Press release
Auto Parts Manufacturing Market To Be Driven By New Innovations In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): USD 2265.9 billion
Forecast CAGR (2023-2028): 3.2%
Forecast Market Size (2028): USD 2737.28 billion
The global auto parts manufacturing market witnessed decent growth in the historical period, due to rising need for automobiles, fuelled by increasing demand for aftermarket repairs and maintenance activities involving change in automotive components. The Asia Pacific is an important market for car parts manufacturing. The area is also expected to be a prominent global market over the forecast period, with a solid growth rate.
New technology applications in the sector of manufacturing automobile parts are predicted to improve regional car sales. The regional market is being pushed by an increase in vehicle and passenger car production and sales, as well as the digitalisation of automotive component delivery systems.
Auto Parts Manufacturing Industry Definition and Major Segments
The key players make auto parts such as transmission and power train components, motors and engine components, body pieces and trimmers, electronics and braking systems, and steering and suspension components, which are subsequently employed in the production of automobiles.
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Based on component type, the market can be classified into the following:
Battery
Cooling System
Underbody Components
Engine Components
Automotive Filter
Lighting Components
Electrical Components
Others
The market can be divided into two segments based on the sales channel:
OEM
Aftermarket
The market can be divided into segments based on vehicle type:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
The regional market for auto parts manufacturing includes:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Auto Parts Manufacturing Market Trends
The automotive sector is rapidly expanding because of new technologies, which is boosting the growth of the auto components manufacturing industry. As a result, prominent players are aligning their tactics to the existing trends to remain competitive in such a volatile environment.
Trends like introducing the latest technology in automotive engine radiators, manufacturing lightweight car parts to produce components to create lightweight and fuel-efficient cars. The amount of junk in industrialised countries is larger than in developing ones due to tougher environmental standards requiring replacements in automobiles and engines.
Similarly, the employment of new technology and improvements in motors, such as hybrid motors, is more prevalent in affluent countries than in underdeveloped countries. The desire for new vehicles with lower fuel consumption is spurred by increased government backing with comparatively stronger emission rules, resulting in a higher demand for automotive parts. These factors are projected to contribute to the growth of the global auto parts manufacturing market.
Key Market Players
The major players in the global market are Robert Bosch GmbH, Denso Corporation, General Motors Company, Valeo SA, Continental AG, Schaeffler AG, and Marelli Holdings Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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