Automotive Parts Market by Type, Vehicle Type, Sales Channel

List of Tables

[196 Pages Report] The Automotive Parts Market size was estimated at USD 518.19 billion in 2023 and expected to reach USD 543.79 billion in 2024, at a CAGR 5.00% to reach USD 729.64 billion by 2030.

Automotive parts are crucial components and units that contribute to the proper functioning and operation of various motor vehicles, including passenger cars, trucks, and motorcycles. These parts play a vital role in ensuring vehicles' smooth performance and reliability. Automotive parts can be broadly categorized into various groups based on their function and location within the vehicle. Increasing vehicle production, technological advancements in automotive systems fostering greater integration, and rising demand for fuel-efficient vehicles are anticipated to drive the market demand. However, economic fluctuations affecting consumer spending on automobiles, availability of counterfeit products, and fluctuating prices of raw materials costs hamper the demand for automotive parts. Additionally, emerging trends such as electric vehicles (EVs), autonomous driving systems, connected cars, and ride-sharing services present significant opportunities for business expansion in the automotive parts sector.

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%

Type: Significant usage of electronic components and connectors with increasing investments in electrification of the automotive sector

In the automotive parts industry, bodies, and chassis are essential components that form the structural framework of a vehicle. This category includes subcomponents such as body panels, body-in-white, chassis frames, steering, and suspension systems. Body panels are the exterior components of a vehicle's body that serve both functional and aesthetic purposes. They include doors, hoods, fenders, roofs, trunk lids, and quarter panels. The term "body-in-white" (BIW) refers to the stage in automobile manufacturing where the car body sheet metal components have been welded together before painting and assembly with other systems such as powertrain or suspension. The chassis frame serves as a skeleton upon which all other automotive systems are built. It is designed to provide a rigid structure capable of supporting various loads generated during driving conditions, including road irregularities, cornering forces, acceleration torque, and braking forces. Steering systems enable drivers to control a vehicle's direction by connecting the steering wheel to the front wheels. The three main types of steering systems are mechanical (recirculating ball), hydraulic power-assisted (power steering), and electric power-assisted steering (EPS). A vehicle's suspension system connects the chassis with the wheels, providing stability, comfort, and handling performance during different driving conditions. The key components of suspension systems include springs, shock absorbers or dampers, control arms, and anti-roll bars.

Driveline and powertrain components are critical for transmitting power from the engine to the wheels and provide vehicles with high fuel efficiency, performance optimization, and durability. Driveline and powertrain components include engines and transmission systems. At the heart of every automotive driveline is the internal combustion engine (ICE), which generates mechanical power by burning fuel in an enclosed chamber. The transmission system is an integral component in any driveline assembly as it ensures seamless transfer of engine power to drive wheels while maintaining ideal engine speed or revolutions per minute (RPM).

The electronics segment encompasses various electronic systems used in vehicles for enhancing comfort, safety, performance, and connectivity. This category includes infotainment systems, driver assistance systems (DAS), engine management systems, and sensors. Driver assistance systems (DAS) ensure vehicle safety and enhance the overall driving experience. These advanced systems provide drivers with real-time information, warnings, and support to reduce human errors and improve road safety. The engine control unit (ECU) is the central processing unit responsible for controlling various engine functions, including fuel injection, ignition timing, air-fuel mixture ratio regulation, idle speed control, and exhaust gas recirculation management. Infotainment systems have become an integral part of modern vehicles, providing entertainment and connectivity features that deliver both convenience and enjoyment to drivers and passengers. Sensors play a pivotal role in modern automotive electronics systems by providing real-time data for monitoring and controlling various vehicle functions. Some common types of sensors include temperature sensors, pressure sensors, speed sensors, position sensors, and oxygen sensors.

The interiors and exteriors segment covers components such as instruments, controls, lights and signaling devices, and seats, which are focused on enhanced passenger experience and have resulted in increased attention to material quality and design elements. In modern vehicles, instruments and controls have evolved significantly to become more user-friendly, ergonomic, and technologically advanced. A vehicle's lighting system is essential for safety purposes as well as adding aesthetic appeal. Headlights illuminate the path ahead during nighttime driving or inclement weather conditions, while taillights signal other motorists when braking or making turns. A comfortable seating experience is vital in ensuring a relaxed journey for both the driver and passengers. Automotive seats have evolved from basic structures to ergonomically designed units that support various body points, minimizing fatigue during long drives and enhancing overall vehicle comfort levels. The wheels and tires, including brake systems, rims, tires, and wheel bearings, refer to components essential for sustaining vehicle motion while ensuring safety and are designed for various terrain types or climates, as well as related maintenance equipment. Wheels and tires are crucial to a vehicle's mobility, performance, and safety. Combining these parts ensures the vehicle can maintain optimal traction, maneuverability, and braking capabilities on various terrains and driving conditions. Automotive brake systems ensure vehicle safety by decelerating or stopping vehicles when needed. They comprise a series of interconnected components such as brake pads or shoes, calipers or wheel cylinders, rotors or drums, master cylinders, and various sensors that combine to convert the driver's input into kinetic energy reduction. Rims are a vital part of a vehicle's suspension system; they serve as a mounting point for tires while contributing to overall aesthetics. Rims come in various materials such as steel, alloy (aluminum), carbon fiber, or magnesium alloy, each offering distinct characteristics regarding weight distribution, strength-to-weight ratio efficiency improvement attributes that influence handling responsiveness, ride quality, and fuel economy. Automotive tires are critical in ensuring safe and efficient driving by providing the necessary traction and cushioning between the vehicle and the road surface. They are designed with specialized rubber compounds containing different additives that help optimize grip, rolling resistance, durability, and wet performance characteristics. Wheel bearings are essential to a vehicle's suspension system as they facilitate smooth wheel rotation while supporting its weight on axles.

Vehicle Type: Proliferating demand for automotive parts to manufacture passenger vehicles

Heavy commercial vehicles include trucks, buses, and specialized vehicles designed for heavy-duty transportation and construction purposes. These vehicles demand highly durable and robust automotive parts to ensure optimal performance under extreme conditions. In light commercial vehicles, automotive parts are tailored toward providing durability and efficiency while retaining some degree of comfort found in passenger cars. In passenger cars, automotive parts offer a comfortable, safe, and efficient driving experience.

Sales Channel: Increasing preference for aftermarket sales channels owing to the online availability of automotive parts

The aftermarket segment in the automotive parts industry entails the manufacturing, distribution, retail, and installation of replacement vehicle parts, accessories, and equipment. This sales channel serves a diverse customer base, from individual car owners to professional repair shops. The original equipment manufacturer (OEM) segment comprises companies that produce automotive parts specifically designed for new vehicles during production or as part of a vehicle's original assembly process.

Regional Insights

The Americas have a significant landscape in the automotive parts market owing to customer purchasing behavior shifting towards more sustainable options due to increased environmental awareness. Rising automakers focus on producing lightweight components using high-strength materials to enhance fuel efficiency. Surging investment commitment towards electric vehicle development and further regional trade agreements facilitated cross-border collaboration among regional auto part manufacturers, contributing to the region's market growth. The EU automotive parts sector has been mainly driven by stringent regulations on CO2 emissions and an accelerating demand for electric vehicles. European manufacturers invested heavily in R&D activities with a focus on sustainable technologies. The Middle East and Africa automotive parts market is expected to grow, driven by rising vehicle ownership rates, expanding urbanization, and rising disposable incomes. APAC has witnessed significant demand for automotive parts due to having a significant automotive manufacturing hub, availability of raw materials, and several government initiatives promoting electric vehicles.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Automotive Parts Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Automotive Parts Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

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

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:

Type
- Bodies & Chassis
  - Body Panels
  - Body-in-white
  - Chassis Frame
  - Steering Systems
  - Suspension Systems

Driveline & Powertrain
- Engines
- Transmission Systems

Electronics
- Driver Assistance Systems
- Engine Control Units
- Infotainment Systems
- Sensors

Interiors & Exteriors
- Instruments & Controls
- Lights & Signaling Devices
- Seats

Wheel & Tires
- Brake Systems
- Rims
- Tires
- Wheel Bearings

Vehicle Type
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars

Sales Channel
- Aftermarket
- Original Equipment Manufacturer

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - Alabama
    - California
    - Florida
    - Indiana
    - Kentucky
    - Michigan
    - New York
    - Ohio
    - Pennsylvania
    - South Carolina
    - Tennessee
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Automotive Parts Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Automotive Parts Market?

3. What are the technology trends and regulatory frameworks in the Automotive Parts Market?

4. What is the market share of the leading vendors in the Automotive Parts Market?

5. Which modes and strategic moves are suitable for entering the Automotive Parts Market?

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. Market Trend Analysis
- 5.3.1. Attractive government initiatives and increases technology integration is sustaining automotive parts growth across North America
- 5.3.2. Availability of raw materials and growing automotive manufacturing by regional and international vendors in the Asia-Pacific
- 5.3.3. Rapid expansion of distribution centers of automotive parts in EMEA region
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Automotive Parts Market, by Type

6.1. Introduction
6.2. Bodies & Chassis
6.3. Driveline & Powertrain
6.4. Electronics
6.5. Interiors & Exteriors
6.6. Wheel & Tires

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. DAF Components Presents new Powertrains for Coaches and Buses
- 12.3.2. AISIN Develops New "Linkage-type Power Door System."
- 12.3.3. Toyoda Gosei Invests in Pyrenee Inc., a Start-up Developing Safe Driving Assist Devices
- 12.3.4. TE Connectivity and AVIVA Develop one of First long-reach ASA Solutions
- 12.3.5. Auto Parts Maker Samvardhana Motherson Expands Operations in UAE with new Unit in Ras Al Khaimah
- 12.3.6. PACCAR Parts Announces Construction of New Parts Distribution Center
- 12.3.7. Sumitomo invests USD 10 million in Tabasco
- 12.3.8. Genuine Parts Company Announces Automotive Acquisition in Europe, Expanding Position in Spain
- 12.3.9. DENSO Begins Business Transfer Negotiations for Selected Product Operations
- 12.3.10. Cummins to Acquire Parts of Faurecia's Commercial Vehicle Exhaust Business in Europe and the United States
- 12.3.11. Akebono Releases Proact Ultra-Premium Disc Brake Pad Kits for Honda, Ford, Lincoln, and Toyota Increasing Coverage by Over 5 Million Vehicles
- 12.3.12. Bridgestone India to invest INR 600 crore for expansion

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio