Global Auto Parts Market Size & Share to Surpass $1103.4 Billion by 2030 | Vantage Market Research
WASHINGTON, Nov. 01, 2023 (GLOBE NEWSWIRE) — According to Vantage Market Research, the Global Auto Parts Market is estimated to be valued at USD 1,103.4 Billion by 2030 at an exponential growth of 6.8% in the next seven years.
The increasing demand for cars is driving the growth of the Auto Parts industry. The growing urbanization trend mainly drives the rise in vehicle manufacturing, as more people are moving to cities and requiring personal transportation options.
The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players.
- Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
Auto Parts manufacturers continuously develop new technologies to improve vehicle performance, safety, and efficiency. These advancements involve using lightweight materials like aluminum and carbon fiber to reduce vehicle weight, improving fuel efficiency and overall performance. Additionally, the development of fuel-efficient engines aims to reduce emissions and operating costs. Advanced safety features, including airbags, anti-lock braking systems, and traction control systems, are designed to enhance vehicle safety standards and reduce accidents.
The emergence of electric and autonomous vehicles brings an entirely new impetus to the Auto Parts market.
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Factors Affecting the Growth of the Auto Parts Industry
Several factors impact the development of the Auto Parts Market. Some of these factors include:
- The demand for Auto Parts is rising alongside the global automotive industry, which is expected to produce 80.6 million vehicles in 2022, up from 77.6 million in 2021, driven by urbanization, rising incomes, and developing economies.
- The global population growth results in increased vehicle purchases, driving up the demand for Auto Parts, particularly in China, where vehicle sales have rapidly risen.
- The increasing average age of vehicles in developed economies is driving up demand for Auto Parts, especially in the United States.
- The increasing focus on road safety drives the demand for advanced safety features in vehicles, leading to a growing market for Auto Parts like airbags and collision avoidance systems.
- By Component, Engine Component segment is accounted to have potential growth of the market in 2022.
- By Sales Channel, the OEM segment expressed the most significant market growth in 2022.
- By Vehicle Type, Passenger Cars segment mentioned the maximum market share in 2022.
- The market was ruled by Asia Pacific in 2022 with a revenue share of 42.5% and is expected to witness the same growth during the forecast period.
Prominent Players in The Global Auto Parts Market Report Scope
- Robert Bosch GmbH
- DENSO Corporation
- Continental AG
- Friedrichshafen AG
- Hyundai Motor Group
- Aisin Corporation
- Magna International Inc.
- Lear Corporation
- Yazaki Group
- Sumitomo Electric Industries Ltd.
- Tenneco Inc.
- Akebono Brake Industry Co. Ltd.
- Panasonic Holdings Corporation
- Faurecia S.E.
- Marelli Holdings Co. Ltd.
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- The growing popularity of EVs fuels the demand for Auto Parts, including lithium-ion batteries, electric motors, and advanced power electronics, which manufacturers like Tesla require.
- The rise in ADAS technologies in cars has resulted in a higher need for Auto Parts related to these systems, Bosch being a leading supplier of various ADAS components.
- In the car parts industry, internet sales are growing in popularity as customers look for convenience, reasonable rates, and an extensive variety of products. This has helped online retailers like Amazon succeed.
- Demand for sustainable Auto Parts is rising due to environmental concerns, such as Continental’s eco-friendly tires made from renewable materials, which promote fuel efficiency and emission reduction.
Key Strategies in Auto Parts Market
The car parts industry has undergone a remarkable transformation, emerging as a dynamic and rapidly expanding industry. Here are crucial insights into key competitors and success strategies in the industry:
- Auto Parts manufacturers and retailers provide exceptional parts with cutting-edge designs, advanced technology, and outstanding performance.
- A well-planned distribution network is essential for ensuring the convenient and swift availability of Auto Parts to customers in the market.
- Maintaining a robust online presence and effective online marketing strategies are crucial in the digital era for success in the Auto Parts market.
- Companies expand their market reach and gain advantages through collaborations with industry players, including manufacturers, retailers, and distributors.
- Prioritizing exceptional customer experiences through personalized assistance, prompt responses and warranties can differentiate companies in the Auto Parts market.
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Recent Development of the Global Auto Parts Market
- In April 2021, Lippert Components Inc. announced that it would be purchasing Kaspar Ranch Hand Equipment, LLC. Lippert Components Inc. sought to increase its market share in the aftermarket for automotive parts with this acquisition.
- In February 2020, MotoRad LTD. endorsed the “Your Car. Your Data. Your Choice” campaign in collaboration with the Auto Care Association and the Automotive Aftermarket Suppliers Association (AASA). This program was started to provide car owners with important maintenance and repair information on their vehicles.
Auto Parts Market Segmentation
- Chassis System
- Cooling System
- Underbody Components
- Engine Components
- Automotive Filter
- Lighting Components
- Electrical Components
- Other Components
By Sales Channel
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Other Vehicle Types
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Auto Parts Market Forecast Report (2023-2030).
Highlights from Segments
- The engine Component segment accounted for the most significant market growth in 2022.
- The global automotive industry has witnessed a steady rise in vehicle demand in recent years. As a result, there has been an increased need for engine components to meet this growing demand.
- The engine component sector has grown significantly as a result of technological improvements. With the advancements in engine technology, manufacturers have started producing more efficient and powerful engines.
- Car ownership has increased in emerging nations due to rising disposable income. As more people can afford automobiles, the demand for engine components has also witnessed growth.
Sales Channel Analysis
- OEM accounted to have the potential market growth in 2022.
- Growing population, rising disposable incomes, and expanding urbanization have led to higher automobile demand. This surge in vehicle production directly impacts the OEM segment, as more components are required to meet the increasing manufacturing needs.
- Governments worldwide have implemented stringent regulations to improve vehicle safety, fuel efficiency, and emission standards. These regulations push automakers to incorporate advanced technologies and components in their vehicles. As a result, OEMs need to supply specialized parts that comply with these regulations, thereby increasing their market share.
Vehicle Type Analysis
- Passenger Cars accounted to have the potential market growth in 2022.
- With the advancement of technology, passenger cars are becoming more sophisticated, incorporating advanced features and systems such as electronic control units (ECUs), infotainment systems, advanced safety systems, and electric drivetrains.
- These technological advancements require specialized Auto Parts and components, driving the growth of the passenger cars segment in the Auto Parts market.
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- The Asia Pacific region led the Auto Parts market growth in 2022. This growth is accounted by countries such as Japan, China, and South Korea, which have experienced remarkable growth in their automotive industries.
- China, in particular, has become the largest automotive market globally and is driving the demand for Auto Parts. Vehicle ownership and manufacturing have increased significantly as a result of the nation’s fast industrialization, urbanization, and rise in disposable income.
- Consequently, China has become a crucial contributor to the global Auto Parts industry.
Scope of the Report:
|Market Size in 2022||USD 651.9 Billion|
|Revenue Forecast by 2030||USD 1103.4 Billion|
|CAGR||6.8% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Robert Bosch GmbH, DENSO Corporation, Continental AG, ZF, Friedrichshafen AG, Hyundai Motor Group, Aisin Corporation, Magna International Inc., Valeo, Lear Corporation, Yazaki Group, Sumitomo Electric Industries Ltd., Tenneco Inc., Akebono Brake Industry Co. Ltd., Panasonic Holdings Corporation, Faurecia S.E., Marelli Holdings Co. Ltd.|
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