Auto parts and accessories markeExhibit a Remarkable CAGR of 5.7% Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook

Auto parts and accessories market was valued at USD 660.21 billion in 2022 and is expected to reach USD 877.12 billion by 2030, registering a CAGR of 5.7% during the forecast period of 2023 to 2030.

Market Definition

Auto parts is referred to as a component of an automobile. Auto parts and components comprise of chassis, bodies, interiors, seating, exteriors, powertrains, electronics, mirrors, closures, roof systems and modules, and so forth. All the parts and components are connected in a car to supply the best driving experience. The classification of auto parts and accessories contains interiors and exteriors, driveline and powertrain, electronics, bodies and chassis, seating, lighting, wheel and tires, and so forth.

Explore Further Details about This Research Auto Parts and Accessories Market Report
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Global Auto Parts and Accessories Market Dynamics

Driver

The Rapid Urbanization Across the Globe

The rapid urbanization across the globe acts as one of the major factor driving the growth of air brake system market. The surge in the in sales and production of commercial vehicles and off-highway trucks, and integration of the system in heavy and commercial vehicles to apply more massive brake effort accelerate the market growth. The use of air brake system in wider application in parking brakes, and service brakes, and increased railways and high-speed trains further influence the market.

Opportunities

• Safety is One of the Major Driving Factor for Advanced Vehicles
In the moving vehicle, once the brake pedal is pressed the pressure is applied to the frictional components near the wheels which then press against each other's to stop the vehicle. This traditional braking system has some drawbacks, if there is a leak in the braking system which results in partial or complete loss of the braking fluid, the efficiency of the brake drum is significantly reduce or it will completely loss. Air compressor brake systems resolve this traditional issue by offering air by offering special fluid to deliver pressure to the braking components. This air braking system reduce the chance of brake failure due to the avoidance of leaks in the braking system. Nowadays use of air brake system is being made mandatory under many governmental regulation for vehicles exceeding a certain size or carrying passengers for commercial purpose.

• The Growing Demand for SLI Batteries and the Rise in the Need for Filters from Diesel Engine Vehicles
The growing demand for SLI batteries and the rise in the need for filters from diesel engine vehicles will further provide potential opportunities for the growth of the auto parts and accessories market in the coming years.

Some of the major players operating in the global auto parts and accessories market are:

• AISIN CORPORATION (U.S.)
• Autoliv Inc. (U.S.)
• BASF SE (Germany)
• BorgWarner, Inc. (U.S.)
• ThyssenKrupp AG (Germany)
• Continental AG (Germany)
• DENSO CORPORATION (U.S.)
• Faurecia (U.S.)
• Valeo (U.S.)
• Hitachi, Ltd. (U.S.)

Reasons for Buying this Auto Parts and Accessories Market Report
1. This report provides pin-point analysis for changing competitive dynamics
2. It provides a forward looking perspective on different factors driving or restraining market growth
3. It provides a six-year forecast assessed on the basis of how the market is predicted to grow
4. It helps in understanding the key product segments and their future
5. It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
6. It helps in making informed business decisions by having complete insights of Auto Parts and Accessories Market and by making in-depth analysis of market segments.

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