Automotive Parts and Component Market Synopsis

Automotive Parts and Component Market size is expected to grow from USD 2066.3 Billion in 2023 to USD 2844.52 Billion by 2032, at a CAGR of 3.9% during the forecast period (2024-2032).

Automotive Parts and Components encompass essential individual elements and assemblies vital for vehicle operation. These comprise engines, transmissions, brakes, suspension systems, and other integral parts. Their significance lies in facilitating vehicle maintenance, repair, and production, guaranteeing operational efficiency and safety in automobiles.

• Automotive parts and Components refer to things relating to any part or assembly parts used in design for installation. The Automotive Parts and Component industry has a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, and repairing. Various parts and components such as Engine transmission, Battery, Alternator, Radiator, Front Axle, Front Steering and Suspension, Brakes, body, and chassis. The Automotive Parts and Component Market is much larger and is divided into organized and non-organized sectors. Original Equipment Manufacturers (OEM) contribute high-quality parts, ensuring a perfect fit and optimal functionality, and establishing a reputation for reliability. While OEM parts may be pricier, consumers value the assurance of quality and precision, particularly in safety-critical components.
• Market trend is shifting towards Aftermarket parts, reflecting the increasing demand for cost-effective alternatives. The Aftermarket segment's flexibility and diverse product offerings align with consumer preferences, driving its upward trajectory. The Aftermarket's growth is increased by the complexity of vehicle technologies and the desire for customization, allowing it to capitalize on consumer affordability and choice. The aftermarket segment plays a dynamic role, providing replacement parts as vehicles age. Rising consumer expectations for advanced features and safety drive the demand for high-quality, technologically advanced components, influencing market trends and pushing manufacturers to meet evolving preferences.

Automotive Parts and Component Market Trend Analysis:

Increasing demand for Automotive parts

• Consumers are prioritizing advanced features in vehicles, leading to a demand for high-quality, reliable automotive parts. OEMs are producing parts that align with modern vehicle technology, particularly in electric and hybrid vehicles. The demand includes specialized components like batteries, electric motors, and advanced control systems.
• The market is expanding due to rising population, urbanization, and economic growth, which directly contributes to higher demand for vehicles. As the production of automobiles increases to meet this growing demand, there is a parallel surge in the need for diverse and advanced automotive parts and components. The complexity of modern vehicles, with their emphasis on safety, performance, and technological integration, necessitates a wide array of specialized components.
• The shift towards electric vehicles (EVs) is a key industry trend, prompted by environmental concerns and government initiatives promoting sustainable transportation. As automakers globally transition towards manufacturing electric and hybrid vehicles, there is an increased requirement for specialized components such as batteries, electric motors, power electronics, and associated charging infrastructure. This shift not only expands the scope of the Automotive Parts and Component Market but also underscores the industry's response to evolving consumer preferences and regulatory frameworks supporting cleaner and more energy-efficient automotive technologies.

Technological Advancement

• The Automotive Parts and Component Market is experiencing demand due to the increasing use of vehicles, including electric propulsion, advanced driver-assistance systems, and connectivity features. Technological evolution is opening new space for the market, requiring component adaptation to modern vehicle complications. Original Equipment Manufacturers (OEMs) and aftermarkets benefit from the development and integration of new materials, sensors, and electronic components. The increasing use of electric vehicles necessitates the adaptation to their intricate battery systems and power electronics, while the integration of smart technologies and data-driven analytics enhances safety and performance.
• The Automotive Parts and Component Market is shifting towards green innovations due to environmental sustainability and regulatory measures. Artificial intelligence (AI) and machine learning (ML) are exerting a substantial influence on automakers, vehicle owners, and service providers. Numerous companies are employing AI/ML methodologies to effectively handle the substantial volumes of big data produced by connected vehicles, extracting valuable insights to address issues and enhance various aspects of the automotive sector.

Automotive Parts and Component Market Segment Analysis:

The Automotive Parts and Component Market is Segmented Based on Type, Application, and Distribution Channel

By Application, the Original Equipment Manufacturers (OEMs) segment is expected to dominate the market during the forecast period.

• The OEM segment encompasses companies responsible for producing non-aftermarket parts and equipment integral to vehicle manufacturing. Original Equipment Manufacturers are at the forefront of technological advancements, responding to evolving automotive trends with innovations in safety, efficiency, and performance. The OEM segment benefits from strategic collaborations with automakers, freezing its position as a key player in providing cutting-edge solutions that meet the stringent standards and specifications of vehicle manufacturers. As the automotive industry continues to evolve, the OEM segment is well-positioned to lead in delivering essential components that shape the future of automotive technology.

Automotive Parts and Component Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• The Asia Pacific region is expected to dominate the global automotive parts and component market due to the large manufacturing base, availability of raw materials, and intensive labor. China has witnessed exponential growth in its automotive market, both in terms of production and consumption. The country's substantial market size with its emphasis on electric vehicles and advancements in technology, positions it as a driving force in the regional and global automotive parts industry.
• South Korea and Japan are prominent for their technological innovation and high-quality manufacturing processes, further contributing to the region's dominance. The Asia Pacific region benefits from the increasing demand for automobiles within its markets and serves as a major exporter of automotive components to other regions. The region's economic growth, expansion of the middle class, and urbanization fuel the demand for vehicles, driving the need for a diverse range of automotive parts and components.

Key Players Covered in Automotive Parts and Component Market:

• Lear Corporation (U.S.)
• Dana Incorporated (U.S.)
• Standard Motor Products, Inc. (U.S.)
• Tenneco (U.S.)
• Magna International Inc. (Canada)
• Bosch (Germany)
• Schaeffler Ag (Germany)
• Continental Ag (Germany)
• Gestamp (Spain)
• Valeo (France)
• Faurecia Se (France)
• Wangxiang Qianchao Co., Ltd. (China)
• Weichai Holding Group Co. Ltd. (China)
• Beiwei Mould Industry (China)
• Hyundai Motor Group (South Korea)
• Mando Corporation (South Korea)
• Panasonic Holdings Corporation (Japan)
• Marelli Holdings Co., Ltd (Japan)
• Denso Corporation (Japan)
• Hitachi Automotive (Japan), and other major players.

Key Industry Development in The Automotive Parts and Component Market:

• In April 2024, Auto parts manufacturer ASK Automotive announced on Wednesday that it had entered into a joint venture agreement with Japanese auto components supplier AISIN Group Companies in the passenger vehicle segment. The collaboration focused on marketing and selling auto components in independent aftermarkets for passenger car production. ASK Automotive and AISIN Group aimed to enhance their market presence through this strategic partnership, leveraging their combined expertise in automotive components.
• In February 2023, Lumax Auto Technologies (LAT), a leading Tier-1 automotive systems and components supplier, acquired a majority stake in IAC International Automotive India from the International Automotive Components Group. KPMG Corporate Finance acted as the exclusive financial advisor for the transaction. The acquisition took place at an equity valuation of INR 587 crore, with IAC retaining a 25% stake. LAT purchased 75% of the stake through a special purpose vehicle (SPV) for INR 440 crore, funded by a combination of debt and internal accruals. Both LAT and IAC India's robust free cash flow facilitated debt repayment within five years.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. AUTOMOTIVE PARTS AND COMPONENT MARKET BY TYPE (2017-2032)
   1. AUTOMOTIVE PARTS AND COMPONENT MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. ENGINE PARTS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. DRIVE TRANSMISSION
   5. STEERING PARTS
   6. SUSPENSION
   7. BRAKE PARTS
   8. ELECTRICAL PARTS
7. AUTOMOTIVE PARTS AND COMPONENT MARKET BY APPLICATION (2017-2032)
   1. AUTOMOTIVE PARTS AND COMPONENT MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. AFTERMARKET PARTS
8. AUTOMOTIVE PARTS AND COMPONENT MARKET BY DISTRIBUTION CHANNEL (2017-2032)
   1. AUTOMOTIVE PARTS AND COMPONENT MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. RETAILERS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. WHOLESALERS
   5. DISTRIBUTORS
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. AUTOMOTIVE PARTS AND COMPONENT MARKET Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. LEAR CORPORATION (U.S.)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. DANA INCORPORATED (U.S.)
   4. STANDARD MOTOR PRODUCTS, INC. (U.S.)
   5. TENNECO (U.S.)
   6. MAGNA INTERNATIONAL INC. (CANADA)
   7. BOSCH (GERMANY)
   8. SCHAEFFLER AG (GERMANY)
   9. CONTINENTAL AG (GERMANY)
   10. GESTAMP (SPAIN)
   11. VALEO (FRANCE)
   12. FAURECIA SE (FRANCE)
   13. WANGXIANG QIANCHAO CO., LTD. (CHINA)
   14. WEICHAI HOLDING GROUP CO. LTD. (CHINA)
   15. BEIWEI MOULD INDUSTRY (CHINA)
   16. HYUNDAI MOTOR GROUP (SOUTH KOREA)
   17. MANDO CORPORATION (SOUTH KOREA)
   18. PANASONIC HOLDINGS CORPORATION (JAPAN)
   19. MARELLI HOLDINGS CO., LTD (JAPAN)
   20. DENSO CORPORATION (JAPAN)
   21. HITACHI AUTOMOTIVE (JAPAN)
10. GLOBAL AUTOMOTIVE PARTS AND COMPONENT MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Type
       4. Historic And Forecasted Market Size By Application
       5. Historic And Forecasted Market Size By Distribution Channel
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies