Automotive Parts Market by Type (Bodies & Chassis, Driveline & Powertrain, Electronics), Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars), Sales Channel - Global Forecast 2024-2030

[190 Pages Report] The Automotive Parts Market size was estimated at USD 518.19 billion in 2023 and expected to reach USD 543.79 billion in 2024, at a CAGR 5.00% to reach USD 729.64 billion by 2030.

Automotive parts are crucial components and units that contribute to the proper functioning and operation of various motor vehicles, including passenger cars, trucks, and motorcycles. These parts play a vital role in ensuring vehicles' smooth performance and reliability. Automotive parts can be broadly categorized into various groups based on their function and location within the vehicle. Increasing vehicle production, technological advancements in automotive systems fostering greater integration, and rising demand for fuel-efficient vehicles are anticipated to drive the market demand. However, economic fluctuations affecting consumer spending on automobiles, availability of counterfeit products, and fluctuating prices of raw materials costs hamper the demand for automotive parts. Additionally, emerging trends such as electric vehicles (EVs), autonomous driving systems, connected cars, and ride-sharing services present significant opportunities for business expansion in the automotive parts sector.

The Americas have a significant landscape in the automotive parts market owing to customer purchasing behavior shifting towards more sustainable options due to increased environmental awareness. Rising automakers focus on producing lightweight components using high-strength materials to enhance fuel efficiency. Surging investment commitment towards electric vehicle development and further regional trade agreements facilitated cross-border collaboration among regional auto part manufacturers, contributing to the region's market growth. The EU automotive parts sector has been mainly driven by stringent regulations on CO2 emissions and an accelerating demand for electric vehicles. European manufacturers invested heavily in R&D activities with a focus on sustainable technologies. The Middle East and Africa automotive parts market is expected to grow, driven by rising vehicle ownership rates, expanding urbanization, and rising disposable incomes. APAC has witnessed significant demand for automotive parts due to having a significant automotive manufacturing hub, availability of raw materials, and several government initiatives promoting electric vehicles.

The market dynamics represent an ever-changing landscape of the Automotive Parts Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

• Market Drivers
  • Rise in production and sales of automotive globally
  • Ageing vehicle fleet and increase in automotive aftermarket services
• Market Restraints
  • Fluctuating cost of raw materials required for the production of automotive parts
• Market Opportunities
  • Improvements in battery technology and introduction of new propulsion systems
  • Extensive use of 3D printing and robotics in manufacturing of automotive parts
• Market Challenges
  • Shortage of automotive parts coupled with quality concerns in aftermarket automotive

• Type: Significant usage of electronic components and connectors with increasing investments in electrification of the automotive sector

  In the automotive parts industry, bodies, and chassis are essential components that form the structural framework of a vehicle. This category includes subcomponents such as body panels, body-in-white, chassis frames, steering, and suspension systems. Body panels are the exterior components of a vehicle's body that serve both functional and aesthetic purposes. They include doors, hoods, fenders, roofs, trunk lids, and quarter panels. The term "body-in-white" (BIW) refers to the stage in automobile manufacturing where the car body sheet metal components have been welded together before painting and assembly with other systems such as powertrain or suspension. The chassis frame serves as a skeleton upon which all other automotive systems are built. It is designed to provide a rigid structure capable of supporting various loads generated during driving conditions, including road irregularities, cornering forces, acceleration torque, and braking forces. Steering systems enable drivers to control a vehicle's direction by connecting the steering wheel to the front wheels. The three main types of steering systems are mechanical (recirculating ball), hydraulic power-assisted (power steering), and electric power-assisted steering (EPS). A vehicle's suspension system connects the chassis with the wheels, providing stability, comfort, and handling performance during different driving conditions. The key components of suspension systems include springs, shock absorbers or dampers, control arms, and anti-roll bars. Driveline and powertrain components are critical for transmitting power from the engine to the wheels and provide vehicles with high fuel efficiency, performance optimization, and durability. Driveline and powertrain components include engines and transmission systems. At the heart of every automotive driveline is the internal combustion engine (ICE), which generates mechanical power by burning fuel in an enclosed chamber. The transmission system is an integral component in any driveline assembly as it ensures seamless transfer of engine power to drive wheels while maintaining ideal engine speed or revolutions per minute (RPM). The electronics segment encompasses various electronic systems used in vehicles for enhancing comfort, safety, performance, and connectivity. This category includes infotainment systems, driver assistance systems (DAS), engine management systems, and sensors. Driver assistance systems (DAS) ensure vehicle safety and enhance the overall driving experience. These advanced systems provide drivers with real-time information, warnings, and support to reduce human errors and improve road safety. The engine control unit (ECU) is the central processing unit responsible for controlling various engine functions, including fuel injection, ignition timing, air-fuel mixture ratio regulation, idle speed control, and exhaust gas recirculation management. Infotainment systems have become an integral part of modern vehicles, providing entertainment and connectivity features that deliver both convenience and enjoyment to drivers and passengers. Sensors play a pivotal role in modern automotive electronics systems by providing real-time data for monitoring and controlling various vehicle functions. Some common types of sensors include temperature sensors, pressure sensors, speed sensors, position sensors, and oxygen sensors. The interiors and exteriors segment covers components such as instruments, controls, lights and signaling devices, and seats, which are focused on enhanced passenger experience and have resulted in increased attention to material quality and design elements. In modern vehicles, instruments and controls have evolved significantly to become more user-friendly, ergonomic, and technologically advanced. A vehicle’s lighting system is essential for safety purposes as well as adding aesthetic appeal. Headlights illuminate the path ahead during nighttime driving or inclement weather conditions, while taillights signal other motorists when braking or making turns. A comfortable seating experience is vital in ensuring a relaxed journey for both the driver and passengers. Automotive seats have evolved from basic structures to ergonomically designed units that support various body points, minimizing fatigue during long drives and enhancing overall vehicle comfort levels. The wheels and tires, including brake systems, rims, tires, and wheel bearings, refer to components essential for sustaining vehicle motion while ensuring safety and are designed for various terrain types or climates, as well as related maintenance equipment. Wheels and tires are crucial to a vehicle's mobility, performance, and safety. Combining these parts ensures the vehicle can maintain optimal traction, maneuverability, and braking capabilities on various terrains and driving conditions. Automotive brake systems ensure vehicle safety by decelerating or stopping vehicles when needed. They comprise a series of interconnected components such as brake pads or shoes, calipers or wheel cylinders, rotors or drums, master cylinders, and various sensors that combine to convert the driver's input into kinetic energy reduction. Rims are a vital part of a vehicle's suspension system; they serve as a mounting point for tires while contributing to overall aesthetics. Rims come in various materials such as steel, alloy (aluminum), carbon fiber, or magnesium alloy, each offering distinct characteristics regarding weight distribution, strength-to-weight ratio efficiency improvement attributes that influence handling responsiveness, ride quality, and fuel economy. Automotive tires are critical in ensuring safe and efficient driving by providing the necessary traction and cushioning between the vehicle and the road surface. They are designed with specialized rubber compounds containing different additives that help optimize grip, rolling resistance, durability, and wet performance characteristics. Wheel bearings are essential to a vehicle's suspension system as they facilitate smooth wheel rotation while supporting its weight on axles.

• Vehicle Type: Proliferating demand for automotive parts to manufacture passenger vehicles

  Heavy commercial vehicles include trucks, buses, and specialized vehicles designed for heavy-duty transportation and construction purposes. These vehicles demand highly durable and robust automotive parts to ensure optimal performance under extreme conditions. In light commercial vehicles, automotive parts are tailored toward providing durability and efficiency while retaining some degree of comfort found in passenger cars. In passenger cars, automotive parts offer a comfortable, safe, and efficient driving experience.

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Automotive Parts Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

The value chain of the Automotive Parts Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of theAutomotive Parts Market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

The regulatory framework analysis for the Automotive Parts Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Parts Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Parts Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

• Hyzon Introduces New 200kW Fuel Cell System and Advanced Powertrain

  Hyzon has introduced its new single-stack 200kW fuel cell system and powertrain by integrating this technology into a heavy-duty commercial truck in Australia. Unveiled at the Kangan Institute’s Automotive Centre of Excellence in Melbourne, the 200kW Prime Mover is a cabover vehicle designed to tow a semi-trailer, meeting the operational needs of the heavy-duty road transport sector. [Published On: March 13, 2024]

• Harbinger Motors Delivers First Electric Vehicle Chassis to Thor Industries

  Harbinger Motors, an automotive manufacturer based in Southern California, has delivered its first electric chassis to THOR Industries, a manufacturer of recreational vehicles. The delivery marks Harbinger’s debut in the commercial market, with THOR Industries becoming the first recipient of Harbinger’s medium-duty electric vehicle chassis. [Published On: March 13, 2024]

• First Automotive-Grade CMOS Image Sensor Created with RISC-V SoC through Andes Technology and MetaSilicon Collaboration

  Andes Technology and MetaSilicon have announced the MetaSilicon MAT Series, the first automotive-grade CMOS image sensor series to use RISC-V IP SoC, featuring the AndesCore N25F-SE processor. It is designed to meet ISO26262 functional safety standards and achieve ASIL-B levels. It also complies with AEC-Q100 Grade 2 standards, ensuring high safety and reliability. Utilizing HDR technology, the sensors offer advanced imaging capabilities, addressing high dynamic range, sensitivity, and color reproduction. [Published On: February 22, 2024]

The report delves into recent significant developments in the Automotive Parts Market, highlighting leading vendors and their innovative profiles. These include Marelli Holdings Co., Ltd., Tesla, Inc., Schaeffler AG, Aptiv PLC, Robert Bosch GmbH, OPmobility SE, Freightliner by Daimler Truck AG, Panasonic Holdings Corporation, DENSO Corporation, Yazaki Corporation, ZF Friedrichshafen AG, American Axle & Manufacturing Holdings, Inc., Brembo N.V., ThyssenKrupp AG, Mahle GmbH, Bridgestone Corporation, Mitsubishi Heavy Industries, Ltd., TE Connectivity Ltd., BorgWarner Inc., PACCAR Inc., HASCO Hasenclever GmbH + Co KG, Michelin Group, Magna International Inc., Dana Incorporated, BENTELER International AG, Aisin Corporation, Dorman Products, Inc., General Motors Company, Akebono Brake Industry Co., Ltd., STMicroelectronics International N.V., Weichai Power Co., Ltd., Hyundai Mobis Co., Ltd., Tenneco Inc., Valeo, Infineon Technologies AG, Adient PLC, Cummins Inc., Toyoda Gosei Co., Ltd., Faurecia SE, Lear Corporation, Visteon Corporation, Kyocera Corporation, Samvardhana Motherson International Limited, Toyota Industries Corporation, Ford Motor Company, Continental AG, Flex-N-Gate Corporation, and Sumitomo Electric Industries, Ltd..

This research report categorizes the Automotive Parts Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
  • Bodies & Chassis
    • Body Panels
    • Body-in-white
    • Chassis Frame
    • Steering Systems
    • Suspension Systems
  • Driveline & Powertrain
    • Engines
    • Transmission Systems
  • Electronics
    • Driver Assistance Systems
    • Engine Control Units
    • Infotainment Systems
    • Sensors
  • Interiors & Exteriors
    • Instruments & Controls
    • Lights & Signaling Devices
    • Seats
  • Wheel & Tires
    • Brake Systems
    • Rims
    • Tires
    • Wheel Bearings
• Vehicle Type
  • Heavy Commercial Vehicles
  • Light Commercial Vehicles
  • Passenger Cars
• Sales Channel
  • Aftermarket
  • Original Equipment Manufacturer

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • Alabama
      • California
      • Florida
      • Indiana
      • Kentucky
      • Michigan
      • New York
      • Ohio
      • Pennsylvania
      • South Carolina
      • Tennessee
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

1. What is the current market size and projected growth?
2. Which products, segments, applications, and regions offer promising investment opportunities?
3. What are the prevailing technology trends and regulatory frameworks?
4. What is the market share and positioning of the leading vendors?
5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?