IMARC Group has recently released a new research study titled “Auto Parts Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the auto parts manufacturing market?
The global auto parts manufacturing market size reached US$ 2,138 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,523 Billion by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028
Global Auto Parts Manufacturing Market Trends:
The widespread adoption of electric vehicles (EVs) represents one of the key factors influencing the growth of the auto parts manufacturing market across the globe. This is driving demand for new types of components like batteries and electric drivetrains which is leading to a gradual decline in traditional internal combustion engine (ICE) components. The market is also driven by the integration of advanced technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), into auto parts. This integration enhances vehicle connectivity and automation, leading to the development of smarter, more efficient vehicles.
In addition to this, there is a growing emphasis on sustainability in the auto parts industry. Manufacturers are increasingly using eco-friendly materials and adopting sustainable production practices to reduce environmental impact. Global supply chain disruptions, partly due to geopolitical tensions and the COVID-19 pandemic, have also impacted the market, which is leading to increased focus on supply chain resilience and localization of production.
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Factors Affecting the Growth of the Auto Parts Manufacturing Industry:
- Technological Advancements:
The auto parts industry is undergoing a significant transformation due to advancements in technology. The rise of electric vehicles (EVs) is a prime example. As global demand for EVs grows, driven by concerns over emissions and fossil fuel dependence, the need for new types of auto parts like batteries, electric motors, and advanced power management systems has surged. In addition to this, advancements in autonomous driving technologies are creating demand for sophisticated sensors, cameras, and computing components. The increasing integration of IoT and AI technologies is further enhancing vehicle connectivity and efficiency and necessitates the development of smart, interconnected auto parts that can communicate with each other and external networks.
- Regulatory Changes:
Regulations play a pivotal role in the auto parts manufacturing industry. Stricter emissions standards globally are pushing manufacturers to innovate and produce more environmentally friendly components, such as those for hybrid and electric vehicles. Safety regulations are also driving the adoption of advanced safety features in vehicles, like advanced airbag systems and crash avoidance technologies, thereby influencing the demand for related auto parts. These regulatory pressures compel manufacturers to constantly adapt and innovate, ensuring compliance and remaining competitive in the market
- Consumer Trends:
Consumer preferences and behaviors significantly impact the auto parts manufacturing market. There is a growing demand for vehicles that are not only fuel-efficient but also equipped with the latest technologies, such as advanced infotainment systems, connectivity, and driver assistance features. This demand influences auto manufacturers to incorporate these features, subsequently affecting the auto parts industry. In line with this, the rise in vehicle ownership in emerging economies, coupled with increased consumer awareness of vehicle maintenance and longevity, fuels the demand for aftermarket parts.
Auto Parts Manufacturing Market Report Segmentation:
By Component Type:
- Cooling System
- Underbody Components
- Engine Components
- Automotive Filter
- Lighting Components
- Electrical Components
- Ignition Coil
- Ignition Switch
- Spark and Glow Plug
The engine is the largest component type segment in the market because engines are central to vehicle operation and performance, necessitating regular maintenance and replacement across all vehicle types.
By Sales Channel:
Original equipment manufacturer (OEM) is the largest sales channel segment in the market due to the high demand for quality and compatibility in auto parts, which is best ensured by parts manufactured or endorsed by the original vehicle manufacturer.
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Passenger cars represent the largest vehicle type segment in the market because of their widespread use globally, driven by consumer preference for personal mobility and the sheer volume of passenger vehicles compared to commercial vehicles.
- North America
- Latin America
- Middle East and Africa
Asia Pacific is the largest market, primarily due to the high population density, rapidly growing economies, and increasing vehicle production and sales, particularly in countries like China and India.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Aisin Corporation
- Akebono Brake Industry Co. Ltd.
- Brembo S.p.A.
- Continental AG
- DENSO Corporation
- Faurecia SE
- General Motors Company
- Magna International Inc.
- Marelli Holdings Co. Ltd.
- Robert Bosch GmbH
- Schaeffler AG and Valeo
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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