Automotive Parts Market by Type, Vehicle Type, Sales Channel

List of Tables

The Automotive Parts Market was valued at USD 518.19 billion in 2023, expected to reach USD 543.79 billion in 2024, and is projected to grow at a CAGR of 5.00%, to USD 729.64 billion by 2030.

The automotive parts market encompasses a wide range of components, including engine parts, electrical parts, transmission parts, suspension parts, and more. These components are essential for the manufacturing, repair, and maintenance of vehicles. The necessity of automotive parts is driven by the increasing number of vehicles in use globally, the rising trend of vehicle electrification, and the continuous demand for aftermarket services. Major applications include the production of new vehicles, replacement, and repair parts for existing vehicles, catering to both the OEM (Original Equipment Manufacturer) and aftermarket segments. End-users range from automotive manufacturers to repair and maintenance service providers. Key growth factors in this market include technological advancements like 3D printing and IoT integration for smart parts, increasing consumer demand for advanced vehicle features, and the rapid growth of electric vehicles. Emerging market opportunities lie in electric vehicle components, advanced driver-assistant systems (ADAS), and smart automotive lighting systems. To capitalize on these, companies should focus on R&D investments for innovation in lightweight materials, energy-efficient technologies, and smart connectivity solutions. However, the market faces challenges such as supply chain disruptions, fluctuating raw material costs, and regulatory compliance demands for emissions and safety standards. Furthermore, intense competition and rapid technological changes can pose limitations. Best areas for innovation include the development of modular and flexible parts that support multiple vehicle platforms, integration of artificial intelligence for predictive maintenance, and enhancement of sustainable manufacturing practices. The nature of the automotive parts market is highly dynamic, characterized by a shift towards renewable energy sources and digital transformation. Businesses should leverage digital platforms and data analytics to gain market insights, streamline supply chains, and optimize customer engagement strategies to stay competitive. Continuous adaptation to evolving technology trends and regulatory landscapes will be crucial for sustained growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 518.19 billion
Estimated Year [2024]	USD 543.79 billion
Forecast Year [2030]	USD 729.64 billion
CAGR (%)	5.00%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Automotive Parts Market

The Automotive Parts Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Rise in production and sales of automotive globally
- Ageing vehicle fleet and increase in automotive aftermarket services
Market Restraints
- Fluctuating cost of raw materials required for the production of automotive parts
Market Opportunities
- Improvements in battery technology and introduction of new propulsion systems
- Extensive use of 3D printing and robotics in manufacturing of automotive parts
Market Challenges
- Shortage of automotive parts coupled with quality concerns in aftermarket automotive

Porter's Five Forces: A Strategic Tool for Navigating the Automotive Parts Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Automotive Parts Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Automotive Parts Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Automotive Parts Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Automotive Parts Market

A detailed market share analysis in the Automotive Parts Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Automotive Parts Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Automotive Parts Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Key Company Profiles

The report delves into recent significant developments in the Automotive Parts Market, highlighting leading vendors and their innovative profiles. These include Marelli Holdings Co., Ltd., Tesla, Inc., Schaeffler AG, Aptiv PLC, Robert Bosch GmbH, OPmobility SE, Freightliner by Daimler Truck AG, Panasonic Holdings Corporation, DENSO Corporation, Yazaki Corporation, ZF Friedrichshafen AG, American Axle & Manufacturing Holdings, Inc., Brembo N.V., ThyssenKrupp AG, Mahle GmbH, Bridgestone Corporation, Mitsubishi Heavy Industries, Ltd., TE Connectivity Ltd., BorgWarner Inc., PACCAR Inc., HASCO Hasenclever GmbH + Co KG, Michelin Group, Magna International Inc., Dana Incorporated, BENTELER International AG, Aisin Corporation, Dorman Products, Inc., General Motors Company, Akebono Brake Industry Co., Ltd., STMicroelectronics International N.V., Weichai Power Co., Ltd., Hyundai Mobis Co., Ltd., Tenneco Inc., Valeo, Infineon Technologies AG, Adient PLC, Cummins Inc., Toyoda Gosei Co., Ltd., Faurecia SE, Lear Corporation, Visteon Corporation, Kyocera Corporation, Samvardhana Motherson International Limited, Toyota Industries Corporation, Ford Motor Company, Continental AG, Flex-N-Gate Corporation, and Sumitomo Electric Industries, Ltd..

Market Segmentation & Coverage

This research report categorizes the Automotive Parts Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Type, market is studied across Bodies & Chassis, Driveline & Powertrain, Electronics, Interiors & Exteriors, and Wheel & Tires. The Bodies & Chassis is further studied across Body Panels, Body-in-white, Chassis Frame, Steering Systems, and Suspension Systems. The Driveline & Powertrain is further studied across Engines and Transmission Systems. The Electronics is further studied across Driver Assistance Systems, Engine Control Units, Infotainment Systems, and Sensors. The Interiors & Exteriors is further studied across Instruments & Controls, Lights & Signaling Devices, and Seats. The Wheel & Tires is further studied across Brake Systems, Rims, Tires, and Wheel Bearings.
Based on Vehicle Type, market is studied across Heavy Commercial Vehicles, Light Commercial Vehicles, and Passenger Cars.
Based on Sales Channel, market is studied across Aftermarket and Original Equipment Manufacturer.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across Alabama, California, Florida, Indiana, Kentucky, Michigan, New York, Ohio, Pennsylvania, South Carolina, Tennessee, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-434CCDA047EC

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rise in production and sales of automotive globally
  - 5.1.1.2. Ageing vehicle fleet and increase in automotive aftermarket services
- 5.1.2. Restraints
  - 5.1.2.1. Fluctuating cost of raw materials required for the production of automotive parts
- 5.1.3. Opportunities
  - 5.1.3.1. Improvements in battery technology and introduction of new propulsion systems
  - 5.1.3.2. Extensive use of 3D printing and robotics in manufacturing of automotive parts
- 5.1.4. Challenges
  - 5.1.4.1. Shortage of automotive parts coupled with quality concerns in aftermarket automotive
5.2. Market Segmentation Analysis
- 5.2.1. Type: Significant usage of electronic components and connectors with increasing investments in electrification of the automotive sector
- 5.2.2. Vehicle Type: Proliferating demand for automotive parts to manufacture passenger vehicles
- 5.2.3. Sales Channel: Increasing preference for aftermarket sales channels owing to the online availability of automotive parts
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Automotive Parts Market, by Type

6.1. Introduction
6.2. Bodies & Chassis
- 6.2.1. Body Panels
- 6.2.2. Body-in-white
- 6.2.3. Chassis Frame
- 6.2.4. Steering Systems
- 6.2.5. Suspension Systems
6.3. Driveline & Powertrain
- 6.3.1. Engines
- 6.3.2. Transmission Systems
6.4. Electronics
- 6.4.1. Driver Assistance Systems
- 6.4.2. Engine Control Units
- 6.4.3. Infotainment Systems
- 6.4.4. Sensors
6.5. Interiors & Exteriors
- 6.5.1. Instruments & Controls
- 6.5.2. Lights & Signaling Devices
- 6.5.3. Seats
6.6. Wheel & Tires
- 6.6.1. Brake Systems
- 6.6.2. Rims
- 6.6.3. Tires
- 6.6.4. Wheel Bearings

7. Automotive Parts Market, by Vehicle Type

7.1. Introduction
7.2. Heavy Commercial Vehicles
7.3. Light Commercial Vehicles
7.4. Passenger Cars

8. Automotive Parts Market, by Sales Channel

8.1. Introduction
8.2. Aftermarket
8.3. Original Equipment Manufacturer

9. Americas Automotive Parts Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Automotive Parts Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Automotive Parts Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Hyzon Introduces New 200kW Fuel Cell System and Advanced Powertrain
- 12.3.2. Harbinger Motors Delivers First Electric Vehicle Chassis to Thor Industries
- 12.3.3. First Automotive-Grade CMOS Image Sensor Created with RISC-V SoC through Andes Technology and MetaSilicon Collaboration
- 12.3.4. DAF Components Presents new Powertrains for Coaches and Buses
- 12.3.5. AISIN Develops New "Linkage-type Power Door System."
- 12.3.6. Toyoda Gosei Invests in Pyrenee Inc., a Start-up Developing Safe Driving Assist Devices
- 12.3.7. TE Connectivity and AVIVA Develop one of First long-reach ASA Solutions
- 12.3.8. Auto Parts Maker Samvardhana Motherson Expands Operations in UAE with new Unit in Ras Al Khaimah
- 12.3.9. PACCAR Parts Announces Construction of New Parts Distribution Center
- 12.3.10. Sumitomo invests USD 10 million in Tabasco
- 12.3.11. Genuine Parts Company Announces Automotive Acquisition in Europe, Expanding Position in Spain
- 12.3.12. DENSO Begins Business Transfer Negotiations for Selected Product Operations
- 12.3.13. Cummins to Acquire Parts of Faurecia's Commercial Vehicle Exhaust Business in Europe and the United States
- 12.3.14. Akebono Releases Proact Ultra-Premium Disc Brake Pad Kits for Honda, Ford, Lincoln, and Toyota Increasing Coverage by Over 5 Million Vehicles
- 12.3.15. Bridgestone India to invest INR 600 crore for expansion

Companies Mentioned

1. Marelli Holdings Co., Ltd.
2. Tesla, Inc.
3. Schaeffler AG
4. Aptiv PLC
5. Robert Bosch GmbH
6. OPmobility SE
7. Freightliner by Daimler Truck AG
8. Panasonic Holdings Corporation
9. DENSO Corporation
10. Yazaki Corporation
11. ZF Friedrichshafen AG
12. American Axle & Manufacturing Holdings, Inc.
13. Brembo N.V.
14. ThyssenKrupp AG
15. Mahle GmbH
16. Bridgestone Corporation
17. Mitsubishi Heavy Industries, Ltd.
18. TE Connectivity Ltd.
19. BorgWarner Inc.
20. PACCAR Inc.
21. HASCO Hasenclever GmbH + Co KG
22. Michelin Group
23. Magna International Inc.
24. Dana Incorporated
25. BENTELER International AG
26. Aisin Corporation
27. Dorman Products, Inc.
28. General Motors Company
29. Akebono Brake Industry Co., Ltd.
30. STMicroelectronics International N.V.
31. Weichai Power Co., Ltd.
32. Hyundai Mobis Co., Ltd.
33. Tenneco Inc.
34. Valeo
35. Infineon Technologies AG
36. Adient PLC
37. Cummins Inc.
38. Toyoda Gosei Co., Ltd.
39. Faurecia SE
40. Lear Corporation
41. Visteon Corporation
42. Kyocera Corporation
43. Samvardhana Motherson International Limited
44. Toyota Industries Corporation
45. Ford Motor Company
46. Continental AG
47. Flex-N-Gate Corporation
48. Sumitomo Electric Industries, Ltd.