Automotive Parts Market to be Worth $824.2 Billion by 2031

Automotive Parts Market Size, Share, Forecast, & Trends Analysis by Product Type (Engine Parts, Suspension & Braking Parts, Electrical & Electronic Parts), Distribution Channel, Vehicle Type (Passenger Cars, Two-Wheelers), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Automotive Parts Market by Product Type (Engine Parts, Suspension & Braking Parts, Electrical & Electronic Parts), Distribution Channel, Vehicle Type (Passenger Cars, Two-Wheelers), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global automotive parts market is projected to reach $824.2 billion by 2031, at a CAGR of 4.3% from 2024–2031. The growth of the automotive parts market is driven by the growing automobile production in emerging economies, increasing sales of vehicles, and increasing government initiatives in the automotive industry. However, fluctuations in raw material prices and availability and stringent regulations and standards across different regions restrain the growth of this market.

Furthermore, the growing demand for electric and hybrid vehicles, technological advancements, and the rising adoption of connected devices in the automotive industry are expected to generate growth opportunities for the stakeholders in this market. However, disruptions in the supply chain is a major challenge impacting the growth of the automotive parts market.

The global automotive parts market is segmented by product type (engine parts (pistons and piston rings, engine valves and parts, fuel-injection systems and carburetors, cooling systems and parts, power train components, pulleys & belts, oil & other filters), drive transmission & steering parts (gears, wheels, steering systems, axles, clutches), body chassis, suspension & braking parts (brake and brake assemblies, brake linings, shock absorbers, leaf springs), equipment (headlights, halogen bulbs, wiper motors, dashboard instruments, other panel instruments), electrical & electronic parts (starter motors, spark plugs, electric ignition systems (EIS), flywheel magnetos, other equipment), other product types), distribution channel (OEMs, aftermarket (online, offline)), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, two-wheelers, three-wheelers). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product type, the global automotive parts market is segmented into engine parts, drive transmission & steering parts, body chassis, suspension & braking parts, equipment, electrical & electronic parts, and other product types. In 2024, the engine parts segment is expected to account for the largest share of ~26% of the global automotive parts market. The large market share of this segment is attributed to the increasing production of vehicles, the growing demand for electric vehicles, and the increasing demand for engine parts in the aftermarket. In May 2023, MAHLE GmbH (Germany) signed a Memorandum of Understanding (MoU) with Clean Air Power (U.K.) to develop solutions for zero-carbon internal combustion engines for heavy-duty applications.

However, the electrical & electronic parts segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to increasing demand for electronics compared to traditional gasoline vehicles, growing trend of internet connectivity in vehicles, and increasing electrification, automation, and focus on advanced features in cars. In April 2023, ZF Friedrichshafen AG (Germany) launched the Electronic Brake Booster (EBB), a part of the braking system for electric cars.

Based on distribution channel, the global automotive parts market is segmented into OEMs and aftermarket. In 2024, the OEMs segment is expected to account for the larger share of ~74% of the global automotive parts market. The large market share of this segment is attributed to the growing adoption of advanced technologies in vehicles and increasing consumer preference for O.E.M. parts as it offers a warranty, providing consumers with added assurance and protection. In January 2024, Rane Holdings Limited. (India), a manufacturer of steering & suspension products and light metal casting components, opened a new facility for manufacturing steering and suspension parts for passenger vehicle applications in Aguascalientes, Mexico. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on vehicle type, the global automotive parts market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, two-wheelers, and three-wheelers. In 2024, the two-wheelers segment is expected to account for the largest share of ~62% of the global automotive parts market. The large market share of this segment is attributed to the increasing disposable income of consumers, urbanization and traffic congestion, and growing environmental concerns. In September 2023, Qualcomm Technologies, Inc. (U.S.) launched the Snapdragon Digital Chassis solution to deliver enhanced safety, infotainment, cloud-connected digital services, personalization, and convenience for a wide range of 2-wheelers such as motorcycles, scooters, and e-bikes. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the automotive parts market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global automotive parts market. The market growth in Asia-Pacific is driven by the increasing vehicle production in the region, increasing demand for electric vehicles in the region, and increasing consumer preferences for SUVs in China and India. In April 2021, MAHLE GmbH (Germany) launched its new Electronics and Mechatronics Development center in Changshu, China. The company aimed to develop solutions for alternative drives and further expand the company’s systems expertise in electric powertrains, electronics, and mechatronics. Moreover, this region is also projected to record the highest CAGR of ~5.6% during the forecast period.

Key Players

The key players operating in the global automotive parts market are Robert Bosch GmbH (Germany), DENSO Corporation (Japan), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), Hyundai Motor Group (South Korea), Aisin Corporation (Japan), Lear Corporation (U.S.), Yazaki Group (Japan), Valeo (France), Sumitomo Electric Industries, Ltd. (Japan), FORVIA Faurecia (France), Marelli Aftermarket Italy S.p.A.(Italy), Schaeffler Technologies AG & Co. KG (Germany), and BorgWarner, Inc. (U.S.).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of product type, distribution channel, and vehicle type?
What is the historical market size for the global automotive parts market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global automotive parts market?
Who are the major players in the global automotive parts market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global automotive parts market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global automotive parts market, and how do they compete with other players?

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