The global automotive ancillaries’ products market size was valued at $15.38 billion in 2022 and is projected to reach $28.58 billion by 2032, registering a CAGR of 6.6% from 2023 to 2032.
The automotive ancillaries’ products are a part of the automotive industry that is majorly indulged in the production and supply of various automotive components, parts, and related accessories. Automotive ancillaries’ products are used in the repair, maintenance, and aesthetic enhancement of vehicles. Automotive ancillaries’ products are an essential part of the automobile industry as they allow enhanced functioning, safety, and performance of a vehicle. Ancillaries’ products include engine parts, braking systems, electrical systems, safety features, interior components, and communication solutions.
In recent years, due to an increase in concerns of climate change, air pollution and surge in vehicle emissions have resulted in growing consumer preferences toward electric and hybrid powertrain vehicles. Moreover, government and regulatory bodies across the globe have implemented stringent regulations and emissions standards, which have forced automobile manufacturers to develop more environmentally friendly vehicles with higher fuel economy and lower emissions.
Globally, in recent years there has been growth in sales of EV and other hybrid powertrain vehicles. According to data from the International Energy Agency, in 2020, the share of EVs accounted for 4% of the overall global automobile sales, in 2022 it accounted for 14% of the overall market share. Over 2.3 million EVs were sold globally in the first quarter of 2023, according to the agency. The increase in sales of electric and hybrid cars is attributed to increased technical improvement, the availability of more model alternatives, and the government's substantial subsidy & tax benefits. Furthermore, many major countries across the globe have set a Net Zero Emission Target by 2030, which projects that by 2030, 100% of all vehicles sold are going to be electric or hybrid motor automobiles. Thus, the rise in trend of vehicle electrification and hybridization are anticipated to provide a lucrative market growth opportunity during the forecast period.
However, the fluctuation in the price of raw material significantly hampers the growth of the automotive ancillaries' products market. Raw materials are an essential element in the manufacturing of automotive ancillaries' products, such as engine transmission and suspension components, electrical parts, sheet metal parts, and body & chassis. The fluctuation in the price of raw materials significantly increases the overall production cost of vehicles, thus hampering the growth of the market.
For instance, the Russia-Ukraine war resulted in steep increase in prices of raw steel, thus significantly impacting the ancillaries' products market globally.
Russia and Ukraine generated around 5-7% of world steel demand. However, the conflict caused 90% of Ukrainian steel production facilities to cease operations. For instance, Azovstal and Illich Steel facilities located in Mariupol, which account for about 41% of Ukrainian steel production, completely halted their production due to war. Similarly, major countries enacted sanctions on Russian companies, resulting in a decline in the import of steel from Russia. Thus, the fluctuation in the price of raw materials is anticipated to significantly impact the automotive ancillaries' products market.
The global automotive ancillaries’ products market growth is driven by an increase in global automobile sales, surge in popularity of vehicle electrification & hybridization, and an increase in trend toward weight reduction in automobiles. However, factors such as fluctuation in the price of raw materials and strengthening regulatory compliances are anticipated to hinder market growth during the forecast period. Furthermore, an increase in the R&D of autonomous and connected vehicle technologies is expected to present attractive market growth prospects.
The global automotive ancillaries’ products market is segmented on the basis of component application and distribution channel, and region. On the basis of component, the market is divided into engine transmission & suspension components, electrical parts, sheet metal parts & body and chassis, cleaning maintenance and repair products and others. On the basis of application, the market is fragmented into commercial vehicles and passenger vehicles. By distribution channel, the market is classified into OEM and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The key companies profiled in the report include Robert Bosch GmbH, Uno Minda, Continental AG, NIPPON, Duncan Engineering Ltd, ZF Friedrichshafen AG, DENSO CORPORATION, Magna International Inc, AISIN CORPORATION, and Lear Corporation.
The automotive ancillaries’ products are a part of the automotive industry that is majorly indulged in the production and supply of various automotive components, parts, and related accessories. Automotive ancillaries’ products are used in the repair, maintenance, and aesthetic enhancement of vehicles. Automotive ancillaries’ products are an essential part of the automobile industry as they allow enhanced functioning, safety, and performance of a vehicle. Ancillaries’ products include engine parts, braking systems, electrical systems, safety features, interior components, and communication solutions.
In recent years, due to an increase in concerns of climate change, air pollution and surge in vehicle emissions have resulted in growing consumer preferences toward electric and hybrid powertrain vehicles. Moreover, government and regulatory bodies across the globe have implemented stringent regulations and emissions standards, which have forced automobile manufacturers to develop more environmentally friendly vehicles with higher fuel economy and lower emissions.
Globally, in recent years there has been growth in sales of EV and other hybrid powertrain vehicles. According to data from the International Energy Agency, in 2020, the share of EVs accounted for 4% of the overall global automobile sales, in 2022 it accounted for 14% of the overall market share. Over 2.3 million EVs were sold globally in the first quarter of 2023, according to the agency. The increase in sales of electric and hybrid cars is attributed to increased technical improvement, the availability of more model alternatives, and the government's substantial subsidy & tax benefits. Furthermore, many major countries across the globe have set a Net Zero Emission Target by 2030, which projects that by 2030, 100% of all vehicles sold are going to be electric or hybrid motor automobiles. Thus, the rise in trend of vehicle electrification and hybridization are anticipated to provide a lucrative market growth opportunity during the forecast period.
However, the fluctuation in the price of raw material significantly hampers the growth of the automotive ancillaries' products market. Raw materials are an essential element in the manufacturing of automotive ancillaries' products, such as engine transmission and suspension components, electrical parts, sheet metal parts, and body & chassis. The fluctuation in the price of raw materials significantly increases the overall production cost of vehicles, thus hampering the growth of the market.
For instance, the Russia-Ukraine war resulted in steep increase in prices of raw steel, thus significantly impacting the ancillaries' products market globally.
Russia and Ukraine generated around 5-7% of world steel demand. However, the conflict caused 90% of Ukrainian steel production facilities to cease operations. For instance, Azovstal and Illich Steel facilities located in Mariupol, which account for about 41% of Ukrainian steel production, completely halted their production due to war. Similarly, major countries enacted sanctions on Russian companies, resulting in a decline in the import of steel from Russia. Thus, the fluctuation in the price of raw materials is anticipated to significantly impact the automotive ancillaries' products market.
The global automotive ancillaries’ products market growth is driven by an increase in global automobile sales, surge in popularity of vehicle electrification & hybridization, and an increase in trend toward weight reduction in automobiles. However, factors such as fluctuation in the price of raw materials and strengthening regulatory compliances are anticipated to hinder market growth during the forecast period. Furthermore, an increase in the R&D of autonomous and connected vehicle technologies is expected to present attractive market growth prospects.
The global automotive ancillaries’ products market is segmented on the basis of component application and distribution channel, and region. On the basis of component, the market is divided into engine transmission & suspension components, electrical parts, sheet metal parts & body and chassis, cleaning maintenance and repair products and others. On the basis of application, the market is fragmented into commercial vehicles and passenger vehicles. By distribution channel, the market is classified into OEM and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The key companies profiled in the report include Robert Bosch GmbH, Uno Minda, Continental AG, NIPPON, Duncan Engineering Ltd, ZF Friedrichshafen AG, DENSO CORPORATION, Magna International Inc, AISIN CORPORATION, and Lear Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive ancillaries’ products market analysis from 2022 to 2032 to identify the prevailing automotive ancillaries’ products market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive ancillaries’ products market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive ancillaries’ products market trends, key players, market segments, application areas, and market growth strategies.
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- Upcoming/New Entrant by Regions
- Go To Market Strategy
- Additional company profiles with specific to client's interest
- SWOT Analysis
Key Market Segments
By Distribution Channel
- OEM
- Aftermarket
By Component
- Engine Transmission and suspension components
- Electrical parts
- Sheet metal parts and body and chassis
- Cleaning, maintenance, and repair products
- Others
By Application
- Commercial Vehicle
- Passenger Vehicle
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East And Africa
- Robert Bosch GmbH
- Uno Minda
- Continental AG
- Nippon
- Duncan Engineering Ltd
- ZF Friedrichshafen AG
- DENSO CORPORATION
- Magna International Inc
- AISIN CORPORATION
- Lear Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE ANCILLARIES’ PRODUCTS MARKET, BY COMPONENT
CHAPTER 5: AUTOMOTIVE ANCILLARIES’ PRODUCTS MARKET, BY APPLICATION
CHAPTER 6: AUTOMOTIVE ANCILLARIES’ PRODUCTS MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: AUTOMOTIVE ANCILLARIES’ PRODUCTS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
Key Market Players in the Automotive Ancillaries’ Products Market include:- Robert Bosch GmbH
- Uno Minda
- Continental AG
- Nippon
- Duncan Engineering Ltd
- ZF Friedrichshafen AG
- DENSO CORPORATION
- Magna International Inc
- AISIN CORPORATION
- Lear Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | April 2024 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 15.38 billion |
| Forecasted Market Value ( USD | $ 28.58 billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
