Automotive Parts and Components Market to Grow with a CAGR of 6.70% during the forecast period.
Increasing automotive
production worldwide, growing consumer preference for vehicle customization,
and rising demand for technologically advanced components are the factors
driving the market in the forecast period 2026-2030.
According to TechSci Research report, “Automotive Parts and
Components Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2020-2030F”, The Global Automotive Parts and Components
Market was valued at USD 629.81 Billion in 2024 and is expected to reach USD 929.39 Billion by 2030 with a CAGR of 6.70% during the forecast period. The
rising inclination towards fuel efficiency and improved vehicle performance is
a major factor contributing to the automotive parts and components market
expansion. Rapid technological developments, including the adoption of lighter
materials and the shift towards electric powertrains, are compelling
manufacturers to modernize their product lines. The growth in electric vehicle
adoption is especially accelerating the need for advanced components like
energy management systems and structural materials designed for improved energy
conservation.
The increasing popularity of electric and smart vehicles is creating
substantial opportunities within the sector. Consumers are seeking advanced
features like autonomous driving technologies, sophisticated infotainment
systems, and enhanced safety functionalities, leading to a transformation in
the types of components demanded. Manufacturers are also focusing on
incorporating eco-conscious production techniques, motivated by environmental
regulations aimed at promoting sustainability throughout the automotive
ecosystem. The market, however, encounters several obstacles, including
volatile prices for essential raw materials and disruptions across global
supply networks. Manufacturers must navigate strict safety and emission
mandates, necessitating constant innovation and adaptation. In addition,
competitive pressures from budget-friendly aftermarket suppliers are posing
challenges to established firms, compelling them to enhance product quality and
introduce value-added services to maintain their market position.
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in-depth TOC on "Automotive Parts and Components Market"
Automotive
Parts and Components Market Is Segmented By Demand Category, Type, and Region.
The automotive parts and
components market is segmented into Original Equipment Manufacturer (OEM) and
Replacement categories based on demand. The OEM segment encompasses components
supplied directly to vehicle manufacturers for assembly into new vehicles.
These parts must meet stringent specifications and quality standards to align
with the manufacturer's design and engineering requirements. OEM parts are
typically developed in close collaboration with automotive brands, ensuring
seamless integration and optimal vehicle performance. On the other hand, the Replacement
segment refers to parts sold for maintenance, repair, and aftermarket upgrades.
This segment serves vehicle owners looking to replace worn-out components or
enhance the functionality and appearance of their vehicles.
Replacement parts
are available through a variety of channels, including authorized dealerships,
independent repair shops, and online platforms. The growing vehicle parc and
extended average vehicle age are contributing significantly to the expansion of
the replacement parts market, as consumers prioritize keeping their existing
vehicles operational for longer periods. Both segments are experiencing shifts
driven by technological advancements and changing consumer expectations. OEMs
are focusing on integrating advanced technologies like connectivity,
automation, and electrification in their components, while the replacement
market is witnessing a surge in demand for high-performance, durable, and
sustainable parts. E-commerce growth and direct-to-consumer distribution models
are also reshaping the dynamics of the replacement parts industry, offering
consumers easier access to a wider range of products.
IIn 2024, the electric vehicle (EV) market in South America is showing measurable progress, fueled by a mix of government policies, urban electrification efforts, and a growing interest in sustainable transport. While the region's EV penetration remains behind more mature markets like Asia-Pacific or Europe, strategic developments across key countries are driving an upward trajectory. Brazil, the region’s largest economy, leads EV adoption in South America. The government has implemented import duty exemptions for electric and hybrid vehicles, alongside incentives for local assembly and battery production. The South American electric vehicle market in 2024 is gaining steady ground, driven by proactive government initiatives, urban electrification strategies, and rising environmental awareness. While the region faces challenges such as infrastructure gaps and cost barriers, countries like Brazil, Chile, Colombia, and Argentina are making tangible progress through policy support, localized incentives, and public transport electrification. The shift toward cleaner mobility solutions is no longer limited to future planning—it is actively reshaping transport systems and consumer behavior. With continued investment and regional cooperation, South America is positioning itself to play a more significant role in the global EV transition.
Major Market Players
Operating in Global Automotive Parts and Components Market Are:
- DENSO Corporation
- Aisin Corporation
- BorgWarner Inc.
- Samvardhana Motherson
International Limited
- Tenneco Inc.
- Hella GmbH & Co. KGaA
- American Axle & Manufacturing
Holdings Inc.
- Lear Corporation
- Autoliv Inc.
- Visteon Corporation
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The Global Automotive Parts and Components Market
is witnessing consistent growth, driven by the rising demand for durable,
lightweight, and aesthetically enhanced wheel rims across urban and
performance-oriented two-wheelers. The increasing focus on fuel efficiency,
vehicle customization, and enhanced ride stability has encouraged manufacturers
to innovate with advanced materials like alloys and carbon fiber. These rims
are engineered to offer strength, precision, and corrosion resistance under
diverse road conditions while supporting high-performance demands. According to
Mr. Karan Chechi, Research Director at TechSci Research, a global
research-based management consulting firm, these evolving consumer preferences
and material advancements are expected to significantly drive the market's
expansion.
The report titled “Automotive Parts and Components
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Material Type (Alloy, Steel, Carbon Fiber), By Sales Channel (OEM,
Aftermarket), By Region, By Competition, 2020-2030F”, assesses the market's
future growth potential and provides data on market size, trends, and
forecasts. It aims to offer comprehensive market insights, helping
decision-makers make informed investment choices. The report also highlights
emerging trends, key drivers, challenges, and opportunities in the Global Automotive
Parts and Components Market.
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