Auto parts market to grow by USD 324.52 billion from 2021 to 2026 | Increased usage of technological Innovations drives the market

NEW YORK, July 18, 2023 /PRNewswire/ — The auto parts market size is forecast to increase by USD 324.52 billion from 2021 to 2026, at a CAGR of 3.1%, according to the recent market study by Technavio. The growth of the market will be driven by the increased usage of technological advancement in the global auto parts market, the advantages and benefits of OE parts and replacement parts, and the high demand from the aftermarket. Charts & data tables about market and segment sizes have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including 3M Co., Aisin Corp., Akebono Brake Industry Co. Ltd., Brembo SpA, Continental AG, Cooper Tire and Rubber Co., Delphi Technologies Plc, Denso Corp., Faurecia SE, General Motors Co, HELLA GmbH and Co. KG, Lear Corp., Magna International Inc., Marelli Holdings Co. Ltd., Tenneco Inc., The Goodyear Tire and Rubber Co., Toyota Boshoku Corp., Valeo SA, Robert Bosch GmbH, and ZF Friedrichshafen AG.

• 3M Co:- The company offers auto parts such as window film obsidian series.

• Aisin Corp:- The company manufactures automotive parts, lifestyle and energy-related products, construction and engineering-related products, and oils.

Get a holistic overview of the Auto Parts Market by industry experts to evaluate and develop growth strategies. Download the Sample

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.

• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Auto parts market – Segmentation Assessment

This report extensively covers auto parts market segmentation by end-user (OEM and aftermarket) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).

• The OEM segment will be significant for market growth during the forecast period. Generally, buyers prefer auto parts manufactured by OEMs. This is because the auto parts offered by them are the same part as what was originally installed during the manufacturing process. Furthermore, this provides the buyers with peace of mind, as they know how it will perform and have an assurance of quality. Hence, owing to these factors, the OEM segment of the market is expected to grow during the forecast period.

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Auto parts market – Market Dynamics

Key Drivers

The increased use of technological advances is driving the auto parts market growth. 3D printing technology is used to manufacture and fabricate auto parts. Most vehicles have parts incorporated into the assembly that are additively manufactured. These include auto parts such as gears, gearboxes, engine components, and brake components. The use of additive manufacturing technology reduces the weight of auto parts. Thus, the emergence of 3D printing in the automotive industry and the increasing demand for hybrid and all-electric vehicles are likely to boost the growth of the market during the forecast period.

Major Trends

Increasing M&A and partnerships are emerging trends influencing the market growth of the auto parts market. Market vendors adopt strategies such as M&A and partnerships to gain a competitive advantage over other vendors and new entrants. In June 2021, Goodyear Tire and Rubber Co. acquired Cooper Tire and Rubber Co to create a stronger base in the US. Hence, such factors are expected to propel the demand for auto parts from automobile manufacturers during the forecast period.

Leading Challenges

A sharp decline in automobile production and sales is challenging the auto parts market growth. The sales and production of automobiles were negatively impacted by the outbreak of COVID-19 across the world. High motorization rates in Europe and North America, a rise in tariffs on imported vehicles in China and the US, and the economic slowdown are expected to reduce the sales of vehicles in the coming years. Hence, several manufacturers have stopped vehicle production. These factors are expected to reduce the demand for auto parts and, in turn, impede the growth of the market during the forecast period.

What are the key data covered in this Auto parts market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the auto parts market between 2022 and 2026

• Precise estimation of the size of the auto parts market and its contribution to the market with a focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the auto parts market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of auto parts market vendors

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Related Reports:

Global automotive aftermarket market size is estimated to grow at a CAGR of 6.26% between 2022 and 2027. The size of the market is forecast to increase by USD 164.58 billion. This report extensively covers market segmentation by vehicle type (passenger cars and commercial vehicles), distribution channel (retailer, wholesale, and distribution), and geography (APAC, Europe, North America, South America, and Middle East and Africa). Aftermarket e-retailing gaining popularity is the primary trend in the aftermarket automotive parts and components market growth.

The global  automotive parts aftermarket market in US size is estimated to grow by  USD 30.83 billion between 2022 and 2027, accelerating at a CAGR of 7.69%. This report extensively covers market segmentation by type (passenger vehicles and commercial vehicles) and distribution channel (offline and online) and geography US. The growth in the availability of automotive aftermarket parts on e-commerce platforms is a significant trend impacting the US aftermarket automotive parts and components market.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by End-user

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio