According to the latest publication from Meticulous Research®, the global automotive parts market is projected to reach $824.2 billion by 2031, growing at a CAGR of 4.3% from 2024 to 2031. The growth of the automotive parts market is driven by the rising automobile production in emerging economies, increasing vehicle sales, and growing government initiatives in the automotive industry. However, fluctuations in raw material prices, availability issues, and stringent regulations across different regions restrain market growth.

Furthermore, the growing demand for electric and hybrid vehicles, technological advancements, and the rising adoption of connected devices in the automotive industry are expected to generate growth opportunities for stakeholders. However, supply chain disruptions remain a significant challenge impacting the growth of the automotive parts market.

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Key Players

The key players operating in the global automotive parts market include: 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.).

Market Segmentation

By Product Type

The global automotive parts market is segmented into:

• Engine parts (pistons and piston rings, engine valves and parts, fuel-injection systems and carburetors, cooling systems and parts, powertrain components, pulleys & belts, oil & other filters)

• Drive transmission & steering parts (gears, wheels, steering systems, axles, clutches)

• Body chassis, suspension & braking parts (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, flywheel magnetos, other equipment)

• Other product types

In 2024, the engine parts segment is expected to account for the largest share (~26%) of the global automotive parts market. This segment's large market share is attributed to increasing vehicle production, the growing demand for electric vehicles, and the rising demand for engine parts in the aftermarket. Notably, in May 2023, 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.

The electrical & electronic parts segment is projected to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing demand for electronics over traditional gasoline vehicles, the growing trend of internet connectivity in vehicles, and increasing electrification, automation, and advanced features in cars. In April 2023, ZF Friedrichshafen AG (Germany) launched the Electronic Brake Booster (EBB) as part of the braking system for electric cars.

By Distribution Channel

The global automotive parts market is segmented into:

• OEMs

• Aftermarket (online, offline)

In 2024, the OEMs segment is expected to account for the larger share (~74%) of the global automotive parts market. The large market share is due to the growing adoption of advanced technologies in vehicles and increasing consumer preference for OEM parts, which offer warranties, providing added assurance and protection. In January 2024, Rane Holdings Limited (India) opened a new facility for manufacturing steering and suspension parts for passenger vehicles in Aguascalientes, Mexico. This segment is also projected to register the highest CAGR during the forecast period.

By Vehicle Type

The global automotive parts market is segmented into:

• Passenger cars

• Light commercial vehicles

• Heavy commercial vehicles

• Two-wheelers

• Three-wheelers

In 2024, the two-wheelers segment is expected to account for the largest share (~62%) of the global automotive parts market. This segment's large market share is attributed to increasing consumer disposable income, urbanization, traffic congestion, and growing environmental concerns. In September 2023, Qualcomm Technologies, Inc. (U.S.) launched the Snapdragon Digital Chassis solution to enhance safety, infotainment, cloud-connected digital services, personalization, and convenience for a range of two-wheelers, including motorcycles, scooters, and e-bikes. This segment is also projected to register the highest CAGR during the forecast period.

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By Geography

The automotive parts market is segmented into:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

In 2024, 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 increasing vehicle production, rising demand for electric vehicles, and growing 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, aiming to develop solutions for alternative drives and expand its systems expertise in electric powertrains, electronics, and mechatronics. This region is also projected to record the highest CAGR (~5.6%) during the forecast period.

Meticulous Research® provides a comprehensive report offering global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends in the automotive parts market.

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