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Automotive Parts Market to Reach $824.2 Billion by 2031, Driven by Increased Vehicle Production and Technological Innovations
Automotive Parts Market
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Despite these positive trends, the market faces challenges including fluctuations in raw material prices, stringent regional regulations, and supply chain disruptions. These factors could impact market dynamics and growth potential.
Market Dynamics
Key drivers for the automotive parts market include:
Growing Demand for Electric and Hybrid Vehicles: The shift towards electric and hybrid vehicles is creating new opportunities for market stakeholders.
Technological Advancements: Innovations in automotive technology and connected devices are expected to drive future growth.
Government Initiatives: Increased governmental support for the automotive industry is boosting market expansion.
Conversely, the market faces challenges such as supply chain disruptions, which could hinder growth.
Market Segmentation
The automotive parts market is categorized into several segments, each demonstrating unique growth trends:
Product Type:
Engine Parts: Expected to hold the largest market share of ~26% in 2024 due to increased vehicle production and aftermarket demand. Noteworthy is MAHLE GmbH's MoU with Clean Air Power to develop zero-carbon engines for heavy-duty applications.
Electrical & Electronic Parts: Projected to achieve the highest CAGR during the forecast period, driven by the rising demand for advanced electronics and connectivity. ZF Friedrichshafen AG's launch of the Electronic Brake Booster for electric cars in April 2023 highlights this trend.
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Distribution Channel:
OEMs: Predicted to dominate with ~74% of the market share in 2024, fueled by consumer preference for original equipment parts due to warranty and quality assurances. Rane Holdings Limited's new facility in Mexico for steering and suspension parts exemplifies this trend.
Aftermarket: Also set to register significant growth, reflecting the increasing adoption of both online and offline aftermarket channels.
Vehicle Type:
Two-Wheelers: Expected to capture the largest share of ~62% in 2024, driven by rising disposable incomes, urbanization, and environmental concerns. Qualcomm Technologies, Inc.'s launch of the Snapdragon Digital Chassis for two-wheelers is a key development in this segment.
Other Vehicle Types: Including passenger cars, light commercial vehicles, heavy commercial vehicles, and three-wheelers, all contribute to market dynamics.
Geography:
Asia-Pacific: Set to hold the largest market share in 2024 and achieve the highest CAGR of ~5.6%. The region's growth is driven by increased vehicle production, rising demand for electric vehicles, and consumer preferences for SUVs in China and India. MAHLE GmbH's new development center in Changshu, China, underscores the region's strategic importance.
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Key Players
Leading companies in the global automotive parts market include: 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.).
These key players are pivotal in shaping the future of the automotive parts industry through innovation and strategic investments.
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