Auto Parts Market Size Projected to Grow at a 7.5% CAGR – Report by Market Research Future (MRFR)

The Auto Parts Market would be worth $755 billion by 2026, Driving Global Demands, Sales, and Competitive Trends till 2032

New York, US, May 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Auto Parts Market Information by Application, and Region - Forecast till 2032", The auto parts market would be worth $755 billion by 2026 and between 2023 and 2032, it can attain a growth rate of 7.5%.

Auto Parts Market Overview

Over the past century, the auto parts industry has grown from small hardware stores that provided fasteners to innovators like Karl Benz, Armand Peugeot, and Henry Ford to a global auto parts market that offers everything from screws and brake pads to complete vehicle systems and, in some cases, entire cars.

There are dozens, if not tens of thousands, of individual businesses that provide everything from simple hardware to complex systems to the worldwide automotive sector. Based on global original equipment sales, more than 100 of these companies have annual sales of $1 billion or more. 

Market Competitive Landscape:

The important companies active in the auto parts market include

  • ATI
  • Continental AG
  • Denso Corporation
  • DORMAN Products Inc.
  • DuPont
  • Grammer AG
  • Husky
  • Kia Motors Corporation
  • Marmon Group
  • Texas Instruments
  • Toyota Motor Corporation
  • Volkswagen
  • Among others.

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The development of the sector is anticipated to be fueled by the proliferation of technologies and rising R&D expenditures by manufacturers and associations. The market is dominated by a large number of local and regional rivals that face pressure to present cutting-edge products that assist customers in addressing evolving business practices, security requirements, and technological advancements. The leading players are in a favorable yet vulnerable position in terms of gaining or losing market share. The major firms are pursuing a merger and acquisitions strategy with the goal of expanding their presence around the world.

Auto Parts Market Segmentation

By Type

The worldwide auto parts market is divided by type into braking and clutch systems, tyres, automotive lights, and engine components. The highest share of the market was occupied by engine parts among these. This is explained by the rising demand for automobile engines, the expansion of the performance and replaceable parts market, and the growing trend of engine downsizing.

Due to the rising demand for high-performance tyres with cutting-edge designs, tyres are predicted to expand at the highest rate over the projection period.

Report Scope:

Report Metrics Details
Market Size 2032 2026: USD 755 billion

2032: USD Significant Value
CAGR during 2023-2032 7.5% CAGR
Base Year 2022
Forecast 2023-2032
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Type, By Application, and Region

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Auto Parts Market:

Auto Parts Market USP Covered:

Market Drivers:

The keen interest of car owners in improving their vehicle's performance in terms of exhaust sound, speed, and aesthetic characteristics, among many other elements, is a primary driver of the market. The functioning of automotive components has built-up standards, and the environmental effects of those requirements are monitored by regional regulatory agencies like the Japanese Automobile Sports Muffler Association (JASMA) and the United States Environmental Protection Agency. 

The transportation sector is finding new opportunities as a result of the world's increasing globalization, particularly as it transitions to vehicles like electric, electronic, and hybrid vehicles that are seen as more reliable, safe, and efficient ways of transportation. This will open up more verticals and opportunities for producers of automotive components during the coming ten years. Governments everywhere have already provided a variety of production incentives to aid them in adjusting to the sector's evolving dynamics. Infrastructure for electric cars is receiving significant funding from many nations. The auto parts sector will benefit from this.

Market Restraints:

Over the course of the forecast period, issues related to high R&D costs are anticipated to impede auto parts market growth. The manufacturing procedures used by automakers are subject to various limitations. One of these restrictions is the cost of production. However, some aftermarket filters and other automotive replacement parts give customers the option to select a component that is appropriate for their vehicle's operating environment.

COVID 19 Analysis

One of the most often reported aspects of the COVID-19 (coronavirus) epidemic is panic buying. Due to a global phenomenon, health systems are threatened in their ability to prevent and cure the coronavirus due to a lack of hand sanitizers, masks, and painkillers. Chloroquine and hydroxychloroquine, which are essential medications for autoimmune disorders like lupus but remain unproven for COVID-19, may run out if prospective remedies are overbought in a panic.

As a result of supply chain disruptions, governments around the world are stockpiling and limiting additional medications while attempting to get masks, protective gear, and ventilators. Demand is outpacing supply, shortages of basic materials are raising prices, and political pressure is greater than ever.

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However, our analysts are constantly keeping an eye on the global situation, and are confident that, in the wake of the COVID-19 conundrum, the market will offer producers lucrative opportunities.

Auto Parts Market Regional Insights

The biggest market for mercury is in the Asia Pacific. In recent years, India's economy has experienced the world's fastest growth. The automobile business has grown quickly as a result of rising incomes, more infrastructure spending, and higher manufacturing incentives.

A significant increase in original equipment and vehicle component manufacturers was partly a result of the high demand for automobiles. India gained expertise in vehicles and auto parts as a result, which helped increase demand for Indian autos and auto parts abroad. As a result, the country's car components business is significantly impacted by the Indian automobile industry.

Numerous Indian and foreign players have entered the APAC industry as a result of the striking increase in demand for Indian auto components. The structured and unorganized sectors of the auto parts market are roughly categorized. The structured sector contains high-value precision instruments while serving OEMs, while the unorganized sector mostly caters to the aftermarket and consists of low-value products.

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