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Written by domon » Updated on: October 27th, 2024
According to TechSci Research report, “Automotive Parts and Components Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Parts and Components Market stood at USD 553.2 billion in 2022 and is anticipated to grow with a CAGR of 6.7% in the forecast period, 2024-2028.
The Global Automotive Parts and Components Market is a critical and dynamic segment of the broader automotive industry. It encompasses a vast array of components that are essential for the design, production, and functioning of vehicles. These components cover a wide spectrum, ranging from powertrain and driveline systems to electronics, safety features, interiors, and exteriors.
The automotive parts and components industry is intricately linked to the global vehicle production and consumption landscape. As vehicles become more advanced, incorporating cutting-edge technologies such as electrification, connectivity, and autonomous driving capabilities, the demand for sophisticated components has soared. This trend has given rise to innovations in materials, manufacturing processes, and design, as manufacturers seek to deliver optimal performance, safety, and efficiency.
The market's trajectory is influenced by various factors, including consumer preferences, regulatory norms, technological breakthroughs, and economic conditions.
As consumers prioritize fuel efficiency, sustainability, and enhanced driving experiences, the industry responds by developing lightweight materials, electric powertrains, infotainment systems, and advanced safety features. One of the defining trends in recent years is the shift towards electrification. Electric and hybrid vehicles have gained significant traction, prompting a surge in demand for components such as batteries, electric motors, power electronics, and charging infrastructure. This shift reflects the industry's commitment to reducing emissions and embracing cleaner energy sources.
Connectivity is another hallmark of the modern automotive landscape. With the integration of sensors, software, and communication technologies, vehicles are becoming more connected than ever before.
This has led to the development of advanced infotainment systems, driver assistance features, and predictive maintenance capabilities, all of which rely heavily on cutting-edge components. However, the market also faces challenges. The rapid pace of technological evolution demands constant adaptation and investment in research and development. Stricter emissions and safety regulations necessitate compliance efforts that can impact development timelines and costs. Additionally, the global supply chain's intricacies and uncertainties can disrupt component availability.
The Global Automotive Parts and Components Market is a pivotal force driving the evolution of the automotive industry. It operates at the intersection of innovation, consumer demand, regulatory compliance, and manufacturing prowess. As vehicles become smarter, cleaner, and more connected, the components that underpin their functionality will continue to shape the industry's trajectory, offering new opportunities and challenges for manufacturers, suppliers, and consumers alike.
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North America, encompassing the United States, Canada, and Mexico, boasts a mature automotive market characterized by a preference for larger vehicles such as trucks and SUVs. This drives demand for robust powertrain components, including engines with ample torque and durable transmissions. The region's focus on safety features and advanced electronics aligns with consumers' desire for enhanced connectivity and driver assistance systems. Moreover, stringent emissions standards drive the development of eco-friendly powertrain components to meet regulatory compliance.
Europe represents a diverse automotive landscape with a strong emphasis on luxury, performance, and sustainability. The region's commitment to reducing emissions and improving fuel efficiency fuels demand for lightweight materials, efficient powertrains, and innovative electronics. Stricter emissions regulations such as Euro 6 drive the need for advanced exhaust systems and components that adhere to stringent pollution standards. European consumers also prioritize premium interiors and advanced infotainment technologies, driving demand for sophisticated electronics components.
The Asia-Pacific region, home to automotive powerhouses like China, Japan, South Korea, and India, is a vital driver of the global automotive industry.
Rapid urbanization, rising middle-class populations, and increased vehicle ownership propel the demand for a wide range of components. Asia-Pacific's leadership in electric vehicle adoption drives the demand for components like batteries, electric drivetrains, and charging infrastructure. Additionally, Asia-Pacific manufacturers excel in producing cost-effective components for global markets.
The Middle East and Africa exhibit unique automotive demands driven by luxury preferences and rugged terrains. Demand for high-performance components is significant, especially for premium vehicles. Off-road capabilities are essential, leading to a focus on durable chassis and suspension components. Additionally, the region's interest in electric vehicles and sustainable transportation is shaping the demand for electric drivetrains and associated components.
South America's automotive market is characterized by diverse economic conditions, consumer preferences, and road conditions. The preference for compact vehicles and economical solutions fuels demand for powertrain components optimized for efficiency. Mandatory safety regulations influence the demand for components such as airbags and braking systems. Economic fluctuations in the region impact consumer purchasing power and can influence the demand for various components.
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“The Global Automotive Parts and Components Market emphasizes the pivotal role of innovation and collaboration. They highlight that ongoing advancements in materials science, electric powertrains, and connectivity solutions are redefining the industry. The increasing integration of electronics, sensors, and AI-driven systems is reshaping vehicle functionality and safety. Experts underscore the need for supply chain resilience to navigate global disruptions effectively. Moreover, they stress that aligning component development with evolving consumer preferences and sustainable practices will be instrumental in shaping the industry's future landscape.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Automotive Parts and Components Market Segmented By Type (Driveline and Powertrain, Interiors and Exteriors, Electronics, Bodies & Chassis, Tires, and Others), By Demand Category (OEM, Replacement), By Regional, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Automotive Parts and Components Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Parts and Components Market.
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1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Impact of COVID-19 on Global Automotive Parts and Components Market
5. Global Automotive Parts and Components Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type Market Share Analysis (Driveline and Powertrain, Interiors and Exteriors, Electronics, Bodies & Chassis, Tires, and Others)
5.2.2. By Demand Category Market Share Analysis (OEM and Replacement)
5.2.3. By Regional Market Share Analysis
5.2.3.1. Asia-Pacific Market Share Analysis
5.2.3.2. Europe & CIS Market Share Analysis
5.2.3.3. North America Market Share Analysis
5.2.3.4. South America Market Share Analysis
5.2.3.5. Middle East & Africa Market Share Analysis
5.2.4. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Automotive Parts and Components Market Mapping & Opportunity Assessment
5.3.1. By Type Market Mapping & Opportunity Assessment
5.3.2. By Demand Category Market Mapping & Opportunity Assessment
5.3.3. By Regional Market Mapping & Opportunity Assessment
6. Asia-Pacific Automotive Parts and Components Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type Market Share Analysis
6.2.2. By Demand Category Market Share Analysis
6.2.3. By Country Market Share Analysis
6.2.3.1. China Market Share Analysis
6.2.3.2. India Market Share Analysis
6.2.3.3. Japan Market Share Analysis
6.2.3.4. Indonesia Market Share Analysis
6.2.3.5. South Korea Market Share Analysis
6.2.3.6. Australia Market Share Analysis
6.2.3.7. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Automotive Parts and Components Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type Market Share Analysis
6.3.1.2.2. By Demand Category Market Share Analysis
6.3.2. India Automotive Parts and Components Market Outlook
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