Automotive OEM Market Size to Register USD 50.5 billion, with a CAGR of 4.3% by 2032 – Report by Market Research Future (MRFR)

Automotive OEM Market Growth Boost by Rising Focus of Digital Experiences on Consumers, Demands, and Global Trends

New York, US, May 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive OEMs Market Information by Component, Vehicle Type, Distribution Channel, and Region - Forecast till 2030", The market for automotive OEMs can anticipate going from USD 36.0 billion in 2023 to USD 50.5 billion by 2032, at a healthy rate of 4.3% over the appraisal period (2023-2032).

Automotive OEM Market Overview

The MRFR study covers many major segments, including all the major OEMs in the automotive industry, Automotive OEM Coatings, details about each and every OEM automobile company, OEM manufacturers, automobile OEM companies, largest automotive OEMs, automotive OEM telematics, and more.

OEM stands for the original manufacturer of a vehicle's parts. When a car is made, the original manufacturer supplies the parts, whereas aftermarket parts are created by suppliers that do not meet the same standards of quality and are not interchangeable with the car in the same way. When compared to aftermarket parts, OEM items are more expensive. Typically, the OEM will guarantee the components' installation and compatibility. For replacement purposes, OEM parts are less complicated.

Market Competitive Landscape:

The important OEM manufacturers in the automotive industry include

  • Toyota Motor Corporation
  • Volkswagen AG
  • Nissan
  • Honda Motor Co.
  • Magna International Inc.
  • Continental AG
  • CIE automotive
  • Siemens
  • BMW AG.
  • Exide Industries Limited
  • Denso Corp
  • Robert Bosch
  • Valeo
  • Aptiv
  • Ford Motor Company
  • Mitsubishi Motors Corp.
  • Among others.

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Automotive OEM telematics remains one of the top technological advances in the industry. Advanced navigation and infotainment systems called telematics are used in cars to track a vehicle's movement and location using a variety of various technologies, including the global positioning system (GPS), onboard diagnostics, and others. The automotive OEM telematics market has benefited from technological developments that were followed by the launch of a number of innovations, including in-car entertainment, networked features between vehicles, and enhanced driver assistance systems.

Additionally, the addition of telematics to vehicles has improved the functionality of the GPS and diagnostics systems, allowing for the recording of the speed and internal behavior of the vehicle. To track a vehicle's position and behavior, telematics devices are mostly used by fleet management firms and auto insurance companies.

Automotive OEM Market COVID 19 Analysis

Vehicles with cutting-edge components were produced less frequently as a result of the lockdown requirement. The supply and demand chains for the exchange of goods came to a standstill, which resulted in a decline in the manufacture of automobiles.

Because most revenue-generating businesses were forced to close their doors in order to safeguard their staff from the coronavirus, the forced recession also had an impact on vehicle sales. In order to deal with the worst-case scenario of prolonged unemployment, consumers held onto their money and savings.

Despite a severe downturn in the economy, the automotive OEM telematics business has adapted new tactics and development abilities to recover. In order to sustain itself, the market has begun to explore other finance options and business strategies.

Report Scope:

Report Metrics Details
Market Size 2032 2032: USD 50.5 billion
CAGR during 2023-2032 4.3% CAGR
Base Year 2021
Forecast 2023-2032
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Vehicle Type, Distribution Channel, and Region
Key Market Opportunities Increasing Sales of Electric Vehicles
Key Market Dynamics Rising Focus of Digital Experiences on Consumers

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Automotive OEM Market USP Covered:

Market Drivers:

Considering the varieties in the market's product offerings and technological advancements, the automotive OEM market exhibits strong potential and can expand quickly. There will be a rise in demand for lightweight, fuel-efficient OEM parts as more countries adopt strict fuel economy rules. The market size will expand as a result of the desire for lightweight, fuel-efficient parts. Throughout the forecast, the market is anticipated to be driven by a number of government efforts that aim to reduce pollution and by rising disposable income in developing countries. The market size is also anticipated to be boosted by a rise in the demand for various hybrid and premium cars in developing countries.

The market for automotive original equipment manufacturers is anticipated to expand in the coming years due to the quick development of technology, which will lead to increased demand for batteries, filters for vehicles with diesel engines, and innovative automotive parts with the assistance of trained and seasoned technical staff. Periodic maintenance of motor vehicles is required; parts for cleaning, lubrication, battery repairs and tire replacement are all offered by service providers.

The adoption of sophisticated networking features and the use of sensor data for maintenance will increase the market for car original equipment manufacturers. the original apparatus. The rise in vehicle production and sales is the primary driver of the manufacturing market. Customers' concerns about safety are growing, hence the market is anticipated to expand over the forecast period. Modern cars are being offered to the market as a result of increased innovation and research in this area.

Market Restraints:

A few growth limiting factors can be anticipated by the market in the following years. Due to factors like fluctuating raw material prices, the market is not growing as quickly as it should. Significant barriers to the overall growth of the global automotive OEM market include the difficulty in getting raw materials and the rise in concerns about the environmental dangers associated with solvent-borne vehicle coatings. Despite this, the potential for growth is attractive because of the development of new technologies and untapped markets in developing countries.

Automotive OEM Market Segmentation

By Component  

Powertrain, chassis, electronics and electrical, external body, and automobile interiors are the segments of the automotive OEM market that are broken down by component. The market was dominated by the powertrain category, which brought in $22.3 billion, or 35% of total market revenue. The growing popularity of electric vehicles is what has caused this market sector to grow.  

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By Type

Commercial vehicles, passenger automobiles, and electric cars are among the vehicle types included in the Automotive OEM Market categorization. Throughout the projected period, it is expected that the commercial vehicle segment will continue to rule. The development of commercial cars with fewer carbon emissions is a top priority for automotive original equipment manufacturers. Additionally, a major factor in the commercial vehicle segment's dominant position in the market is an increase in e-commerce-related logistics and transportation.

By Distribution Channel

Retailers, wholesalers, and distributors are part of the distribution channel-based segmentation of the automotive OEM market. By 2022, there were more wholesalers selling directly to customers via the numerous service centers that buy OEM in large quantities.

Automotive OEM Market Regional Insights

North America is dominated by the United States. The market for this business is growing as a result of technical improvements. The market in this nation is greatly expanded by the development of high-performance cars. The regional automotive OEM market is also growing as a result of the development of automatic vehicles.

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The automotive OEM market in Asia Pacific will expand at the quickest rate between 2023 and 2032. The Korean market for automobile OEMs is expected to grow as environmental awareness grows and cleaner vehicles using sustainable fuels are developed. It is projected that favorable government policies will expand the window of opportunity for market leaders. Additionally, the Indian Automotive OEM industry had the Asia-Pacific region's fastest expanding market and China's Automotive OEM market had the greatest market share.

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