Auto Parts And Accessories - Global Strategic Business Report

The global market for Auto Parts And Accessories was valued at US$2.0 Trillion in 2024 and is projected to reach US$2.4 Trillion by 2030, growing at a CAGR of 2.8% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Auto Parts And Accessories Market - Key Trends and Drivers Summarized

What Constitutes the Auto Parts and Accessories Sector?

The auto parts and accessories sector is an integral component of the automotive industry, encompassing the production, distribution, and retail of parts and accessories used in the maintenance, enhancement, and customization of vehicles. This sector caters to a wide range of vehicles, including cars, trucks, motorcycles, and even heavy vehicles, providing both original equipment (OE) and aftermarket parts. OE parts are typically made by the vehicle's manufacturer or under their strict specifications, while aftermarket parts are produced by other companies and may offer alternative features or pricing. Accessories can include items ranging from high-tech entertainment systems to custom seat covers, enhancing both the functionality and aesthetics of a vehicle. The industry is critical not only for vehicle maintenance and repair but also for customization and upgrades, driving consumer satisfaction and vehicle longevity.

How Is Technology Transforming the Auto Parts Industry?

Technology plays a transformative role in the auto parts and accessories industry. Advanced manufacturing techniques, such as 3D printing, are revolutionizing the production of auto parts by allowing for more precise, efficient, and cost-effective methods of production. This technology enables the creation of complex parts that are lighter, stronger, and more durable, which is particularly beneficial for high-performance and specialty vehicles. Moreover, the integration of IoT (Internet of Things) devices in auto parts is enhancing vehicle connectivity and diagnostics, allowing for real-time monitoring, predictive maintenance, and more personalized user experiences. Technologies such as augmented reality (AR) are also beginning to influence the retail and repair side of the industry, with AR applications assisting in everything from part selection to installation processes.

What Trends Are Influencing Consumer Choices in Auto Parts?

Several key trends are currently shaping consumer choices in the auto parts and accessories market. Sustainability is a major influence, with an increasing number of consumers seeking eco-friendly products, such as parts made from recycled materials or designed to increase fuel efficiency. The rising popularity of electric vehicles (EVs) has also prompted a surge in demand for specific parts related to EV technology, including batteries, chargers, and specialized maintenance tools. In addition, the DIY (Do It Yourself) trend continues to grow, as many vehicle owners take maintenance and customization into their own hands, driven by a plethora of online tutorials and the availability of specialized tools and parts. This shift is supported by the digital transformation of retail, where e-commerce platforms offer vast selections of auto parts and accessories, complete with customer reviews and competitive pricing, facilitating informed decision-making and convenient purchasing.

What Drives the Growth of the Auto Parts Market?

The growth in the auto parts and accessories market is driven by several factors. Economic recovery and growth in various regions enable higher consumer spending on vehicle maintenance and enhancements. Technological advancements in auto parts manufacturing, such as improved materials, precision engineering, and smart technologies, are expanding the capabilities and appeal of aftermarket parts. Moreover, the increasing average age of vehicles in operation globally necessitates more frequent repairs and replacements, boosting the demand for parts and accessories. Changes in consumer behavior, including heightened interest in vehicle customization and upgrades for older cars, also contribute to market expansion. Lastly, the expansion of online sales channels has made it easier for consumers to access a wide range of products, from basic components to high-end accessories, thus broadening the consumer base and driving sales. These factors together create a robust environment for the continued growth of the auto parts industry, catering to an ever-evolving consumer demand and technological landscape.

Report Scope

The report analyzes the Auto Parts And Accessories market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

Segments

Type (Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies & Chassis, Wheel & Tires, Other Types); Application (OEM, Aftermarket).

Geographic Regions/Countries

World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Driveline & Powertrain segment, which is expected to reach US$736.2 Billion by 2030 with a CAGR of a 3.3%. The Interiors & Exteriors segment is also set to grow at 2.4% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, valued at $551.3 Billion in 2024, and China, forecasted to grow at an impressive 4.8% CAGR to reach $472.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as Aisin Seiki Co., Ltd., Autoliv, Inc., BASF SE, BorgWarner, Inc., Calsonic Kansei Corporation and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Auto Parts And Accessories Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Auto Parts And Accessories Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Auto Parts And Accessories Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Some of the 499 major companies featured in this Auto Parts And Accessories market report include:

• Aisin Seiki Co., Ltd.
• Autoliv, Inc.
• BASF SE
• BorgWarner, Inc.
• Calsonic Kansei Corporation
• Continental AG
• Delphi Technologies
• Denso Corporation
• Faurecia
• Gestamp Automocion S.A.
• Hitachi Automotive Systems Ltd.
• Hyundai Mobis Co., Ltd.
• Hyundai Wia Corporation
• JTEKT Corporation
• Lear Corporation
• Magna International, Inc.
• MAHLE GmbH
• Marelli (Magneti Marelli CK Holdings Co., Ltd.)
• Panasonic Automotive Systems Europe GmbH
• Robert Bosch GmbH
• Samvardhana Motherson Group
• Schaeffler AG (Schaeffler Group)
• Sumitomo Electric Industries Ltd.
• ThyssenKrupp AG
• Toyoda Gosei Co., Ltd.
• Toyota Boshoku Corporation
• Valeo Group
• Yanfeng Automotive Interior Systems
• Yazaki Corporation
• ZF Friedrichshafen AG