Global Auto Parts Manufacturing Market to Grow at a CAGR of 6.1% During 2024-2032, Aided by the Demand for Hybrid and Electric Vehicle Parts and Growth of 3D Printing

The major trends impacting the auto parts manufacturing market include a surge in production of hybrid and electric vehicle parts, growth of 3D printing, growing demand for autonomous vehicle parts, and favourable government initiatives supporting auto parts manufacturing. The surge in hybrid vehicle production is evident as manufacturers in developing countries focus on developing vehicles combining gasoline engines and electric motors. Additionally, 3D printing is emerging as a prominent trend in auto parts manufacturing, allowing fast and efficient production of complex and customised parts.

The growing demand for autonomous vehicle components such as cameras, sensors, and advanced positioning systems aligns with the rising popularity of self-driving cars. The passenger car sales saw a rapid recovery in sales from the COVID-19 impact. According to OICA, the global sales for passenger cars jumped to 57.485 million cars in 2022 from 53.916 million in 2020. Government initiatives worldwide favour sustainable auto body parts, driven by stringent vehicle emission regulations. Notably, the auto industry is increasingly utilising 3D printing for economical and customisable parts, enhancing fuel efficiency and incorporating vintage car aesthetics.

Some of the leading developments in auto parts manufacturing revolve around partnerships, acquisitions and sustainability initiatives. In January 2024, LKQ Euro Car Parts announced a 5-year partnership with Protyre Autocare to supply aftermarket auto parts and accessories to the business. The latter is set to benefit from LKQ Euro Car Parts' extensive distribution network and a broad portfolio of auto components.

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Market Breakup by Component, Sales Channel, Vehicle Type, and Region:

• The market is segmented based on components into battery, cooling system, underbody components, engine components, automotive filter, lighting components, electrical components, chassis system, and transmission and steering systems, among others.

• By sales channel, the market is categorised into OEM and aftermarket.

• By vehicle type, the auto parts manufacturing market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles, among others.

• Region-wise, the global market for auto parts manufacturing can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for auto parts manufacturing is being driven by the growing popularity of electric vehicles and hybrid vehicles.

• Favorable government initiatives worldwide are supporting sustainable auto parts manufacturing. These initiatives are driven by stringent vehicle emission regulations and a broader push towards environmental sustainability.

• The demand for autonomous vehicle components such as cameras, sensors, and advanced positioning systems is on the rise, aligning with the increasing popularity of self-driving cars.

• Companies are shifting their focus to advanced technologies like 3D printing technology. Technological advancements are expected to boost research and development in the field of auto parts manufacturing.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for auto parts manufacturing for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the component, sales channel, vehicle type, and major regions of the auto parts manufacturing market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the auto parts manufacturing market are Robert Bosch GmbH, Denso Corporation, Continental AG, ZF Friedrichshafen AG, Hyundai Motor Group, Aisin Corporation, Magna International Inc., Valeo, Lear Corporation, Yazaki Group, Sumitomo Electric Industries, Ltd., Tenneco Inc., Akebono Brake Industry Co., Ltd., Panasonic Holdings Corporation, Faurecia S.E., and Marelli Holdings Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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