Global Auto Parts Market Size was valued at USD 662.5 Billion in 2022. The Auto Parts Market industry is projected to grow from USD 702.25 Billion in 2023 to USD 1119.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2032). Governments worldwide have implemented stringent regulations on vehicle emissions, compelling manufacturers to produce environmentally sustainable and highly efficient automobile products for both domestic and international markets. This regulatory environment is expected to drive increased demand within the market. The automotive industry has witnessed significant developments in recent years, with emerging markets such as China, India, and Brazil expected to be significant market drivers for the Advance Auto Parts
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for auto parts is being driven by the growing popularity of electric vehicles and the emergence of 3D printing in the automotive industry. The surging popularity of electric vehicles has led to an increased demand for specialized auto parts tailored for EVs, including electric drivetrains, batteries, and charging infrastructure. The global electric car stock reached 10 million units in 2020, experiencing a notable 43% growth from the previous year, with battery electric vehicles (BEVs) dominating new registrations and overall stock. China holds the largest electric car fleet with 4.5 million units, while Europe witnessed the largest annual increase, reaching 3.2 million units in 2020. The global shift toward electrification, coupled with advancements in autonomous vehicle technology, has intensified the demand for components like sensors, radar systems, and LIDAR technology.
The integration of cutting-edge technology in the auto parts market is a key driver of its growth. Ongoing technological innovations, particularly in braking components and headlamps, propel the global Car Spare Parts market forward. High-performance braking systems now incorporate electronic features such as regenerative braking, brake-by-wire, and advanced control systems. Furthermore, the adoption of 3D printing technology is revolutionizing auto part production, allowing for the fabrication of intricate components and a variety of additive-manufactured parts. As a result, it is anticipated that throughout the projection period, demand for the Auto Parts Market will increase due to the growing popularity of electric vehicles and the emergence of 3D printing in the automotive industry. Thus, driving the Auto Parts Market revenue.
The global Auto Parts Market segmentation, based on End-User includes OEM and aftermarket. The OEM segment dominated the market, accounting for 58% of market revenue (384.2 Billion). OEM parts are meticulously crafted by a specific manufacturer to precisely match the specifications of a vehicle, ensuring a seamless fit into designated spaces. This meticulous alignment makes OEM parts the preferred choice for automobile manufacturers worldwide. Buyers opt for OEM parts due to their identical composition to the components originally installed during the manufacturing process, ensuring consistency and quality in the replacement or maintenance of vehicles.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global Auto Parts Market segmentation, based on Distribution Channels includes offline and online. The offline segment dominated the market, accounting for 58% of market revenue (384.2 Billion). Brick-and-mortar stores provide hands-on experiences, contributing to advancements in the industry. Nevertheless, the offline sector faces a potential decline amid the ascent of e-commerce. Key automotive markets such as the US, Canada, UK, Germany, and China house numerous auto part stores, garages, and dealerships. Franchise repair enterprises are gaining momentum, driven by profitability considerations. Consumers continue to make offline purchases for components such as vehicle lighting, brakes, and filters. Leading industry players like Toyota and Bosch are expanding their presence to encompass online channels while maintaining their offline footprint. Consumers exhibit a preference for physical stores for intricate installations, particularly as vehicles and components become more sophisticated.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Car Spare market in North America can be attributed to several key factors. The ongoing expansion and renewal of the vehicle fleet in North America are key drivers of heightened demand for auto parts. Notably, the United States recorded a total of 282 million registered vehicles in 2021, encompassing various categories such as passenger cars, motorcycles, trucks, buses, and other vehicles. Specifically, the sales of light trucks in the U.S. reached 11.6 million units in 2021. This continuous cycle of consumers acquiring new vehicles or enhancing existing ones directly contributes to an increased requirement for replacement and aftermarket auto parts.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Auto Parts Market accounts for the second-largest market share as the consistent increase in vehicle ownership across European nations is a driving force behind the escalating demand for auto parts. Notably, in 2020, the EU passenger car fleet expanded by 1.2% in comparison to the previous year, reaching a total of 246.3 million cars on the road. Notable growth was observed in Romania (+5.4%) and Slovakia (+5.1%), while the French car fleet experienced a slight contraction (-0.3%). Within the European Union, a fleet of 684,285 buses is operational, with nearly half concentrated in three prominent countries: Poland (124,526), Italy (99,883), and France (93,506). The continual ownership and maintenance of vehicles by consumers underscore a persistent demand for replacement parts, maintenance components, and aftermarket accessories within the auto parts market. Further, the German Auto Parts Market held the largest market share, and the UK automobile spare parts Market was the fastest-growing market in the European region
The Asia-Pacific automobile spare parts Market is expected to grow at the fastest CAGR from 2023 to 2032. The automotive industry in the Asia-Pacific region is experiencing a noteworthy increase in overall vehicle penetration. In India, the sector demonstrated robust production, manufacturing a total of 22.93 million vehicles, encompassing Passenger Vehicles, Commercial Vehicles, Three-wheelers, Two-wheelers, and Quadricycles, from April 2021 to March 2022. Additionally, there was a substantial growth in the export of automobiles, rising from 4,134,047 in 2020-21 to 5,617,246 in 2021-22, indicating a significant positive growth of 35.9%. This expansion extends beyond passenger cars to include commercial vehicles, contributing to a heightened vehicle population and subsequently driving demand for replacement parts and maintenance components within the market. Moreover, China’s automobile spare parts Market held the largest market share, and the Indian Auto Parts Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Advance Auto Parts market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Auto Parts industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Auto Parts industry to benefit clients and increase the market sector. In recent years, the Auto Parts industry has offered some of the most significant advantages to the automotive sector, contributing to enhanced vehicle performance, maintenance efficiency, and overall industry innovation. Major players in the Auto Parts Market, 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 are attempting to increase market demand by investing in research and development operations.
3M Co (3M) operates as a prominent manufacturer and distributor specializing in a diverse range of industrial products and solutions. The company's extensive product portfolio encompasses advanced materials, display materials and systems, home care, home improvement, stationery and office supplies, personal safety, roofing granules, closure and masking systems, among others. 3M provides comprehensive solutions in areas such as medical, oral care, consumer health care, food safety, and health information systems. Serving clientele across various industries including automotive, electronics, health care, safety, energy, and consumer goods, 3M maintains converting and manufacturing facilities globally, spanning the Americas, Asia Pacific, Europe, the Middle East, and Africa. Headquartered in St. Paul, Minnesota, the United States, 3M stands as a leading player in the business landscape.
Toyota Motor Corp (Toyota) stands as a prominent automobile manufacturer engaged in the design, production, and sale of a diverse range of vehicles, including passenger cars, buses, minivans, trucks, specialty cars, and recreational and sport-utility vehicles. The company extends financial services to both dealers and customers, facilitating vehicle purchases or leases. In addition to its core automotive operations, Toyota is involved in housing, financial services, as well as telecommunications and information technology ventures. As part of its strategic focus on vehicle electrification, Toyota invests in electric battery technologies. The company's financial services encompass retail leasing, retail financing, insurance, and wholesale financing. Operating globally, Toyota has a presence across the Americas, Europe, Africa, Asia Pacific, and the Middle East, with its headquarters located in Toyota City, Aichi, Japan.
May 2023: In May 2023, Gabriel India agreed with Inalfa to invest US$ 20.58 million (Rs. 170 crores) for the establishment of a new manufacturing facility. The facility, named Inalfa Gabriel Sunroof Systems (IGSS), located in Chennai, is scheduled to commence operations in the first quarter of 2024.
October 2021: In October 2021, Sona BLW Precision Forgings Limited, through its wholly-owned subsidiary Sona Comstar eDrive Private Limited, forged a collaboration agreement with Israel's IRP Nexus Group Ltd. The collaboration aims to develop, manufacture, and supply magnetless drive motors and corresponding controller systems tailored for electric two- and three-wheelers.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 662.5Â Billion |
| Market Size 2023 | USD 702.25Â Billion |
| Market Size 2032 | USD 1119.2 Billion |
| Compound Annual Growth Rate (CAGR) | 6.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End-User, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| 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. |
| Key Market Opportunities | The surge in the sales and production of commercial vehicles and off-highway trucks |
| Key Market Dynamics | The rapid urbanization across the globe |
Auto Parts Market Highlights:
Frequently Asked Questions (FAQ) :
The global Auto Parts Market size was valued at USD 662.5 Billion in 2022.
The global Auto Parts Market is projected to grow at a CAGR of 6.00% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are 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
The OEM Segment dominated the market in 2022.
The Offline Segment had the largest share of the global market.
Analyst Explore the profile of garvit vyas, one of our esteemed authors at market research future, and access their expert research contributions in the field of market research and industry analysis
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
