Automotive Parts Market Size, Share, Forecast, & Trends Analysis by Product Type, Distribution Channel, Vehicle Type, and Geography

Description

List of Tables

Automotive Parts Market by Product Type (Engine Parts, Suspension & Braking Parts, Electrical & Electronic Parts), Distribution Channel, Vehicle Type (Passenger Cars, Two-Wheelers), and Geography-Global Forecast to 2031.

The research report titled, 'Automotive Parts Market by Product Type (Engine Parts, Suspension & Braking Parts, Electrical & Electronic Parts), Distribution Channel, Vehicle Type (Passenger Cars, Two-Wheelers), and Geography-Global Forecast to 2031,' provides an in-depth analysis of automotive parts market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The automotive parts market is projected to reach $824.2 billion by 2031, at a CAGR of 4.3% from 2024 to 2031.

The growth of the automotive parts market is driven by the growing automobile production in emerging economies, increasing sales of vehicles, and increasing government initiatives in the automotive industry. However, fluctuations in raw material prices and availability and stringent regulations & standards across different regions restrain the growth of this market.

Furthermore, the growing demand for electric and hybrid vehicles, technological advancements, and the rising adoption of connected devices in the automotive industry are expected to generate growth opportunities for the stakeholders in this market. However, disruptions in the supply chain is a major challenge impacting the growth of the automotive parts market.

The automotive parts market is segmented by product type (engine parts (pistons and piston rings, engine valves and parts, fuel-injection systems and carburetors, cooling systems and parts, power train components, pulleys & belts, oil & other filters), drive transmission & steering parts (gears, wheels, steering systems, axles, clutches), body chassis, suspension & braking parts (brake and brake assemblies, brake linings, shock absorbers, leaf springs), equipment (headlights, halogen bulbs, wiper motors, dashboard instruments, other panel instruments), electrical & electronic parts (starter motors, spark plugs, electric ignition systems (EIS), flywheel magnetos, other equipment), other product types), distribution channel (OEMs, aftermarket (online, offline)), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, two-wheelers, three-wheelers). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product type, the automotive parts market is segmented into engine parts, drive transmission & steering parts, body chassis, suspension & braking parts, equipment, electrical & electronic parts, and other product types. In 2024, the engine parts segment is expected to account for the largest share of above 26% of the automotive parts market. The large market share of this segment is attributed to the increasing production of vehicles, the growing demand for electric vehicles, and the increasing demand for engine parts in the aftermarket. In May 2024, MAHLE GmbH (Germany) signed a Memorandum of Understanding (MoU) with Clean Air Power (U.K.) to develop solutions for zero-carbon internal combustion engines for heavy-duty applications.

However, the electrical & electronic parts segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to increasing demand for electronics compared to traditional gasoline vehicles, growing trend of internet connectivity in vehicles, and increasing electrification, automation, and focus on advanced features in cars. In April 2024, ZF Friedrichshafen AG (Germany) launched the Electronic Brake Booster (EBB), a part of the braking system for electric cars.

Based on distribution channel, the automotive parts market is segmented into OEMs and aftermarket. In 2024, the OEMs segment is expected to account for the larger share of above 74% of the automotive parts market. The large market share of this segment is attributed to the growing adoption of advanced technologies in vehicles and increasing consumer preference for O.E.M. parts as it offers a warranty, providing consumers with added assurance and protection. In January 2024, Rane Holdings Limited. (India), a manufacturer of steering & suspension products and light metal casting components, opened a new facility for manufacturing steering and suspension parts for passenger vehicle applications in Aguascalientes, Mexico. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on vehicle type, the automotive parts market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, two-wheelers, and three-wheelers. In 2024, the two-wheelers segment is expected to account for the largest share of above 62% of the automotive parts market. The large market share of this segment is attributed to the increasing disposable income of consumers, urbanization and traffic congestion, and growing environmental concerns. In September 2024, Qualcomm Technologies, Inc. (U.S.) launched the Snapdragon Digital Chassis solution to deliver enhanced safety, infotainment, cloud-connected digital services, personalization, and convenience for a wide range of 2-wheelers such as motorcycles, scooters, and e-bikes. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the automotive parts market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the automotive parts market. The market growth in Asia-Pacific is driven by the increasing vehicle production in the region, increasing demand for electric vehicles in the region, and increasing consumer preferences for SUVs in China and India. In April 2021, MAHLE GmbH (Germany) launched its new Electronics and Mechatronics Development center in Changshu, China. The company aimed to develop solutions for alternative drives and further expand the company's systems expertise in electric powertrains, electronics, and mechatronics. Moreover, this region is also projected to record the highest CAGR of above 5.6% during the forecast period.

The key players operating in the automotive parts market are Robert Bosch GmbH (Germany), DENSO Corporation (Japan), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), Hyundai Motor Group (South Korea), Aisin Corporation (Japan), Lear Corporation (U.S.), Yazaki Group (Japan), Valeo (France), Sumitomo Electric Industries, Ltd. (Japan), FORVIA Faurecia (France), Marelli Aftermarket Italy S.p.A.(Italy), Schaeffler Technologies AG & Co. KG (Germany), and BorgWarner, Inc. (U.S.).

Key Questions Answered in the Report:

What are the high-growth market segments in terms of product type, distribution channel, and vehicle type?
What is the historical market size for the automotive parts market?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the automotive parts market?
Who are the major players in the automotive parts market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the automotive parts market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the automotive parts market, and how do they compete with other players?

Scope of the Report:

Automotive Parts Market Assessment-by Product Type

Engine Parts
- Pistons and Piston Rings
- Engine Valves and Parts
- Fuel-injection Systems and Carburetors
- Cooling Systems and Parts
- Power Train Components
- Pulleys & Belts
- Oil & Other Filters
Drive Transmission & Steering Parts
- Gears
- Wheels
- Steering Systems
- Axles
- Clutches
Body Chassis
Suspension & Braking Parts
- Brake and Brake Assemblies
- Brake Linings
- Shock Absorbers
- Leaf Springs
Equipment
- Headlights
- Halogen Bulbs
- Wiper Motors
- Dashboard Instruments
- Other Panel Instruments
Electrical & Electronic Parts
- Starter Motors
- Spark Plugs
- Electric Ignition Systems (EIS)
- Flywheel Magnetos
- Other Equipment
Other Product Types

Automotive Parts Market Assessment-by Distribution Channel

OEMs
Aftermarket
- Online
- Offline

Automotive Parts Market Assessment-by Vehicle Type

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two-Wheelers
Three-Wheelers

Automotive Parts Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa

Product Code: MRAUTO - 1041129

1. Market Definition & Scope

1.1. Market Definition
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, By Product Type
3.3. Market Analysis, By Distribution Channel
3.4. Market Analysis, By Vehicle Type
3.5. Market Analysis, By Geography
3.6. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Growing Automobile Production in Emerging Economies
  - 4.2.1.2. Increasing Government Initiatives in the Automotive Industry
  - 4.2.1.3. Increasing Sales of Vehicles
- 4.2.2. Restraints
  - 4.2.2.1. Fluctuation in Raw Material Prices and Availability
  - 4.2.2.2. Stringent Regulations and Standards Across Different Regions
- 4.2.3. Opportunities
  - 4.2.3.1. Growing Demand for Electric and Hybrid Vehicles
  - 4.2.3.2. Technological Advancements and the Rising Adoption of Connected Devices in the Automotive Industry
- 4.2.4. Challenges
  - 4.2.4.1. Disruptions in the Supply Chain
  - 4.2.4.2. High Maintenance Cost
4.3. Key Trends
- 4.3.1. Increasing Deployment of Compact Engines
4.4. Case Studies
4.5. Porter's Five Forces Analysis

5. Automotive Parts Market Assessment-by Product Type

5.1. Overview
5.2. Engine Parts
- 5.2.1. Pistons and Piston Rings
- 5.2.2. Engine Valves and Parts
- 5.2.3. Fuel-injection Systems and Carburetors
- 5.2.4. Cooling Systems and Parts
- 5.2.5. Power Train Components
- 5.2.6. Pulleys & Belts
- 5.2.7. Oil & Other Filters
5.3. Drive Transmission & Steering Parts
- 5.3.1. Gears
- 5.3.2. Wheels
- 5.3.3. Steering Systems
- 5.3.4. Axles
- 5.3.5. Clutches
5.4. Body Chassis
5.5. Suspension & Braking Parts
- 5.5.1. Brake and Brake Assemblies
- 5.5.2. Brake Linings
- 5.5.3. Shock Absorbers
- 5.5.4. Leaf Springs
5.6. Equipment
- 5.6.1. Headlights
- 5.6.2. Halogen Bulbs
- 5.6.3. Wiper Motors
- 5.6.4. Dashboard Instruments
- 5.6.5. Other Panel Instruments
5.7. Electrical & Electronic Parts
- 5.7.1. Starter Motors
- 5.7.2. Spark Plugs
- 5.7.3. Electric Ignition Systems (EIS)
- 5.7.4. Flywheel Magnetos
- 5.7.5. Other Equipment
5.8. Other Product Types

6. Automotive Parts Market Assessment-by Distribution Channel

6.1. Overview
6.2. OEMs
6.3. Aftermarket
- 6.3.1. Online
- 6.3.2. Offline

7. Automotive Parts Market Assessment-by Vehicle Type

7.1. Overview
7.2. Passenger Cars
7.3. Light Commercial Vehicles
7.4. Heavy Commercial Vehicles
7.5. Two-Wheelers
7.6. Three-Wheelers

8. Automotive Parts Market-by Geography

8.1. Overview
8.2. North America
- 8.2.1. U.S.
- 8.2.2. Canada
8.3. Europe
- 8.3.1. Germany
- 8.3.2. U.K.
- 8.3.3. France
- 8.3.4. Italy
- 8.3.5. Spain
- 8.3.6. Netherlands
- 8.3.7. Rest of Europe
8.4. Asia-Pacific
- 8.4.1. Japan
- 8.4.2. China
- 8.4.3. India
- 8.4.4. South Korea
- 8.4.5. Australia & New Zealand
- 8.4.6. Singapore
- 8.4.7. Rest of Asia-Pacific
8.5. Latin America
- 8.5.1. Mexico
- 8.5.2. Brazil
- 8.5.3. Rest of Latin America
8.6. Middle East & Africa
- 8.6.1. UAE
- 8.6.2. Israel
- 8.6.3. Rest of Middle East & Africa

9. Competition Analysis

9.1. Overview
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.4. Competitive Dashboard
- 9.4.1. Industry Leaders
- 9.4.2. Market Differentiators
- 9.4.3. Vanguards
- 9.4.4. Emerging Companies
9.5. Market Share Analysis

10. Company Profiles

10.1. Robert Bosch GmbH
10.2. DENSO Corporation
10.3. Continental AG
10.4. ZF Friedrichshafen AG
10.5. Magna International Inc.
10.6. Hyundai Motor Group
10.7. Aisin Corporation
10.8. Lear Corporation
10.9. Yazaki Group
10.10. Valeo
10.11. Sumitomo Electric Industries, Ltd.
10.12. FORVIA Faurecia
10.13. Marelli Aftermarket Italy S.p.A.
10.14. Schaeffler Technologies AG & Co. KG
10.15. BorgWarner, Inc.

11. Appendix

11.1. Available Customization
11.2. Related Reports