Press release
Automotive Parts Market to be Worth $824.2 Billion by 2032
The global automotive parts (pièces automobiles) industry is undergoing a major transformation due to technological progress, changing consumer preferences, and new regulations.
Stakeholders need to comprehend these key drivers and regional dynamics in order to effectively navigate this complex market.
Key Drivers Fueling Market Growth
The automotive parts market is showing strong resilience, **reaching $824.2 billion by 2032 at a CAGR of 4.3%**. Worldwide government initiatives are playing a significant role, with authorities putting policies in place that offer financial incentives, tax benefits, and large investments in research and development, especially for autonomous vehicles and advanced materials.
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The surge in vehicle sales across major markets is significantly affecting the demand for parts. Germany saw a **7.3% rise in car sales, reaching 2.8 million vehicles** in 2024, while Japan experienced a **13.8% jump, selling 4,779,086 units**. This growth directly relates to a higher demand for replacement parts like brake pads, oil filters, and tires.
Technological progress is another vital driver. The industry is moving towards cleaner, more efficient vehicles. Hybrid technology combines electric motors with gasoline engines. Companies are focusing on AI-enabled vehicles with innovations like BYD Company's smart car system, which includes automated parking features.
India's Electric Vehicle Revolution and Auto Parts Evolution
India's automotive scene is changing rapidly as electric vehicle adoption speeds up. The auto parts industry in the country is quickly evolving to support this shift, with traditional manufacturers adapting to produce electric vehicle components.
The Indian government is taking proactive steps, as seen in Chhattisgarh's electric vehicle policy introduced in July 2022. This policy aims to improve EV charging infrastructure and speed up the shift from combustion engines. It encourages EV manufacturing in the state, creating chances for auto parts suppliers that specialize in electric vehicle components.
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Traditional manufacturers are modifying their production lines to meet the needs of electric vehicles. Battery management systems, electric motors, power electronics, and charging infrastructure components are now key segments. The **two-wheeler segment holds a significant share at ~62%** of the global automotive parts market. India is a major contributor, with rising environmental awareness increasing the demand for electric two-wheelers.
E-commerce: The Critical Distribution Channel Revolution
The digital shift in automotive parts (jidōsha buhin) distribution marks a significant change in how consumers and businesses access automotive components. E-commerce platforms are becoming crucial channels, offering more convenience and accessibility.
Traditional brick-and-mortar stores struggle to keep a wide range of parts in stock. In contrast, online platforms can provide extensive catalogs without the limits of physical inventory. The **OEMs segment accounts for ~74%** of the global automotive parts market, yet e-commerce is making it easier to access both OEM and aftermarket parts.
Amazon.com's launch of an OEM auto parts store in February 2024 illustrates this trend, offering products from 25 car brands that include engine parts, tires, and replacement components. These platforms provide detailed product information, customer reviews, and competitive pricing, improving the overall shopping experience.
Technologies like artificial intelligence and machine learning allow e-commerce platforms to offer personalized recommendations, helping customers find the right parts for their vehicles and reducing the challenges often associated with purchasing automotive components.
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Future Outlook and Market Dynamics
The future of the automotive parts market looks bright, driven by several converging trends. The **electrical & electronic parts segment is projected to show the highest CAGR** during the forecast period, reflecting the industry's increasing move toward digitization and electrification.
Technological innovation will keep transforming the industry. The integration of artificial intelligence, sensor technology, and advanced materials will lead to new product categories and service needs. The shift towards electric vehicles will fundamentally change the parts ecosystem, with traditional engine components gradually declining as battery management systems and electric motors gain importance.
Sustainability will increasingly guide purchasing choices. Consumers and regulatory agencies are emphasizing environmental impact, boosting demand for recyclable materials and energy-efficient components. These trends suggest a dynamic and opportunity-rich future for the automotive parts industry.
Key players
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.).
Key Questions Answered in the Report:
• What are the high-growth market segments in terms of product type, distribution channel, and vehicle type?
• What is the historical market size for the global automotive parts market?
• What are the market forecasts and estimates for 2025-2032?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global automotive parts market?
• Who are the major players in the global automotive parts market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global automotive parts market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global automotive parts market, and how do they compete with other players?
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