Market Outlook:

The global auto parts and accessories market reached a value of USD XX.X Million in 2023 and is forecasted to reach USD XX.X Million by 2031, with a Compound Annual Growth Rate (CAGR) of XX.X% during the period from 2024 to 2031. Apart from providing market insights such as value, growth rate, segmentation, geographical coverage, key players, and market scenarios, the market report compiled by the Global Market Vision team includes comprehensive expert analysis, import/export analysis, pricing analysis, production consumption analysis, and PESTLE analysis.

Automotive parts refer to components integral to the functioning of an automobile. These parts encompass various elements including chassis, bodies, interiors, seating, exteriors, powertrains, electronics, mirrors, closures, roof systems, and modules, among others. Each component contributes to the overall functionality and performance of the vehicle, ensuring an optimal driving experience. The classification of automotive parts and accessories includes categories such as interiors and exteriors, driveline and powertrain, electronics, bodies and chassis, seating, lighting, wheels and tires, among others.

Several factors are anticipated to drive growth in the auto parts and accessories market during the forecast period, including government incentives and increased regional demand. Additionally, the easy availability of raw materials is expected to further propel market expansion. Moreover, the rising rates of vehicle and engine scrappage are projected to support market growth. However, global economic slowdowns may hinder market growth within the specified timeframe.

Market Dynamics:

Driver:

The significant factor propelling the growth of the air brake system market is the rapid urbanization observed worldwide. This urban expansion necessitates efficient transportation systems, thus driving the demand for air brake systems. Furthermore, the increasing sales and production of commercial vehicles and off-highway trucks contribute to market expansion. These vehicles often require robust braking mechanisms, leading to the integration of air brake systems to facilitate higher brake force application. Additionally, the widespread utilization of air brake systems in various applications, including parking brakes and service brakes, along with their adoption in railways and high-speed trains, plays a pivotal role in influencing market dynamics positively.

Restraint:

Cost is a significant consideration within the automotive parts industry. While higher costs are a concern, particularly for larger vehicles such as heavy-duty trucks, semi-trailers, and buses, where the implementation of air brake systems may be more expensive compared to traditional brake systems, the impact on smaller vehicles requiring smaller hydraulic braking systems is relatively minor.

Opportunity:

When the brake pedal is depressed in a moving vehicle, pressure is exerted on the frictional components located near the wheels, causing them to engage and halt the vehicle's motion. However, this traditional braking system has inherent limitations, particularly concerning potential fluid leaks within the braking system. Such leaks can lead to a significant reduction in the efficiency of the brake drum or even complete loss of braking function. To address this issue, air compressor brake systems have been developed, utilizing specialized air rather than fluid to transmit pressure to the braking components. By employing air, these braking systems mitigate the risk of brake failure resulting from leaks within the braking system. Presently, the utilization of air brake systems is increasingly mandated by governmental regulations, particularly for vehicles exceeding specific size criteria or employed in commercial passenger transport.

Challenge:

As individuals increasingly prioritize environmental concerns, there emerges a demand for products that are environmentally friendly and sustainable. However, for auto parts producers, meeting these standards and transitioning to more ecologically friendly practices can pose challenges.

Key Players:

Autoliv Inc.

AISIN CORPORATION

BASF SE

ThyssenKrupp AG

BorgWarner, Inc.

Continental AG

Faurecia

DENSO CORPORATION

Hitachi, Ltd.

Valeo

Segment Insight:

The global auto parts and accessories market exhibits distinct growth trajectories across various segments. Interiors and Exteriors segment is poised for significant expansion, driven by escalating demand for customization and aesthetic enhancements, particularly in seat covers, floor mats, spoilers, and alloy wheels. Technological advancements fuel growth in the Driveline and Powertrain segment, with a pronounced focus on electric vehicle components and fuel-efficient parts. In the realm of Product Type, the burgeoning demand for electronics within vehicles propels the Electrical Parts segment, encompassing batteries, alternators, and wiring harnesses. Passenger Cars dominate the landscape in Vehicle Type, leveraging their substantial market share, while the Commercial Vehicles segment sees growth catalyzed by the surge in e-commerce and the need for streamlined transportation solutions. Meanwhile, the OEM segment, pivotal in vehicle assembly lines, is contingent upon overall production volumes, while the Aftermarket segment thrives on the rise in vehicle parc, accentuating the demand for replacement parts for existing vehicles.

Recent Developments:

In March 2023, Hitachi Ltd established a new auto part manufacturing facility in India to serve both domestic and overseas markets.

In March 2023, Magna International Inc. introduced an innovative lightweighting technology for automotive components, aimed at improving fuel efficiency and reducing emissions.

Regional Insight:

North America, particularly the United States and Canada, has a mature auto parts and accessories market driven by a large automotive fleet and a strong aftermarket presence. Also, Europe is a significant market for auto parts and accessories, with countries like Germany, France, and the United Kingdom being key players. Asia-Pacific is a rapidly growing market for auto parts and accessories, fueled by the expanding automotive industry and rising disposable incomes in countries like China, India, Japan, and South Korea. Latin America has a diverse auto parts and accessories market, with countries like Brazil, Mexico, and Argentina being major players. Additionally, the auto parts and accessories market in the Middle East and Africa region is characterized by a mix of established markets like the UAE and emerging markets such as Nigeria and South Africa.

Segmentation:

By Type

Interiors and Exteriors

Driveline and Powertrain

Lighting

Electronics

Seating

Other

By Product

Electrical Parts

Engine Parts

Suspension and Braking Parts Equipment

Drive and Transmission Steering Parts

Others

By Vehicle Type

Commercial

Passenger

Sports Vehicles

Light Commercial Vehicle

Others

By Application

OEM

Aftermarket

By Region

North America

U.S.

Canada

Mexico

Europe

France

UK

Spain

Germany

Italy

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Rest of Asia Pacific

Middle East & Africa

GCC

South Africa

Rest of the Middle East & Africa

South America

Brazil

Argentina

Rest of South America

What to Expect from Industry Profile

Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Auto Parts and Accessories market in the world.

Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Auto Parts and Accessories market.

Leading company profiles reveal details of key Auto Parts and Accessories market players’ global operations, strategies, financial performance & their recent developments.

Add weight to presentations and pitches by understanding the future growth prospects of the Global Auto Parts and Accessories market with forecast for decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Auto Parts and Accessories Market?

Consumer Preferences and Regulatory Standards are the major factors driving the growth of the Global Auto Parts and Accessories Market.

2) What would be the CAGR of Global Auto Parts and Accessories Market over the forecast period?

The Global Auto Parts and Accessories Market is poised to grow at a CAGR of XX% from 2025 to 2032.

3) Which region will provide more business opportunities for growth of Global Auto Parts and Accessories Market in future?

North America region is expected to create more opportunities in market.

4) Who are the major players dominating the Global Auto Parts and Accessories Market?

Autoliv Inc., AISIN CORPORATION, BASF SE, ThyssenKrupp AG, BorgWarner, Inc., Continental AG, Faurecia, DENSO CORPORATION, Hitachi, Ltd., Valeo.

5) What are the segments in the Global Auto Parts and Accessories Market?

By Type, By Product, By Vehicle Type and By Application are the industry key segments considered for research study.

6) What is the estimated market revenue for Global Auto Parts and Accessories Market in 2032?

The estimated revenue for Global Auto Parts and Accessories Market in 2032 is USD XX billion.