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The auto parts market size is estimated to grow by USD 393.22 billion at a CAGR of 3.62% between 2022 and 2027. The growth of the global automotive aftermarket market depends on several factors, such as the increased usage of automotive technologies, the digitalization of automotive repair and maintenance services, and the high demand from the aftermarket, with the US, Germany, China, the UK, and Japan being the top five countries contributing to the market growth, led by the US, which holds the largest market share and is projected to generate an annual revenue of USD 537.21 million, while Goodyear, through its subsidiary Cooper Tire and Rubber Company, is one of the top-performing market players offering auto parts such as Cooper Endeavor Plus and Discoverer EnduraMax, and the report also examines historic data from 2017 to 2021 to provide a comprehensive analysis of the current market scenario.
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This automotive parts market report extensively covers market segmentation by end-user (OEM and aftermarket), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The OEM segment is estimated to witness significant growth during the forecast period. The OEM segment is expected to grow significantly in terms of market share when compared with the aftermarket. OEM is referred to describe companies that make original automotive components such as brakes, steering, and other parts for new vehicles, driving the growth of the auto components market.
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The OEM segment was the largest segment and was valued at USD 1,441.61 billion in 2017. OEM parts are made by a specific manufacturer to align with the exact specifications of the vehicle so that they fit perfectly into that space. Therefore, they are preferred by automobile manufacturers around the globe. The buyers prefer OEM parts because they offer the same parts as those originally installed during the manufacturing process.
Based on the distribution channel, the offline segment holds the largest market share. The market benefits from numerous physical stores, driving its growth. Offline stores offer tactile experiences, boosting progress. However, offline's share might decrease due to rising e-commerce. Key countries like the US, Canada, UK, Germany, and China host multiple auto part stores, garages, and dealerships. Franchise repair businesses gain traction for profitability.
Consumers buy auto components like vehicle lighting, brakes, and filters offline. Major players like Toyota and Bosch expand to online channels alongside offline presence. Automotive parts industry analysis shows automotive aftermarket trends impacting consumer behavior in the auto parts manufacturing industry with the emergence of automotive technologies. Consumers prefer brick-and-mortar for complex installations, as vehicles and parts grow intricate, thereby driving the auto components market.
APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period.
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Another region offering significant growth opportunities is North America. Commercial vehicles account for about half of the total in-use vehicles in North America, whereas light commercial vehicles account for most sales across the region. The continued growth of the oil and gas sector, a broad range of agriculture sectors, an intensive mining industry, and the growth of the industrial manufacturing sector across the region are expected to propel the demand for commercial vehicles in North America, which, in turn, is expected to increase the demand for auto parts in North America and the US automotive parts market during the forecast period. Such factors are expected to fuel the demand for auto parts manufacturing during the forecast period. Another region seeing steady growth is the Automotive Parts Market in Poland.
The global auto parts market is experiencing significant growth, particularly in the areas of electric cars and autonomous vehicle technology. With the increasing stock of electric cars in the EU passenger car fleet, there is a rising demand for specialized components such as sensors, radar systems, and lidar technology. Traditional car spare parts like engine parts, electrical parts, drive and transmission steering parts, suspension and braking parts equipment continue to dominate the market. However, the shift towards light commercial vehicles, sports vehicles, and alternative fuel vehicles is driving innovation in transmission and drivetrain parts, brake system parts, and suspension and steering parts. Auto parts manufacturers are at the forefront of this transformation, developing advanced solutions to meet the evolving needs of the industry.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased usage of technological advancement in the global market is driving growth in the market. Technological innovation in braking components, headlamps, and other parts is driving the global market constantly. High-performance braking systems are integrated with electronic features, such as regenerative braking, brake-by-wire, electronic brake force distribution, antilock braking, traction control, and electronic stability control systems.
Moreover, 3D printing technology is being used to fabricate the production of auto parts. Also, there is a broad range of additive-manufactured parts that are used in the production of vehicles today, many of them being made from synthetic materials. The emergence of 3D printing in the automotive industry and the growing demand for hybrid and all-electric vehicles are likely to boost the market growth during the forecast period. Hence, such factors are expected to drive the growth of the market during the forecast period.
The growing availability of automotive aftermarket parts on e-commerce platforms is a key trend in the market. With the increasing popularity of online channels, the global automotive parts aftermarket is experiencing changing trends and developments. E-commerce platforms are playing an important role in the rapid growth of revenues generated by the automotive aftermarket.
Moreover, the global auto parts aftermarket is witnessing a paradigm shift toward online platforms that are witnessed with auto parts sales online growing year on year. Revenue from online sales is driven by advantages and benefits linked with the application of eShopping Platforms for Aftermarkets in cars. Such factors will fuel the growth in the auto parts aftermarket through online sales in the market during the forecast period.
Online retailers challenging traditional aftermarket retailers is a major challenge in the market. The growth of existing traditional aftermarket players, who do not have an online presence, will be greatly hampered by the increase in the number of e-commerce shop players in the global auto parts manufacturing market. The automotive industry is continuously evolving and growing with the ongoing developments and innovations taking place in the field of electronics, digitalization, and connectivity.
However, the availability of various products/systems and their varieties in the aftermarket is increasing year after year. Online retailers are giving tough competition to traditional brick-and-mortar stores operating in the global market. Sales in traditional automotive accessories stores have been negatively affected by the benefits of online shopping. Though online retailing in the global market is growing, at the same time, this will harm traditional retailers' growth. Factors such as the availability of auto parts through the online medium will fuel the growth of the auto parts industry during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
3M Co. - The company offers auto parts such as Pin 14 with 3M Acrylic Foam Tape 5392, 3M Wheel Weight TN6020, and Rain Sensor Brackets with 3M Die Cuttable Tape DC2008.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., AISIN CORP., Akebono Brake Industry Co. Ltd., Autoliv Inc., BorgWarner Inc., Brembo Spa, General Motors Co., HELLA GmbH and Co. KGaA, Hyundai Motor Co., Lear Corp., Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Schaeffler AG, Stellantis NV, Tenneco Inc., The Goodyear Tire and Rubber Co., Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is undergoing a transformation driven by the increasing popularity of electric and hybrid cars. This shift is leading to the manufacturing of environmentally friendly vehicle parts and a transition to electric vehicles (EVs). Automakers are investing heavily in EV technology, leading to a growing demand for specialized auto components and EV components such as batteries, electric motors, and charging infrastructure. Consumer behavior is also influencing the market, with a greater emphasis on environmentally friendly materials, including recycled and biodegradable materials. This trend is not only seen in the production of new vehicles but also in the aftermarket parts sector, where consumers are seeking eco-friendly options for auto repair and maintenance services. Key segments like underbody components, engine components, and automotive filters are experiencing changes due to the rise of EVs. Heavy commercial vehicles are also incorporating more EV-specific components, reflecting the broader shift towards electric mobility. Overall, the auto parts industry is adapting to meet the evolving needs of the automotive industry as it transitions towards a more sustainable future.
The market is evolving rapidly with the rising demand for parts for EVs, driven by investments in EV technology and shifting consumer behaviour. Autonomous vehicles and smart grid technology are transforming the industry, while government incentives and stringent emission regulations further boost market growth. Renewable energy sources and vehicle-to-grid (V2G) technology are becoming integral, enhancing the sustainability of the auto industry. The expansion of charging station networks and advancements in battery recycling are crucial for supporting the growing EV market. Effective supply chain management is essential to meet these demands and ensure the smooth operation of the global automotive parts market, as it adapts to new technologies and environmental standards, including automotive parts industry analysis, automotive aftermarket trends, and the auto parts manufacturing industry.
The market is witnessing significant transformation driven by EV startups and evolving global market trends. Consumer incentives are encouraging the adoption of electric vehicles, enhancing vehicle performance and extending electric vehicle range. Ride-sharing services and fleet electrification are increasing demand for advanced automotive filters and energy storage solutions. Public transportation electrification and the integration of vehicle safety features are shaping the market dynamics. The rise of automotive software, connected car technology, and wireless charging solutions is further influencing market trends. Emphasis on energy efficiency is paramount as manufacturers adapt to new technologies. Overall, the auto parts market is set for growth, adapting to the shift towards sustainable and connected transportation solutions.
The auto parts market research report provides comprehensive data (region-wise segment analysis as well as overall auto parts industry analysis), with forecasts and estimates in USD Billion for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
Automotive Parts Market Sco p e |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.62% |
Market growth 2023-2027 |
USD 393.22 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.98 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks, Auto Parts Market Industry Report. |
Key companies profiled |
3M Co., AISIN CORP., Akebono Brake Industry Co. Ltd., Autoliv Inc., BorgWarner Inc., Brembo Spa, General Motors Co., HELLA GmbH and Co. KGaA, Hyundai Motor Co., Lear Corp., Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Schaeffler AG, Stellantis NV, Tenneco Inc., The Goodyear Tire and Rubber Co., Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Automotive parts market size and market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period, Auto Parts Market Growth Analysis. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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