PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1719366
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1719366
The U.S. auto parts manufacturing market is poised for strong growth, projected to increase from USD 32.2 billion in 2024 to USD 48.2 billion by 2032, growing at a CAGR of 5.2%. This expansion is driven by increasing demand for automobiles due to population growth, urbanization, and expanding industries. The transition to electric vehicles (EVs), advancements in automation, and the adoption of eco-friendly production methods are also key factors shaping the market. Moreover, U.S. auto parts manufacturers are leveraging new technologies such as robotics, AI, and 3D printing to improve production efficiency, meet stricter environmental standards, and enhance vehicle performance.
Key Insights
The engine component dominates the market, holding a 35% share in 2024, due to its critical role in both traditional ICE and electric vehicles.
Electric vehicle adoption is increasing rapidly, with a 40% rise in sales from 2022 to 2023, driving demand for EV-specific components like high-capacity batteries and advanced powertrains.
The shift towards lightweight materials and improved thermal management systems in vehicles presents a growing opportunity for manufacturers of components like adhesives and sealants.
The growing use of robotics and 3D printing in auto parts production is improving efficiency, reducing material waste, and enabling more sustainable manufacturing practices.
OEMs remain the largest end users, but the growing average age of vehicles is increasing the importance of the aftermarket sector for auto parts manufacturers.
Advances in autonomous driving technologies and ADAS systems are driving the demand for specialized sensors and electronic components.
The Midwest region is the largest market for auto parts manufacturing, with the South region expected to see the fastest growth due to expanding production facilities for electric vehicles and parts.
Technological advancements in battery packs, onboard chargers, and traction motors for electric vehicles present significant growth opportunities for U.S. manufacturers.