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.
What is auto parts manufacturing?
Auto parts manufacturing refers to the industrial sector dedicated to the production of components and accessories that make up an automobile. This industry is integral to the automotive ecosystem, supplying essential parts ranging from major systems like engines and transmissions to smaller components such as spark plugs, brakes, and electrical wiring.
Auto parts manufacturers often specialize in specific types of components, which can be categorized into various segments like powertrain, chassis, body, interior, and electronics. Technological advancements continuously reshape the demand for new types of components, such as those needed for electric or autonomous vehicles.
Regulatory standards for emissions and safety are also key influencers, necessitating the development of cleaner and safer automotive technologies. The auto parts manufacturing sector serves multiple markets, including original equipment manufacturers (OEMs), who produce new vehicles; aftermarket providers, offering replacement parts for existing cars; and specialized industrial applications.
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Auto Parts Manufacturing Market Demand, Growth Drivers and Trends:
The rising shift in consumer demand towards more feature-rich, comfortable, and efficient vehicles represents one of the key factors influencing the growth of the market across the globe. This is further driving the need for advanced components. Rapid strides in technology, such as the development of autonomous vehicles, advanced driver assistance systems (ADAS), and electric vehicles, are creating new avenues for specialized auto parts manufacturing.
Evolving regulatory frameworks around vehicle emissions, safety, and fuel efficiency are pushing manufacturers to innovate and produce parts that meet stringent standards. The interconnectedness of global supply chains enables auto parts manufacturers to source materials more efficiently and penetrate new markets, thereby expanding their reach. As economies grow and disposable incomes rise, there is an increasing demand for automobiles, subsequently leading to a rise in demand for auto parts. The aftermarket for auto parts is growing, driven by an aging vehicle fleet and consumers’ desire to extend the life of their vehicles through repair and replacement. The widespread adoption of automation technologies in manufacturing processes leads to higher production efficiencies and lower operational costs, thus making the industry more competitive.
In line with this, the rapid adoption of EVs is creating a surge in demand for batteries, electric motors, and charging infrastructure components. Significant investments in research and development (R&D) activities are leading to the innovation of high-quality, durable, and efficient auto parts. In addition to this, online retail platforms are making it easier for consumers to purchase auto parts, which is expanding the market reach for manufacturers.
The market is also driven by growing environmental concerns which are driving the development and adoption of sustainable materials in auto parts manufacturing. Economic cycles significantly influence vehicle sales and, in turn, the demand for auto parts.
Apart from this, manufacturers are diversifying their product ranges to serve multiple industries, including aerospace and industrial machinery, which provides additional revenue streams, thus creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
Auto Parts Manufacturing Companies:
- 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
- Valeo
Auto Parts Manufacturing Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Component Type:
- Battery
- Cooling System
- Compressor
- Radiator
- Pump
- Thermostat
- Underbody Components
- Brake
- Exhaust
- Engine Components
- Starter
- Pump
- Engine
- Alternator
- Automotive Filter
- Lighting Components
- Electrical Components
- Ignition Coil
- Ignition Switch
- Spark and Glow Plug
- Others
Breakup by Sales Channel:
- OEM
- Aftermarket
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- 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.
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