled with quality concerns in aftermarket automotive
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Significant usage of electronic components and connectors with increasing investments in electrification of the automotive sector
- 5.2.2. Vehicle Type: Proliferating demand for automotive parts to manufacture passenger vehicles
- 5.2.3. Sales Channel: Increasing preference for aftermarket sales channels owing to the online availability of automotive parts
- 5.3. Market Trend Analysis
- 5.3.1. Attractive government initiatives and increases technology integration is sustaining automotive parts growth across North America
- 5.3.2. Availability of raw materials and growing automotive manufacturing by regional and international vendors in the Asia-Pacific
- 5.3.3. Rapid expansion of distribution centers of automotive parts in EMEA region
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Automotive Parts Market, by Type
- 6.1. Introduction
- 6.2. Bodies & Chassis
- 6.3. Driveline & Powertrain
- 6.4. Electronics
- 6.5. Interiors & Exteriors
- 6.6. Wheel & Tires
- 7. Automotive Parts Market, by Vehicle Type
- 7.1. Introduction
- 7.2. Heavy Commercial Vehicles
- 7.3. Light Commercial Vehicles
- 7.4. Passenger Cars
- 8. Automotive Parts Market, by Sales Channel
- 8.1. Introduction
- 8.2. Aftermarket
- 8.3. Original Equipment Manufacturer
- 9. Americas Automotive Parts Market
- 9.1. Introduction
- 9.2. Argentina
- 9.3. Brazil
- 9.4. Canada
- 9.5. Mexico
- 9.6. United States
- 10. Asia-Pacific Automotive Parts Market
- 10.1. Introduction
- 10.2. Australia
- 10.3. China
- 10.4. India
- 10.5. Indonesia
- 10.6. Japan
- 10.7. Malaysia
- 10.8. Philippines
- 10.9. Singapore
- 10.10. South Korea
- 10.11. Taiwan
- 10.12. Thailand
- 10.13. Vietnam
- 11. Europe, Middle East & Africa Automotive Parts Market
- 11.1. Introduction
- 11.2. Denmark
- 11.3. Egypt
- 11.4. Finland
- 11.5. France
- 11.6. Germany
- 11.7. Israel
- 11.8. Italy
- 11.9. Netherlands
- 11.10. Nigeria
- 11.11. Norway
- 11.12. Poland
- 11.13. Qatar
- 11.14. Russia
- 11.15. Saudi Arabia
- 11.16. South Africa
- 11.17. Spain
- 11.18. Sweden
- 11.19. Switzerland
- 11.20. Turkey
- 11.21. United Arab Emirates
- 11.22. United Kingdom
- 12. Competitive Landscape
- 12.1. Market Share Analysis, 2023
- 12.2. FPNV Positioning Matrix, 2023
- 12.3. Competitive Scenario Analysis
- 12.3.1. DAF Components Presents new Powertrains for Coaches and Buses
- 12.3.2. AISIN Develops New Linkage-type Power Door System.”
- 12.3.3. Toyoda Gosei Invests in Pyrenee Inc., a Start-up Developing Safe Driving Assist Devices
- 12.3.4. TE Connectivity and AVIVA Develop one of First long-reach ASA Solutions
- 12.3.5. Auto Parts Maker Samvardhana Motherson Expands Operations in UAE with new Unit in Ras Al Khaimah
- 12.3.6. PACCAR Parts Announces Construction of New Parts Distribution Center
- 12.3.7. Sumitomo invests USD 10 million in Tabasco
- 12.3.8. Genuine Parts Company Announces Automotive Acquisition in Europe, Expanding Position in Spain
- 12.3.9. DENSO Begins Business Transfer Negotiations for Selected Product Operations
- 12.3.10. Cummins to Acquire Parts of Faurecia’s Commercial Vehicle Exhaust Business in Europe and the United States
- 12.3.11. Akebono Releases Proact Ultra-Premium Disc Brake Pad Kits for Honda, Ford, Lincoln, and Toyota Increasing Coverage by Over 5 Million Vehicles
- 12.3.12. Bridgestone India to invest INR 600 crore for expansion
- 13. Competitive Portfolio
- 13.1. Key Company Profiles
- 13.2. Key Product Portfolio
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