Future of the Car Parts Market: Trends, Innovations, and Key Forecasts Through 2034

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Car Parts Market Size Growth Forecast: What to Expect by 2025?
The automobile components market has seen robust growth recently. It is predicted to expand from $255.56 billion in 2024 to $273.23 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.9%. The historic interval growth can be linked to factors such as the hike in vehicle ownership rates, an increase in the average age of vehicles, wider aftermarket services, growing disposable income, and the international spread of automobile production.

How Will the Car Parts Market Size Evolve and Grow by 2029?
In the approaching years, the car parts market is predicted to witness robust growth, escalating to $353.5 billion by the year 2029, with a compound annual growth rate (CAGR) of 6.7%. Factors contributing to the expected growth during the projection period include the escalating demand for electric vehicles, an increase in vehicle parts, the expansion of ride-sharing and fleet services, the necessity for lightweight and durable elements, and a growing inclination towards do-it-yourself (DIY) repairs. Key trends in the anticipated period comprise the shift towards eco-friendly and reprocessed auto parts, the rising application of 3D printing in parts fabrication, the usage of smart auto parts, digital mechanisms for parts distribution, and heightened automation in the production process.

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What Drivers Are Propelling the Growth of Car Parts Market Forward?
The growth of the car parts market is predicted to be fueled by an increase in aging vehicles. When referring to aging vehicles, it means cars that have been in operation for more than 8-10 years and are still functioning, often requiring regular maintenance, repairs, and part replacements to stay roadworthy. This increase in the number of aging vehicles is attributed to better vehicle longevity, allowing cars to stay reliable and in use for extended periods. Car parts serve a vital function by facilitating regular repairs and replacements for aging vehicles, thus enhancing their lifespan and performance. As per a report from CCC Intelligent Solutions Inc., a US-based SaaS platform provider for the property and casualty (P&C) insurance economy, in April 2025, it was established that in 2024, the average age of U.S. vehicles on the road increased to 12.7 years, with an anticipated rise to 13 years by 2026. Consequently, the surge in the number of aging vehicles is contributing to the expansion of the car parts market.

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Which Emerging Trends Are Transforming the Car Parts Market in 2025?
Major corporations in the auto parts industry are prioritizing the development of creative solutions like brake-by-wire (BbW) systems. These offer improved safety measures, performance, and integration with new driver assistance and self-driving technologies. Brake-by-wire (BbW) systems are a step up from traditional braking technologies and replace conventional mechanical and hydraulic connections with electronic controls that operate the vehicle's brakes. For example, Nexteer Automotive, an American manufacturer, launched the Electro-Mechanical Brake (EMB) system in April 2025. This state-of-the-art brake-by-wire (BbW) solution enhanced the car's efficiency, control of the chassis, and safety. This novelty allows accurate, individual control of each wheel, which augments vehicle stability, minimizes response times, and amplifies safety and comfort. It is particularly useful for electric vehicles where the reduction of noise and vibration is crucial. As the EMB system does away with hydraulic components, it promotes the light-weighting of vehicles, improving energy efficiency and decreasing maintenance needs. This aligns with the industry's move towards more sustainable, software-driven vehicle frameworks.

What Are the Key Segments in the Car Parts Market?
The car parts market covered in this report is segmented -

1) By Product Type: Engine Parts, Transmission Parts, Brake System Parts, Electrical Components, Suspension And Braking Systems, Body And Interior Components, Fuel And Emission Components, Exhaust System, Other Product Types
2) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By End User: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Sports Vehicles

Subsegments:
1) By Engine Parts: Pistons, Crankshafts, Camshafts, Cylinder Heads, Timing Belts Or Chains, Engine Valves
2) By Transmission Parts: Gearboxes, Clutches, Torque Converters, Differential Assemblies, Transmission Control Units (TCUs), Driveshafts
3) By Brake System Parts: Brake Pads, Brake Discs Or rotors, Brake Calipers, Brake Drums, Master Cylinders, Brake Hoses
4) By Electrical Components: Batteries, Alternators, Starters, Wiring Harnesses, Ignition Coils, Electronic Control Units (ECUs)
5) By Suspension And Braking Systems: Shock Absorbers, Struts, Control Arms, Ball Joints, Leaf Springs, Coil Springs
6) By Body And Interior Components: Bumpers, Fenders, Doors, Dashboard Panels, Seat Frames, HVAC Units
7) By Fuel And Emission Components: Fuel Pumps, Fuel Injectors, Carburetors, EVAP Systems, Catalytic Converters, EGR Valves
8) By Exhaust System: Mufflers, Exhaust Manifolds, Tailpipes, Resonators, Oxygen Sensors, Exhaust Gaskets
9) By Other Product Types: Steering Systems, Radiators, Windshield Wipers, Lighting Systems, Tires And Wheels, Mirrors

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Who Are the Key Players Shaping the Car Parts Market's Competitive Landscape?
Major companies operating in the car parts market are Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, Continental AG, Magna International Inc., Aisin Seiki Co. Ltd., Sumitomo Electric Industries, Ltd., Valeo SA, Lear Corporation, Faurecia SE, Tenneco Inc., Schaeffler Group, Adient plc, Yazaki Corporation, BorgWarner Inc., JTEKT Corporation, Mahle GmbH, Nexteer Automotive India Private Limited, Aptiv plc, Hitachi Automotive Systems (India) Private Limited.

What Geographic Markets Are Powering Growth in the Car Parts Market?
Asia-Pacific was the largest region in the car parts market in 2024. The regions covered in the car parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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