Global Automotive Parts and Components Market Size Worth $110.2 Billion By 2030: IndustryARC

Global Automotive Parts and Components Market size is predicted to reach $110.2 billion by 2030, growing at a CAGR of 3% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The Global Automotive Parts and Components Market is witnessing significant transformations driven by technological advancements and changing consumer preferences. Moreover, the increasing adoption of electric vehicles (EVs), is reshaping the market dynamics. The demand for EV-specific components, such as batteries, electric motors, and power electronics, is surging, encouraging suppliers to innovate and invest in EV technology, finds IndustryARC in its recent report, titled “Automotive Parts and Components Market – By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles and Sports Vehicles); By Product Type [Engine Parts (Carburettor, Catalytic Converter, Exhaust System, Fuel Injection System, Ignition System and others); By Electrical Parts (Alternators, Ignition Switches,  Battery, Starter, Spark & Glow Plugs, and others); Drive and Transmission Steering parts (Drive Train, Driveshaft, Automatic Transmission, Chassis, Clutch, Differential Gears, Gearset and others); Suspension and Braking Parts (Anti-Lock Braking System, Active Suspension, Alloy Wheels, Brake Callipers, Disc brakes, Drum brakes, others); Others (Lighting Component, Electronic Control Unit, Sensors, Displays, Others)], By Mode of Sale (Online, Offline), By Sales Channel (OEMs, Aftermarket, Repair/Service Center, Auto Dealership, Retail Store), By Geography – North America, South America, Europe, APAC, RoW Opportunity Analysis & Industry Forecast, 2024-2030”

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North America to Register Highest Growth:

North America is anticipated to experience the highest growth of CAGR of 8.6% in the Global Automotive Parts and Components market between 2024 and 2030. Stringent emission regulations are driving automotive manufacturers towards advanced components like catalytic converters and emission control systems. The electric vehicle (EV) market is also evolving rapidly, necessitating new components such as battery systems, electric motors, and charging infrastructure. For instance, according to the International Council of Clean Transportation, in 2023, new electric light-duty vehicle sales in the US surged to approximately 1.4 million units, up from around 1 million in 2022, capturing a 9% market share. This growth underscores increasing consumer adoption and support for EV technology. These trends present significant opportunities for manufacturers and suppliers in North America to meet rising demand. The region’s automotive parts and components market is poised for robust growth, driven by a shift towards cleaner technologies and enhanced performance capabilities, reflecting broader industry trends towards sustainability and efficiency.

Global Automotive Parts and Components Market 2024-2030: Scope of the Report

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Global Automotive Parts and Components Market Report – Key Takeaways:

Offline Segment to Register Highest Growth

By Mode of Sale, offline segment held the highest market share of 60.3% in 2023 in the global automotive parts and components market. In the global automotive parts and components market, offline sales have traditionally dominated, holding the highest market share. This mode of sale encompasses a network of dealerships, auto parts stores, and service centers, offering customers immediate access to parts with the advantage of personal interaction and expertise. Despite the rise of online platforms, offline sales remain resilient due to customer preference for physical inspection, immediate availability, and expert advice on automotive components. This traditional approach not only caters to the diverse needs of vehicle owners but also ensures prompt solutions for repairs and maintenance, bolstering its significant market presence amid evolving consumer trends and technological advancements in the automotive industry.

Light Commercial Vehicle Segment to Register Highest Growth

The light commercial vehicle segment is estimated to dominate the market share of 39.2% in 2023. In the Automotive Parts and Components Market, the light commercial vehicle segment is poised to claim a substantial market share, estimated at 39.2% in demand. This dominance reflects the growing global reliance on light commercial vehicles for a range of transportation and logistics needs. Key drivers include their versatility, cost-effectiveness, and increasing adoption across various industries such as delivery services, construction, and small-scale businesses. As demands for efficient urban logistics and last-mile delivery solutions rise, so does the necessity for robust and reliable automotive parts and components tailored to these vehicles. This trend underscores a pivotal role for manufacturers and suppliers in meeting evolving market demands with innovative solutions and enhanced durability. For instance, in FY-2022-23, the Society of Indian Automobile Manufacturers reported a significant rise in commercial vehicle sales in India. Total sales surged from 7,16,566 to 9,62,468 units, driven by increases in both Medium and Heavy Commercial Vehicles (from 2,40,577 to 3,59,003 units) and Light Commercial Vehicles (from 4,75,989 to 6,03,465 units). This growth reflects robust demand across the commercial vehicle segment. As vehicles incorporate advanced technologies and features, there’s a heightened need for specialized components and systems that can support these innovations.

Increasing Complexity of Automotive Parts Is a Major Challenge

The increasing complexity of automotive parts poses a significant challenge for aftermarket suppliers. As vehicles advance technologically, parts configurations become more intricate, requiring suppliers to enhance their expertise and inventory. Meeting these demands necessitates a deeper understanding of integrated systems and specialized components. Adaptation strategies include investing in advanced diagnostics, expanding technical knowledge, and ensuring compatibility across diverse vehicle models. Embracing these measures enables aftermarket suppliers to maintain competitiveness amidst evolving automotive technologies, ensuring they can effectively meet the growing complexities of modern vehicle repair and customization needs.

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Key Opportunity Analysis:

Advanced Driver Assistance Systems (ADAS) Present a Significant Opportunity in This Market

The Advanced Driver Assistance Systems (ADAS) segment presents a lucrative opportunity within the Automotive Parts and Components Market. As autonomous driving technology continues to advance, there is an increasing demand for essential components such as sensors, cameras, LiDAR systems, and other advanced technologies that enable ADAS functionalities. These systems enhance vehicle safety, improve driving experience, and pave the way for autonomous vehicles. The market’s growth is fueled by rising consumer preference for safety features, the regulatory push towards vehicle safety standards, and technological innovations driving efficiency and reliability in ADAS components. As automakers and technology firms intensify their focus on autonomous capabilities, the ADAS market is poised for significant expansion, attracting investments and driving technological advancements across the automotive industry.

Increasing Environment Regulations Caters Changing Consumer Preferences

Growing environmental regulations are increasingly shaping consumer preferences towards sustainable products. As governments worldwide implement stricter environmental policies, consumers are becoming more conscious of the environmental impact of their purchases. This shift is driving demand for eco-friendly products across various sectors, from automotive to consumer goods. Companies that prioritize sustainability are gaining favor, benefiting from a competitive edge and improved brand reputation. As a result, there’s a notable trend toward innovation in renewable materials, energy-efficient technologies, and carbon footprint reduction strategies. This evolution reflects a broader societal move towards responsible consumption, where consumers align their choices with environmental values, influencing market dynamics and fostering a greener future.

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The Report also Covers the Following Areas:

• Global Automotive Parts and Components Market Size and Forecast
• Global Automotive Parts and Components Market Trends
• Global Automotive Parts and Components Market Analysis by Product Type

Global Automotive Parts and Components Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Global Automotive Parts and Components Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Global Automotive Parts and Components Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic disrupted global supply chains, causing significant shortages of automotive parts and components. Lockdowns and restrictions halted production and reduced consumer demand, impacting both OEMs and aftermarket suppliers. Supply chain disruptions and labor shortages further exacerbated the situation, leading to increased prices and delayed deliveries. Automotive manufacturers faced challenges in sourcing critical components, especially semiconductors, affecting vehicle production worldwide.

The Ukrainian crisis intensified geopolitical tensions, impacting the automotive industry’s supply chain. Concerns over energy prices and raw material availability surged, affecting production costs. The conflict disrupted logistics routes and supply networks, particularly in Europe, a key hub for automotive manufacturing and assembly. Market uncertainties and sanctions affected trade relations, leading to volatility in material prices and supply chain disruptions. Automakers and parts suppliers navigated through increased costs and logistical challenges, affecting production schedules and global market stability.

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List of Key Market Players in Global Automotive Parts and Components Market:

The Global Automotive Parts and Components Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

1. Denso Corporation
2. Dana Holding Corporation
3. Delphi Corporation
4. Valeo
5. Magna International Inc
6. Aisin
7. Hyundai Mobis
8. Robert Bosch AG
9. Continental AG
10. ZF Friedrichshafen

Related Reports:

Automotive Electronics Market– The increasing integration and implementation of advanced safety systems such as automatic emergency braking, airbags, parking assistance systems, and lane departure warning to decrease road accidents is expected to favor demand over the forecast period.

Automotive Sensors Market– This growth is attributed to the increasing demand of automotive, stricter emission standards and the increased demand of safety features in the automotive.

Automotive Antenna Market– size is estimated to reach $8.1 billion by 2030, growing at a CAGR of 5.4% during the forecast period 2023-2030.

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