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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Auto Parts Manufacturing Market Outlook
The global auto parts manufacturing market size reached approximately USD 701.57 billion in 2023. The market is projected to grow at a CAGR of 6.1% between 2024 and 2032, reaching a value of around USD 1,195.40 billion by 2032.
| Global Auto Parts Manufacturing Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 701.57 |
| Market Size 2032 | USD Billion | 1,195.40 |
| CAGR 2018-2023 | USD Billion | XX% |
| CAGR 2024-2032 | USD Billion | 6.1% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 7.9% |
| CAGR 2024-2032 - Market by Country | India | 9.1% |
| CAGR 2024-2032 - Market by Country | Brazil | 7.6% |
| CAGR 2024-2032 - Market by Sales Channel | Aftermarket | 6.8% |
| CAGR 2024-2032 - Market by Vehicle Type | Passenger Cars | 7.0% |
| Market Share by Country 2023 | Canada | 2.0% |
Key Takeaways
- Auto parts manufacturers are enhancing their online presence to reach a broader customer base.
- Favourable government regulations are expected to promote the demand for environmentally friendly auto parts.
- North America is expected to emerge as a significant market due to the high usage of commercial vehicles.
Auto parts are the components or systems which are manufactured by various entities and then used in the production of automobiles. Some of the common auto parts include chassis, transmission and power train parts, motors and engine components, body parts and trimmers, electronics, and braking systems, steering and suspension components, fuel tank, seat, tailpipe, and wheel/tyre, among others.
The introduction of innovative techniques in the automotive sector is one of the major factors bolstering the auto parts manufacturing market growth. This has encouraged key players to align their strategies to the prevalent trends in order to maintain competitiveness in such a dynamic environment. For example, the demand for auto parts manufacturing is expected to expand in the coming years with the introduction of the latest technology in the automotive engine radiators. Furthermore, leading market players are planning to manufacture lightweight car parts to produce components that are significantly lightweight and much more fuel-efficient than their predecessors.
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Key Trends and Developments
Surge in the production of hybrid vehicle parts; growth of 3D printing; growing demand for autonomous vehicle parts; and favourable government initiatives supporting sustainable auto parts manufacturing are the major trends impacting the market
January 11th 2024
Blue Point Capital Partners, a private equity firm, announced the acquisition of Arch Auto Parts, an independent auto parts manufacturer, to expand its market presence.
January 18th 2024
LKQ Euro Car Parts, a car parts and accessories provider, announced to establish a partnership with Protyre Autocare, as an aftermarket auto parts supplier for a 5-year duration.
January 20th 2024
As part of Compolive project, Ford announced to use olive tree waste such as branches, twigs, and leaves for the manufacture of sustainable auto parts to reduce plastic usage and promote sustainability.
January 22nd 2024
Gestamp, a Spain-based auto part company, is funded by the European Union to leverage 5G and IoT technology for the automotive plant.
The surge in the production of hybrid vehicle parts
Manufacturers in developing countries are increasingly focused on the development of hybrid vehicles, which combine features of gasoline engines and electric motors.
3D printing to emerge as a prominent trend
Auto parts manufacturers are readily deploying 3D printing technology for the fast and efficient production of complex and customised parts in the automotive.
Growing demand for autonomous vehicle parts
With the rising popularity of self-driving cars, there is a surge in demand for autonomous components like cameras, sensors, LIDAR, RADAR, advanced positioning systems, and others.
Government initiatives favouring sustainable auto body parts
Several government bodies are implementing stringent vehicle emission regulations for product manufacturers to develop sustainable automobile products for both the domestic and international markets.
One of the crucial auto parts manufacturing market trends is the growing utilisation of 3D printing for the production of economical and customisable auto parts. This technology allows manufacturers and automotive owners to create custom vehicle parts depending on their unique specifications. For example, General Motors is utilising 3D printing for rapid prototyping and production of lightweight vehicles to improve overall fuel efficiency. Moreover, it can be used to restore vintage car models with its customisation feature as the vintage car parts are no longer in sales.
Spanish-based manufacturer, Gestamp, is harnessing the capabilities of LTE and 5G networks as well as IoT-based devices for the development of a smart factory that relies on data analytics and processing for the real-time control and processing of the auto parts. This initiative, funded by the European Union, is aimed at promoting digitalisation in the automotive sector of the country and is expected to serve as a stepping stone for this technology in other sectors.
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Market Segmentation
“Auto Parts Manufacturing Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Component
- Battery
- Cooling System
- Compressor
- Radiator
- Pump
- Thermostat
- Underbody Components
- Brake Components
- Exhaust Components
- Engine Components
- Starter
- Pump
- Engine
- Alternator
- Automotive Filter
- Lighting Components
- Electrical Components
- Ignition Coil
- Ignition Switch
- Spark and Glow Plug
- Chassis System
- Transmission and Steering System
- Others
Market Breakup by Sales Channel
- OEM
- Aftermarket
Auto Parts Manufacturing Market Segmentation by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
| CAGR 2024-2032 - Market by | Country |
| India | 9.1% |
| China | 7.6% |
| Brazil | 7.6% |
| Mexico | 6.4% |
| Australia | 5.4% |
| Japan | 4.7% |
| USA | XX% |
| Canada | XX% |
| UK | XX% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| Saudi Arabia | XX% |
OEMs are likely to maintain their dominance in the market due to the reliability of OEM parts and their increased demand
OEM sales channel occupies a significant portion of the auto parts manufacturing market share, owing to the rising demand for OEM parts that are manufactured by the original manufacturer. These parts usually fit the exact description of the specific vehicle and offer a longer lifespan compared to the aftermarket parts. The aftermarket sales channel is also expected to witness steady growth in the coming years as it offers a cost-effective solution for spare parts to buyers.
Increasing production of passenger cars owing to their growing global demand is expected to add to the auto parts manufacturing market revenue
The auto parts manufacturing market demand is also driven by the high usage of passenger cars as they offer the convenience of personal transportation. Auto parts such as engines, transmissions, components, and interior accessories are some of the highest in-demand auto parts for passenger cars. Meanwhile, light commercial vehicles such as vans and small pickup trucks are also expected to fuel the demand for auto parts, owing to their growing usage in last-mile delivery.
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Competitive Landscape
The market players are leveraging advanced technologies to improve their production capabilities as well as promote sustainable development, lowering their carbon footprints to gain a competitive edge in the market
Robert Bosch GmbH
Robert Bosch is a multinational engineering technology company, based in Gerlingen, Germany. Founded in 1886, the company offers smart building solutions, carbon neutrality solutions, and hydrogen technology, among others.
DENSO CORPORATION
DENSO is an automotive component provider, headquartered in Aichi, Japan. Some of its specialities include electric/hybrid components, human-machine interfaces, wireless charging, and robotics, among others.
Continental AG
Continental AG is an automotive parts manufacturer, based in Hanover, Germany. Incorporated in 1871, the company offers efficient and cutting-edge solutions for the mobility and transport sectors.
Valeo
Valeo, a French-based auto parts company, announced that it is expanding its operations in Tamil Nadu, India, to strengthen its position in the Indian subcontinent.
The market players are steadily incorporating green auto parts, which are manufactured from the tree waste to reduce their dependency on plastics and biocomposites. These sustainable auto parts reduce waste generation and contribute to the circular economy by reusing waste tree parts which are discarded. Furthermore, tests have shown that these auto parts are durable and robust and can be incorporated into vehicles for mass production, opening new avenues and creating opportunities for the auto parts manufacturing market development.
As per the auto parts manufacturing market analysis, the Asia Pacific emerged as a significant market for auto parts manufacturing in 2023. The region is anticipated to be a major global market in the forecast period as well, witnessing a robust growth rate as automotive sales in the region grow and new technology applications for producing automotive parts are explored. The regional market is supported by an increase in the production and sales of passenger cars and the digitisation of distribution systems for automotive components.
North America is also anticipated to gain a sizeable share in the forecast period, owing to the presence of some of the leading global automotive companies in the region. The auto parts manufacturing market in North America is supported by the rising usage of advanced technologies by vehicle manufacturers owing to the region’s superior production capabilities, state of the art infrastructure, and technological know-how.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Component |
|
| Breakup by Sales Channel |
|
| Breakup by Vehicle Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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Auto Parts Manufacturing Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 701.57 billion.
The market is estimated to grow at a CAGR of 6.1% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 1195.40 billion by 2032.
The major drivers of the industry, such as the rising production and sales of vehicles, growing digitisation of distribution systems, and increasing technological advancements and innovations, are expected to aid the market growth.
The key trends aiding the market include surge in the production of hybrid vehicle parts; growth of 3D printing; growing demand for autonomous vehicle parts; and favourable government initiatives supporting sustainable auto body parts.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading components in the market are battery, cooling system, underbody components, engine components, automotive filter, lighting components, and electrical components, among others.
The major sales channels in the industry are OEM and aftermarket.
The significant vehicle types in the market are passenger cars, light commercial vehicles, and heavy commercial vehicles, among others.
The major players in the market are Robert Bosch GmbH, DENSO CORPORATION, Continental AG, ZF, Friedrichshafen AG, Hyundai Motor Group, Aisin Corporation, Magna International Inc., Valeo, Lear Corporation, Yazaki Group, Tenneco Inc., Sumitomo Electric Industries, Ltd., Akebono Brake Industry Co., Ltd., Panasonic Holdings Corporation, Faurecia S.E., and Marelli Holdings Co., Ltd, among others.
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