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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.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124