Automotive Parts Market (2025-2032)
The Automotive Parts Market is expected to reach $824.2 billion by 2032, at a CAGR of 4.3% from 2025 to 2032.The growth of this market is attributed to the growing automobile production in emerging economies, increasing sales of vehicles, and increasing government initiatives in the automotive industry.
- Published
- Jan 2024
- Pages
- 250
- Format
- PDF + Excel
- Report ID
- MRAUTO - 1041129
- Base year
- 2024
- 2032 · FORECAST
- $824.2B
- 2032
- $824.2B
- CAGR 2025–2032
- 4.3%
2024 baseline · 2025–2032 forecast at 4.3% CAGR · hover a bar for the value
Key highlights
By Product Type: In 2025, the Engine Parts Segment to Dominate the Automotive Parts Market
By Distribution Channel: In 2025, the OEMs Segment to Dominate the Automotive Parts Market
By Vehicle Type: In 2025, the Two-Wheelers Segment to Dominate the Automotive Parts Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 250 |
| Format | |
| Forecast Period | 2025–2032 |
| Base Year | 2024 |
| CAGR (Value) | 4.3% |
| Market Size (Value) | USD 824.2 Billion by 2032 |
| Segments Covered | 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 · By Distribution Channel · OEMs · Aftermarket · Online · Offline · By Vehicle Type · Passenger Cars · Light Commercial Vehicles · Heavy Commercial Vehicles · Two-wheelers · Three-wheelers |
| Countries Covered | North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia & New Zealand, Singapore, Rest of Asia-Pacific), Latin America (Mexico, Brazil, Rest of Latin America), and the Middle East & Africa (UAE, Israel, Rest of Middle East & Africa) |
| Key Companies | 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.) |
Report overview
Segments covered: product type, distribution channel, vehicle type. Regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
Moreover, growing demand for electric and hybrid vehicles, technological advancements, and the rising adoption of connected devices in the automotive industry are expected to offer growth opportunities for the players operating in this market.
Report infographic
Market dynamics
13 factors across 3 forcesIncreasing Government Initiatives in the Automotive Industry
In January 2025,
the Ministry of Heavy Industries (India) issued a Gazette Notification for the extension of the tenure of the Production Linked Incentive (PLI) Scheme for automobile and auto components by one year aimed to enhance the manufacturing of Advanced Automotive Technology (AAT) products. The amendment also includes indicative incentives amounting to USD 259,380 million (INR 25,938 crore).
In December 2024,
the Italian government invested USD 6.5 billion (EUR 6 billion) in its automotive industry to support the production of vehicles, with a target of 1 million vehicles by 2024.
In August 2024,
the U.S. government invested USD 12 billion in grants and loans for automakers and suppliers to produce electric and other advanced vehicles.
In May 2024, the South Korean
Ministry of Trade, Industry and Energy Ministry invested USD 10.9 billion (KRW 14.3 trillion) in the automotive component industry to support car makers and parts companies and grow EV production fivefold by 2032.
Increasing Sales of Vehicles
Passenger vehicle sales were 30,
83,245 units, which grew by 8.3%
Commercial vehicle sales were 6,
99,507 units, which grew by 3.5%
Three-wheeler sales were 5,
26,905 units, grew by 35.2%
Two-wheeler sales were 1,
34,70,570, grew by 22.6%
Table of contents
11 chapters · 136 sections · 250 pages · click to expandSegmental analysis
| Segment | Largest share (2025) | Fastest growth (2025–2032) |
|---|---|---|
| By Product Type | Engine Parts | Electrical & electronic parts |
| By Distribution Channel | OEMs | — |
| By Vehicle Type | Two-Wheelers | — |
By Product Type
- The Engine Parts Segment to Dominate the Automotive Parts Market
- The engine parts machines segment is expected to account for the larger share of ~26% of the automotive parts market.
- The large market share of this segment can be attributed to the increasing production of vehicles, the growing popularity of electric vehicles, and the increasing demand for engine parts in the aftermarket.
- In May 2024, 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, a growing trend of internet connectivity in vehicles, and increasing electrification, automation, and focus on advanced features in cars.
- In April 2024, ZF Friedrichshafen AG (Germany) launched the Electronic Brake Booster (EBB), a part of the braking system for electric cars.
By Distribution Channel
- The OEMs Segment to Dominate the Automotive Parts Market
- 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 OEM parts as it offers a warranty, providing consumers with added assurance and protection.
- In January 2025, 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.
By Vehicle Type
- The Two-Wheelers Segment to Dominate the Automotive Parts Market
- 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 that are pushing the demand for electric two-wheelers.
- In September 2024, 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.
Geographic analysis
Asia-Pacific
Largest shareIn 2025, 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.
Competitive landscape
- September 2024
ANAND Group (India) signed a joint venture with HL D&I Halla (South Korea) to expand the aftermarket portfolio with products including steering, brake, and suspension systems and build the company’s presence in the Indian market.
- February 2024
Amazon.com, Inc. (U.S.) launched an OEM auto parts store to offer products from 25 car brands spanning categories such as engine parts, tires, RV and motorcycle parts, replacement parts, enthusiast merch, and lockout kits, among others, for auto parts buyers.
- February 2024
Toshiba Electronic Devices & Storage Corporation (Japan) launched TB9083FTG, a gate-driver IC for automotive brushless DC motors used in applications such as electric power steering (EPS), electric brakes, and shift-by-wire.
- 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
- BorgWarner, Inc. (U.S.)
Frequently asked questions
The automotive parts market study focuses on market assessment and opportunity analysis through the sales of automotive parts across different regions and countries across different market segmentations. This study is also focused on competitive analysis for automotive parts based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
Cite this report
Meticulous Research. (2024). Automotive Parts Market - Global Opportunity Analysis and Industry Forecast (2025-2032) (Report No. MRAUTO - 1041129). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/automotive-parts-market-5812