Auto Parts Market to grow by USD 354.9 billion between 2024-2028
According to a research report “ Auto Parts Market” by End-user (OEM, Aftermarket) Distribution Channel (Offline, Online) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 354.9 billion at a CAGR of 3.2% during the forecast period. The auto parts market experiences significant growth through technological advancements in braking systems and lighting components. High-performance brakes, incorporating electronic control systems, offer enhanced braking performance and vehicle handling. These systems include regenerative braking, brake-by-wire, electronic brake force distribution, antilock braking, traction control, and electronic stability control. Furthermore, 3D printing technology revolutionizes the production process, with an increasing number of additive-manufactured parts integrated into modern vehicles..
Browse market data tables, figures, and in-depth TOC on “Auto Parts Market” by End-user (OEM, Aftermarket) Distribution Channel (Offline, Online) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028.
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By End-user, the OEM segment is projected to dominate the market size in 2024.
In the global auto parts market, the prevalence of numerous physical stores serves as a significant market catalyst. The tangible shopping experience and other advantages linked to purchasing from offline retailers, including the look-and-feel factor, contribute to market growth. However, the offline distribution channel's market share is projected to decrease during the forecast period due to the increasing preference for online automotive parts purchases through e-commerce platforms. The offline segment encompasses physical, brick-and-mortar stores, with a substantial presence in economically advanced countries like the US, Canada, UK, Germany, and China, boasting well-established infrastructures.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024.
In the automotive industry, Original Equipment Manufacturers (OEMs) are projected to expand their market share substantially over the forecast period compared to the aftermarket. OEMs produce auto components, such as brakes, steering, and others, specifically designed to match the exact specifications of newly built vehicles. These parts, manufactured by the same company that originally equipped the vehicle, are highly sought after by automakers worldwide due to their perfect fit and guaranteed performance and quality.
North America is forecasted to hold the largest market size by region in 2024.
In the dynamic business landscape of the auto parts market, we identify growing demand driven by vehicle aging and increasing sales of used cars. Our strategic approach focuses on expanding our product offerings, enhancing supplier relationships, and optimizing inventory management to meet customer needs effectively. By leveraging advanced technologies and data analytics, we aim to streamline operations, improve efficiency, and deliver high-quality auto parts to our valued clients.
The Auto Parts Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The auto parts market is experiencing significant shifts due to advancements in technology and regulatory requirements. Key areas of focus include supply chain management for Electric Vehicles (EVs), such as battery recycling and charging station networks. Emission regulations are driving the adoption of renewable energy sources and government incentives for EVs and smart grid technology. Autonomous vehicles and the aftermarket parts sector are also undergoing transformations. Heavy Commercial Vehicles (HCVs) and Light Commercial Vehicles (LCVs) are integrating EV-specific components, including electric motors, batteries, and specialized EV components. Consumer behavior is evolving, with a growing preference for environmentally friendly materials and charging infrastructure. Automotive manufacturers are responding by investing in research and development of engine components and underbody components tailored to EVs. E-commerce platforms are facilitating the sale of these components, making them more accessible to consumers. The future of the auto parts market lies in its ability to adapt to these trends and provide innovative solutions for the evolving needs of the industry.
Market Research Overview
The auto parts market encompasses various sectors, including energy efficiency, wireless charging, and connected car technology. Automakers are focusing on developing specialized EV components, such as electric motors and batteries, to meet the growing demand for electric vehicles (EVs). Consumer behavior is shifting towards environmentally friendly materials and sustainable transportation solutions, leading to an increase in demand for EV-specific components. Government incentives and emission regulations are driving the electrification of public transportation and fleet vehicles. The charging infrastructure market is expanding, with the development of charging station networks and battery recycling initiatives. EV startups are disrupting traditional automotive software and aftermarket parts sectors, introducing innovative solutions for vehicle safety features and performance. Renewable energy sources are becoming increasingly important in the supply chain management of automotive components, particularly in the production of batteries and engine components. The market trends also include the integration of smart grid technology and autonomous vehicles, which require advanced automotive filter systems and underbody components. The demand for electric vehicle range and consumer incentives is driving growth in the heavy commercial and light commercial vehicle sectors. The aftermarket parts sector is adapting to the changing market dynamics, with e-commerce platforms offering a wide range of EV-specific components and charging solutions. Overall, the auto parts market is undergoing significant transformation, driven by advancements in technology and changing consumer preferences.
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Technavio Research
Jesse Maida
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Email: media@technavio.com
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