Global Auto Parts and Accessories Market 2023-2030

Global Auto Parts and Accessories Market 2023-2030

Global Auto Parts and Accessories Market Size, Share & Trends Analysis Report by Product (Engine Parts, Electrical Parts, Drive and Transmission Steering Parts, Suspension and Braking Parts Equipment, and Others), by Vehicle Type (Passenger Vehicles, Commercial Vehicles, Light Commercial Vehicles, Sports Vehicles, and Others), by Type (Driveline and Powertrain, Interiors and Exteriors, Electronics, Seating, Lighting, and Others), and by Application (Original Equipment Manufacturer (OEM) and Aftermarket) Forecast Period (2023-2030)

The global auto parts and accessories market is anticipated to grow at a CAGR of 12.7% during the forecast period (2023-2030). The growing production and adoption of technologically upgraded auto parts and accessories is the key factor supporting the market growth globally. For instance, in August 2020, Advance Auto Parts, Inc. launched MotoLogic® Repair & Diagnostics tool, which makes it easier for automotive technicians and repair shops to offer value-added services to the customers.

Moreover, every OEM offers significant resources to research and design-based activities, which is further pushing budding automakers to develop electric, autonomous vehicles, and more “connected” vehicles. For instance, in July 2023, Vitesco Technologies, an international developer and manufacturer of innovative drive systems for sustainable mobility, launched direct sales of OE-manufactured spare parts in the Independent Aftermarket (IAM).

Segmental Outlook

The global auto parts and accessories market is segmented on the product, vehicle type, type, and application. Based on the product, the market is sub-segmented into engine parts, electrical parts, drive and transmission steering parts, suspension and braking parts equipment, and others. Based on the vehicle type, the market is sub-segmented into passenger vehicles, commercial vehicles, light commercial vehicles, sports vehicles, and others. Based on the type, the market is sub-segmented into driveline and powertrain, interiors and exteriors, electronics, seating, lighting, and others. Further, on the basis of application, the market is bifurcated into OEM and aftermarket. Among the products, the engine parts sub-segment is anticipated to hold a considerable share of the market. Factors such as the stringent regulatory standards for fuel efficiency and growing demand for technologically advanced powered engines for improved vehicle performance are driving the market growth.

The Passenger Vehicle Sub-Segment is Anticipated to Hold a Considerable Share of the Global Auto Parts and Accessories Market

Among the vehicle types, the passenger vehicle sub-segment is expected to hold a considerable share of the global auto parts and accessories market. The segmental growth is attributed to the increasing demand for passenger vehicles driving the auto parts and accessories market growth. Passenger car sales have been growing significantly over the past few years. However, the market witnessed its worst fall of 21.1% in 2020 over 2019. Relaxation in the COVID-19 pandemic-induced restraints and the resuming of business operations revived the passenger cars market with a slight growth of 4.8% in 2021 over 2020. While the demand for fossil fuel vehicles is declining gradually, the share of electric passenger cars grew to 4.9% in 2021 from 3.3% in 2020. An increase in the electrification of vehicles and the banning of fossil fuel vehicles by 2035 is expected to boost the Indian passenger cars market in the future.

Regional Outlook

The global auto parts and accessories market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is considered to be the 2nd largest auto parts and accessories market owing to the presence of several major auto suppliers. Major auto suppliers includes BASF SE, Robert Bosch GmbH, Continental AG, ThyssenKrupp AG, and ZF Friedrichshafen AG, among others.

Additionally, the auto parts and accessories market players are expanding their business in parts of North America, which is the expected to offer a lucrative growth opportunity for the region. For instance, in in August 2023, Stellantis expanded and enhanced Parts Business in North America. The company Introduces bproauto as competitively priced, private-label replacement parts. The new parts line complements Mopar, the global original-equipment parts and authentic accessories brand for Stellantis.

Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Auto Parts and Accessories Market

Among all regions, Asia-Pacific regions is anticipated to hold a major share of the global auto parts and accessories market. The primary factor contributing to the regional market growth includes the growing investments from domestic and foreign manufacturer in auto component sector. For instance, by 2030, Chinese EV manufacturer BYD hopes to control 40% of the Indian EV market. It already has a manufacturing setup in India, and the current plant's capacity may be increased by another 10,000–15000 units. In February 2023, Bridgestone India, a global leader in tyres and sustainable mobility solutions, announced that it would be investing over $73.4 million to meet the increasing demand for quality passenger tyres in the country.

Apart from this, there are several government initiatives to strengthen the automobile and auto components industry of India is another factor propelling the market growth in the region. For instance, in November 2020, the Union Cabinet approved a PLI scheme in automobile and auto components with an approved financial outlay over a five-year period of $8.1 billion.

Market Players Outlook

The major companies serving the auto parts and accessories market include Bosch GmbH, DENSO Corp., Continental AG, ZF Friedrichshafen, Magna International Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2021, Ford and HP collaborated to transform 3D waste into auto parts. A new way to extend the life of already-used 3D printed powders and parts, turning them into components for super duty F-250 trucks, creating closed-loop on waste.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global auto parts and accessories market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.