According to a new report by Expert Market Research titled, “Global Auto Parts Manufacturing Market Share, Size, Report and Forecast 2024-2032″, the global auto parts manufacturing market size reached a value of USD 660.24 billion in 2023. Aided by the rapidly evolving automotive sector, technological advancements, and a surge in vehicle production, the market is projected to further grow at a CAGR of 6.26% between 2024 and 2032 to reach a value of USD 939.21 billion by 2032.
Auto parts manufacturing encompasses the production of a myriad of components that constitute a vehicle, from the smallest screws to complete engine systems. These parts, whether for cars, trucks, or other types of vehicles, are fundamental for the efficient and safe operation of the vehicle. With the automotive sector continuously pushing boundaries, the importance of high-quality, innovative, and durable auto parts has become more pronounced than ever.
The trajectory of global auto parts manufacturing market growth is intrinsically tied to the automotive sector’s evolution. As consumer preferences shift towards more fuel-efficient, technologically advanced, and sustainable vehicles, auto parts manufacturers have had to pivot and adapt. The rise in electric vehicles, for instance, has led to increased demand for batteries, electric drivetrains, and advanced sensor systems.
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Furthermore, the ever-growing importance of safety has necessitated advancements in auto parts related to accident prevention and mitigation. Advanced Driver Assistance Systems (ADAS) and the journey towards autonomous driving have placed the spotlight on sensors, radars, and complex electronic systems, propelling the auto parts manufacturing market development.
Another significant growth driver is the increasing global vehicle production, buoyed by emerging economies. With regions like Asia Pacific witnessing an uptick in vehicle ownership rates, the demand for auto parts for both new vehicles and aftermarket replacements has seen a substantial rise.
The integration of technology and digital transformation in vehicles has also opened up new avenues for auto parts manufacturers. Connectivity, infotainment systems, and the integration of artificial intelligence (AI) in modern vehicles are not only redefining the driving experience but also reshaping the auto parts manufacturing landscape.
In the sustainability realm, the auto parts manufacturing market are witnessing a gradual shift towards eco-friendly materials and processes. The push for reduced carbon footprints and minimal environmental impact is leading to the research and adoption of green materials and manufacturing techniques. This transition not only meets regulatory standards but also resonates with an increasingly eco-conscious consumer base.
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Market Segmentation
The market can be divided based on component, sales channel, vehicle type, and region.
Market Breakup by Component
• Battery
• Cooling System
o Compressor
o Radiator
o Pump
o Thermostat
• Underbody Components
o Brake Components
o Exhaust Components
• Engine Components
o Starter
o Pump
o Engine
o Alternator
• Automotive Filter
• Lighting Components
• Electrical Components
o Ignition Coil
o Ignition Switch
o Spark and Glow Plug
• Chassis System
• 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 acquisitions and mergers, among other major developments, of the global auto parts manufacturing companies. Some of the major key 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
• Tenneco Inc.
• Sumitomo Electric Industries, Ltd.
• Akebono Brake Industry Co., Ltd.
• Panasonic Holdings Corporation
• Faurecia S.E.
• Marelli Holdings Co., Ltd
• Others
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