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South Korea Auto Parts Manufacturing Market Size, Share: By Component: Battery, Cooling System, Underbody Components, Engine Components, Automotive Filter, Lighting Components, Electrical Components, Chassis System, Others; By Vehicle Type; By Sales Channel; Market Dynamics; Competitive Landscape; 2024-2032
South Korea Auto Parts Manufacturing Market Size
The South Korea auto parts manufacturing market reached approximately USD 120.5 billion in 2023. The market is projected to grow at a CAGR of 3.30% between 2024 and 2032, reaching a value of around USD 162.96 billion by 2032.
South Korea Auto Parts Manufacturing Market Outlook
- As per the industry report, the overall automotive sales in South Korea grew by 5 per cent in 2023.
- Hyundai Mobis, a South Korean auto parts provider, announced that it has produced an in-vehicle lighting system which can be aligned with the driver’s mood and can autonomously adjust the colour and intensity of lights.
- The city of Ulsan is responsible for 23 per cent of the car production in South Korea.
South Korea Auto Parts Manufacturing Market Growth
The growth of the automotive sector, the presence of a broad range of vehicles, and the rising export opportunities are some of the major factors fuelling the market growth. The country’s automotive sector consists of global brand names such as Hyundai and Kia which are also involved in the production of auto parts for various types of vehicles such as sedans, SUVs, and electric vehicles, among others. Meanwhile, several multinational vehicle manufacturers are relying on South Korean auto suppliers for the purchase of their auto parts. In April 2024, BMW announced that it purchased automotive parts worth USD 4.6 billion from South Korean manufacturers.
Favourable government incentives to boost the sales of electric vehicles are also propelling the auto parts manufacturing market expansion. For instance, in September 2023, the South Korean government announced that it aims to offer temporary subsidies to customers purchasing EVs , which aids the demand for EV components such as batteries, electric motors, power electronics, and charging systems, among others.
South Korea Auto Parts Manufacturing Industry Segmentation
“South Korea Auto Parts Manufacturing Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Component
- Battery
- Cooling System
- Compressor
- Radiator
- Pump
- Thermostat
- Underbody Components
- Brake Components
- Exhaust Components
- Engine Components
- Starter
- Engine
- Pump
- Alternator
- Automotive Filter
- Lighting Components
- Electrical Components
- Ignition Coil
- Ignition Switch
- Spark and Glow Plug
- Chassis System
- Transmission and Steering System
- Others
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Market Breakup by Sales Channel
- OEM
- Aftermarket
South Korea Auto Parts Manufacturing Market Share
The OEM sector accounts for a major market share as the customers are more willing to purchase the auto parts from the original manufacturers as they align with the specifications of that particular vehicle. Some automotive manufacturers may also offer warranties which can enhance their appeal among customers. On the other hand, the aftermarket sector is anticipated to grow at a steady rate as it offers buyers several options on auto parts as well as economical pricing compared to OEMs.
Leading Companies in South Korea Auto Parts Manufacturing Market
The market players are offering innovative products to gain a competitive edge in the market.
- Robert Bosch GmbH
- Denso Corp.
- Continental AG
- ZF Friedrichshafen AG
- Marelli Holdings Co., Ltd.
- Hyundai Motor Co.
- Sumitomo Electric Industries, Ltd.
- Magna International Inc.
- Valeo S.A.
- Aisin Corporation
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Component |
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| Breakup by Vehicle Type |
|
| Breakup by Sales Channel |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Auto Parts Manufacturing Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Auto Parts Manufacturing Historical Market (2018-2023)
8.3 Asia Pacific Auto Parts Manufacturing Market Forecast (2024-2032)
9 South Korea Auto Parts Manufacturing Market Overview
9.1 Key Industry Highlights
9.2 South Korea Auto Parts Manufacturing Historical Market (2018-2023)
9.3 South Korea Auto Parts Manufacturing Market Forecast (2024-2032)
10 South Korea Auto Parts Manufacturing Market by Component
10.1 Battery
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Cooling System
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.2.3 Breakup by Type
10.2.3.1 Compressor
10.2.3.2 Radiator
10.2.3.3 Pump
10.2.3.4 Thermostat
10.3 Underbody Components
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.3.3 Breakup by Type
10.3.3.1 Brake Components
10.3.3.2 Exhaust Components
10.4 Engine Components
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.4.3 Breakup by Type
10.4.3.1 Starter
10.4.3.2 Engine
10.4.3.3 Pump
10.4.3.4 Alternator
10.5 Automotive Filter
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Lighting Components
10.6.1 Historical Trend (2018-2023)
10.6.2 Forecast Trend (2024-2032)
10.7 Electrical Components
10.7.1 Historical Trend (2018-2023)
10.7.2 Forecast Trend (2024-2032)
10.7.3 Breakup by Type
10.7.3.1 Ignition Coil
10.7.3.2 Ignition Switch
10.7.3.3 Spark and Glow Plug
10.8 Chassis System
10.8.1 Historical Trend (2018-2023)
10.8.2 Forecast Trend (2024-2032)
10.9 Transmission and Steering System
10.9.1 Historical Trend (2018-2023)
10.9.2 Forecast Trend (2024-2032)
10.10 Others
11 South Korea Auto Parts Manufacturing Market by Vehicle Type
11.1 Passenger Cars
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Light Commercial Vehicles
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Heavy Commercial Vehicles
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 South Korea Auto Parts Manufacturing Market by Sales Channel
12.1 OEM
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Aftermarket
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Value Chain Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Robert Bosch GmbH
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Denso Corp.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Continental AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 ZF Friedrichshafen AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Marelli Holdings Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hyundai Motor Co.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Sumitomo Electric Industries, Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Magna International Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Valeo S.A.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Aisin Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Auto Parts Manufacturing Market: Key Industry Highlights, 2018 and 2032
2. South Korea Auto Parts Manufacturing Market: Key Industry Highlights, 2018 and 2032
3. South Korea Auto Parts Manufacturing Historical Market: Breakup by Component (USD Billion), 2018-2023
4. South Korea Auto Parts Manufacturing Market Forecast: Breakup by Component (USD Billion), 2024-2032
5. South Korea Auto Parts Manufacturing Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
6. South Korea Auto Parts Manufacturing Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
7. South Korea Auto Parts Manufacturing Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
8. South Korea Auto Parts Manufacturing Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
9. South Korea Auto Parts Manufacturing Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 120.5 billion.
The market is estimated to grow at a CAGR of 3.30% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 162.96 billion by 2032.
The market is being driven due to growth of the automotive sector, the presence of a broad range of vehicles, and the rising export opportunities.
The key trends aiding the market include favourable government incentives and technological advancements.
Based on vehicle type, market segmentations include passenger cars, light commercial vehicles, and heavy commercial vehicles.
Different sales channels are OEM and aftermarket.
The major players in the market are Robert Bosch GmbH, Denso Corp., Continental AG, ZF Friedrichshafen AG, Marelli Holdings Co., Ltd., Hyundai Motor Co., Sumitomo Electric Industries, Ltd., Magna International Inc., Valeo S.A., and Aisin Corporation, among others.
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