Auto Parts Manufacturing Market Outlook
According to the report by Expert Market Research (EMR), the global auto parts manufacturing market size reached a value of USD 701.57 billion in 2023. Aided by the escalating demand for vehicles and the growing integration of advanced technologies in automotive systems, the market is projected to further grow at a CAGR of 6.1% between 2024 and 2032 to reach a value of USD 1197.41 billion by 2032.
Auto parts manufacturing includes the production of various components and systems essential for the assembly of vehicles, including engines, transmissions, braking systems, electronics, and more. With the rising need for sustainable, efficient, and safe vehicles, the role of innovative and technologically advanced auto parts is becoming increasingly crucial in the automotive sector.
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The global surge in vehicle production, especially in emerging economies, is a primary driver for the market. Expanding middle-class populations and increasing urbanisation are boosting demand for both passenger and commercial vehicles. This demand is also prompting automakers to focus on developing fuel-efficient, lightweight, and advanced vehicles, further propelling the need for high-quality auto parts, consequently driving up the auto parts manufacturing market share.
The rapid integration of advanced technologies, such as ADAS (Advanced Driver Assistance Systems), electrification, and connectivity, is transforming vehicle components. Manufacturers are increasingly focused on producing components that are compatible with these technologies, opening up new opportunities in the production of electric motors, batteries, sensors, and software-driven control units.
The expanding vehicle fleet globally is driving the demand for aftermarket parts due to repair, maintenance, and customisation requirements. The rise of e-commerce platforms is further accelerating the aftermarket segment by providing consumers with easy access to a wide range of auto parts.
Stringent environmental regulations are prompting automakers to reduce the carbon footprint of their vehicles. This is leading to a shift toward lightweight materials like aluminium and composites, driving the market for lightweight auto parts. Additionally, the growing focus on electric vehicles (EVs) is creating a new market for specialised components like EV batteries and high-voltage electronics, leading to auto parts manufacturing market expansion.
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The incorporation of green auto parts, made from tree waste, by market players is steadily reducing their reliance on plastics and biocomposites. These sustainable auto parts not only minimise waste generation but also contribute to the circular economy by repurposing discarded tree parts. Moreover, tests have demonstrated the durability and robustness of these auto parts, making them suitable for mass production and creating new opportunities in the auto parts manufacturing market and leading to auto parts manufacturing market development.
According to the analysis of the auto parts manufacturing market, the Asia Pacific region emerged as a significant player in 2023. It is expected to continue its strong growth in the forecast period, driven by increasing automotive sales and the exploration of new technology applications for producing automotive parts. The region’s market is further supported by the production and sales growth of passenger cars, as well as the digitisation of distribution systems for automotive components.
As per the auto parts manufacturing market analysis, Asia-Pacific dominates the global auto parts manufacturing market due to rapid industrialization, increasing vehicle production, and robust economic growth. China and India are at the forefront of this expansion, driven by high domestic demand and investments in EVs.
North America remains a significant market due to its advanced automotive sector. The region is characterised by a high adoption rate of new technologies and strong aftermarket demand. The U.S. and Canada are leading the transition toward electrification and connected vehicles.
Moreover, Europe’s automotive sector is driven by stringent emissions regulations and a high focus on sustainability. Germany, the UK, and France are pioneering EV adoption and advanced manufacturing practices.
Market Segmentation
The market can be divided based on the component, sales channel, vehicle type, and region.
Market Breakup by Component
- Battery
- Chassis System
- Cooling System
- Compressor
- Radiator
- Pump
- Thermostat
- Underbody Components
- Brake Components
- Exhaust Components
- Engine Components
- Starter
- Pump
- Engine
- Alternator
- Automotive Filter
- Lighting Components
- Electrical Components
- Ignition Coil
- Ignition Switch
- Spark and Glow Plug
- Transmission and Steering System
- Others
Market Breakup by Sales Channel
- OEM
- Aftermarket
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global auto parts manufacturing market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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
- Others
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