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Report Overview
The global auto parts manufacturing market reached approximately USD 701.57 billion in 2023. The market is projected to grow at a CAGR of 6.1% between 2024 and 2032, reaching a value of around USD 1,195.40 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Auto parts manufacturers are enhancing their online presence to reach a broader customer base.
- Favourable government incentives are expected to promote the demand for environmentally friendly auto parts.
- North America is expected to emerge as a significant market due to the high usage of commercial vehicles.
Competitive Landscape
The auto parts manufacturing companies are leveraging advanced technologies to improve their production capabilities as well as promote sustainable development, lowering their carbon footprints to gain a competitive edge in the market.
Robert Bosch GmbH
Robert Bosch is a multinational engineering technology company in automotive parts industry, based in Gerlingen, Germany. Founded in 1886, the company offers smart building solutions, carbon neutrality solutions, and hydrogen technology, among others.
DENSO CORPORATION
DENSO is an automotive component provider, headquartered in Aichi, Japan. Some of its specialities include electric/hybrid components, human-machine interfaces, wireless charging, and robotics, among others.
Continental AG
Continental AG is an automotive parts manufacturer in the automotive sector, based in Hanover, Germany. Incorporated in 1871, the company offers efficient and cutting-edge solutions for the mobility and transport sectors.
Valeo
Valeo, a French-based auto parts company, announced that it is expanding its operations in Tamil Nadu, India, to strengthen its position in the Indian subcontinent.
The market players are steadily incorporating green auto parts, which are manufactured from the tree waste to reduce their dependency on plastics and biocomposites. These sustainable auto parts reduce waste generation and contribute to the circular economy by reusing waste tree parts which are discarded. Furthermore, tests have shown that these auto parts are durable and robust and can be incorporated into vehicles for mass production, opening new avenues and creating opportunities for the auto parts manufacturing market development.
Auto Parts Manufacturing Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 701.57 billion.
The market is estimated to grow at a CAGR of 6.1% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 1195.40 billion by 2032.
The major drivers of the industry, such as the rising production and sales of vehicles, growing digitisation of distribution systems, and increasing technological advancements and innovations, are expected to aid the market growth.
The key trends aiding the market include surge in the production of hybrid vehicle parts; growth of 3D printing; growing demand for autonomous vehicle parts; and favourable government initiatives supporting sustainable auto body parts.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading components in the market are battery, cooling system, underbody components, engine components, automotive filter, lighting components, and electrical components, among others.
The major sales channels in the industry are OEM and aftermarket.
The significant vehicle types in the market are passenger cars, light commercial vehicles, and heavy commercial vehicles, among others.
The major players in the 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, Tenneco Inc., Sumitomo Electric Industries, Ltd., Akebono Brake Industry Co., Ltd., Panasonic Holdings Corporation, Faurecia S.E., and Marelli Holdings Co., Ltd, among others.
COVID-19 restrictions, along with health and safety concerns, led to fewer workers in factories. This shortage slowed down production rates, even as demand began to recover.
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