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

Global Automotive Parts 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. Rapid advancements in technology, increasing vehicle ownership, and growing demand for electric vehicles are key drivers propelling this growth, finds IndustryARC in its recent report, titled “Automotive Parts Market – Automotive Parts Market – By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles and Sports Vehicles), By Product Type (Engine Parts, Electrical Parts, Drive and Transmission Steering parts, Suspension and Braking Parts and Others), By Mode of Sale (Online, Offline), By Sales Channel (OEMs, Aftermarket, Repair/Service Center, Auto Dealership, Retail Store), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030, By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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North America to Register Highest Growth:

North America is poised to experience the highest growth in the global automotive parts market, driven by several key factors. The region benefits from a robust automotive manufacturing base, technological innovation, and a strong consumer demand for vehicles equipped with advanced features and safety systems. Additionally, initiatives promoting electric and hybrid vehicles contribute to market expansion. Strategic investments in research and development, coupled with government incentives for sustainable mobility solutions, further bolster growth prospects. This trajectory underscores the region’s pivotal role in shaping the future of the automotive industry on a global scale.

Automotive Parts Market 2024-2030: Scope of the Report

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Automotive Parts Market Report – Key Takeaways:

• Online Segment Dominates the Automotive Parts Market

The online segment holds the largest share in the Automotive Parts Market report and is expected to grow significantly with a CAGR of 5.9% from 2024 to 2030. The rising production and sales of passenger cars globally have led to increased adoption of new automotive parts to replace older ones. Consumers prefer online sales due to convenience and the availability of offers, driving the market’s growth in this segment. eBay serves as a prominent platform for automotive parts, particularly for rare items, boasting approximately 110 million active listings. According to eBay Motors, three automotive parts or accessories are sold every second. Such online platforms provide ample growth opportunities for the market.

• Dominance of Passenger Vehicle in Automotive Parts Market

In the Automotive Parts Market report, the passenger vehicle segment is projected to experience the highest compound annual growth rate (CAGR) of 3.2% from 2024 to 2030. According to the International Organization of Motor Vehicle Manufacturers (OICA), global production of passenger cars increased from 55.90 million to 57.05 million vehicles, marking a 2% growth from 2020 to 2021. The rise in the number of international automobile manufacturers and brands, coupled with consumers’ growing capacity to purchase and maintain multiple passenger cars, drives demand in the automotive parts market for this segment. These factors contribute to the strong growth prospects for automotive parts related to passenger vehicles.

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Key Opportunity Analysis:

Growth in Electric Vehicle Component Demand is creating Opportunities in the Market

The rising demand for electric vehicles (EVs) presents a significant opportunity for the global automotive parts market. As governments worldwide implement stricter emission regulations and offer incentives for EV adoption, automakers are increasing their production of electric cars. This shift drives the need for specialized components, such as batteries, electric motors, and advanced power electronics. Additionally, the development of charging infrastructure and advancements in battery technology further boost the demand for these parts. Automotive parts suppliers can capitalize on this trend by focusing on innovation and partnerships with EV manufacturers, positioning themselves as key players in the evolving automotive landscape.

Expansion in Aftermarket Services

The global automotive parts market can seize substantial growth by expanding aftermarket services, especially as vehicle lifespans increase and consumer preferences shift toward customization and personalization. As cars become more durable and technologically advanced, the demand for maintenance, repairs, and performance enhancements grows. Automotive parts manufacturers can tap into this opportunity by offering high-quality, reliable replacement parts and accessories. Additionally, the rise of e-commerce platforms facilitates direct-to-consumer sales, allowing suppliers to reach broader audiences. By investing in robust distribution networks and digital platforms, companies can enhance customer engagement, ensuring a steady revenue stream from aftermarket services and capturing a larger market share.

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The report also covers the following areas:

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

Automotive Parts 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
• Automotive Parts 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 Automotive Parts Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic significantly disrupted the global automotive parts market, causing supply chain disruptions, factory closures, and reduced consumer demand. Production slowdowns and logistical challenges led to shortages of critical components, driving up prices and affecting profitability across the industry. Automakers faced delays in vehicle manufacturing and assembly, impacting the entire supply chain from raw materials to finished parts. Moreover, shifting consumer priorities towards essential goods and economic uncertainties led to reduced spending on non-essential items like automotive parts. Recovery efforts focused on stabilizing supply chains and adapting to new health protocols to mitigate future disruptions.
• The Russia-Ukraine war has also had a profound impact on the global automotive parts market. The conflict disrupted key supply chains, particularly for critical raw materials like metals and electronics sourced from the region. Sanctions and trade restrictions further exacerbated supply shortages and increased costs for manufacturers worldwide. Automakers faced challenges in securing reliable supply sources and faced increased geopolitical risks affecting long-term planning and investment. The uncertainty surrounding the geopolitical situation has prompted automotive companies to diversify supply chains and seek alternative sourcing strategies to ensure resilience against future disruptions.

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List of Key Market Players in the Automotive Parts Market:

The Global Automotive Parts 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:

• Denso Corporation
• Dana Holding Corporation
• Delphi Corporation
• Valeo
• Magna International Inc
• Aisin
• Hyundai Mobis
• Robert Bosch AG
• Continental AG
• ZF Friedrichshafen

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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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