Market Size of Automotive Parts Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 106.55 Billion |
| Market Size (2029) | USD 133.88 Billion |
| CAGR (2024 - 2029) | 4.67 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Parts Market Analysis
The Automotive Parts Market size is estimated at USD 106.55 billion in 2024, and is expected to reach USD 133.88 billion by 2029, growing at a CAGR of 4.67% during the forecast period (2024-2029).
Over the medium term, As the production of vehicles continues to increase rapidly across the world, the demand for automotive parts is expected to surge in the coming years. This trend can be attributed to the significant growth in the automotive industry, which has been witnessing a steady rise in demand for cars, trucks, and other vehicles.
Consequently, the need for high-quality and reliable automotive parts such as engines, transmissions, brakes, and tires is also on the rise, as these components are a must for ensuring the optimal performance and safety of vehicles on the road.
With the implementation of strict government regulations aimed at reducing automobile emissions and enhancing fuel efficiency, there has been a surge in the requirement for lightweight parts in the automobile industry. This demand has created a need for innovation and advancements in materials science and engineering as manufacturers seek to develop cost-effective, durable, and lightweight components to meet the stringent regulatory requirements and growing consumer demand for eco-friendly vehicles.
Automotive Parts Industry Segmentation
Automotive parts are installed in a vehicle to provide the best driving experience. The parts include bodies, chassis, interiors, exteriors, seating, powertrains, electronics, mirrors, closures, roof systems, and modules.
The Automotive Parts Market is segmented into type (powertrain, interior and exterior, electrical and electronics, body and chassis, wheel and tires, and other types), propulsion (internal combustion engine, battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles), vehicle type (passenger cars and commercial vehicles), sales channel (original equipment manufacturers and aftermarket), and geography (North America (United States, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (South America and Middle East and Africa)). The report offers value terms in USD for the above-mentioned segments.
| By Type | |
| Driveline and Powertrain | |
| Interior and Exterior | |
| Electrical and Electronics | |
| Body and Chassis | |
| Wheel and Tires | |
| Other types |
| By Propulsion | |
| Internal Combustion Engine | |
| Battery Electric Vehicles | |
| Hybrid Electric Vehicles | |
| Plug-in Hybrid Electric Vehicles | |
| Fuel Cell Electric Vehicles |
| By Vehicle Type | |
| Passenger Car | |
| Commercial Vehicles |
| By Sales Channel | |
| Original Equipment Manufacturers (OEM) | |
| Aftermarket |
| By Geography | ||||||||
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Automotive Parts Market Size Summary
The automotive parts market is poised for significant growth over the forecast period, driven by the increasing production of vehicles globally. This surge in demand is closely linked to the robust expansion of the automotive industry, which is experiencing a steady rise in the need for various types of vehicles, including cars and trucks. As a result, there is a heightened demand for high-quality automotive components such as engines, transmissions, brakes, and tires, which are essential for ensuring vehicle performance and safety. The market is also witnessing a shift towards lightweight parts, spurred by stringent government regulations aimed at reducing emissions and enhancing fuel efficiency. This trend is fostering innovation in materials science, as manufacturers strive to develop cost-effective and durable lightweight components to meet regulatory standards and consumer preferences for eco-friendly vehicles.
The push towards electric vehicles (EVs) is a significant factor influencing the automotive parts market, with governments worldwide promoting EV adoption to combat climate change and reduce carbon emissions. This transition is supported by advancements in hybrid electric technology, prompting companies to engage in strategic partnerships and launch new models to meet the growing demand. The Asia-Pacific region remains a dominant force in vehicle manufacturing, benefiting from cost advantages and a high production capacity. The market is further bolstered by increasing investments in luxury and premium vehicles, driven by the popularity of advanced braking systems. However, challenges such as quality compromises in emerging economies and the need for sustainable manufacturing practices persist. Key players in the market, including Robert Bosch GmbH, Denso Corporation, and Hyundai Mobis Co. Ltd, are expanding their operations and investing in innovative technologies to capitalize on the burgeoning demand for automotive parts.
Automotive Parts Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rise in Vehicle Production Across the Globe
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1.2 Market Restraints
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1.2.1 Supply Chain Disruption May Impact the Market Growth
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 By Type
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2.1.1 Driveline and Powertrain
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2.1.2 Interior and Exterior
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2.1.3 Electrical and Electronics
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2.1.4 Body and Chassis
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2.1.5 Wheel and Tires
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2.1.6 Other types
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2.2 By Propulsion
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2.2.1 Internal Combustion Engine
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2.2.2 Battery Electric Vehicles
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2.2.3 Hybrid Electric Vehicles
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2.2.4 Plug-in Hybrid Electric Vehicles
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2.2.5 Fuel Cell Electric Vehicles
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2.3 By Vehicle Type
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2.3.1 Passenger Car
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2.3.2 Commercial Vehicles
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2.4 By Sales Channel
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2.4.1 Original Equipment Manufacturers (OEM)
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2.4.2 Aftermarket
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2.5 By Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Rest of North America
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 India
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2.5.3.3 Japan
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2.5.3.4 South Korea
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2.5.3.5 Rest of Asia-Pacific
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2.5.4 Rest of the World
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2.5.4.1 South America
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2.5.4.2 Middle East and Africa
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Automotive Parts Market Size FAQs
How big is the Automotive Parts Market?
The Automotive Parts Market size is expected to reach USD 106.55 billion in 2024 and grow at a CAGR of 4.67% to reach USD 133.88 billion by 2029.
What is the current Automotive Parts Market size?
In 2024, the Automotive Parts Market size is expected to reach USD 106.55 billion.
