The global auto parts market is expected to grow at a CAGR of 5.4% during the forecast period 2021-2031, according to the latest analysis from Persistence Market Research. The demand for auto parts in the aftermarket is driven by the increase in maintenance and repair activities performed by vehicle owners, as vehicle parts in inventory experience normal wear and tear over time. Air filters, fuel filters and spark plugs, as well as brake pads, are more likely to be replaced at regular intervals. Governments around the world have promulgated strict auto emissions standards that require product manufacturers to supply environmentally sustainable and high performance parts for local and international markets, which is expected to drive demand for auto parts. The auto parts industry has experienced significant expansion in recent years, with growing economies such as China, India and Brazil expected to drive the growth of the global market.
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Future automobiles would be aware of the HWW (health, wellness and wellness) features in the wake of healthcare being the top priority. We could therefore deduce that in addition to becoming “green”, they would also become “pink”. The parts of the car would be overhauled with the aim of keeping the occupants of the vehicle healthy and safe.
There are environmentally friendly regulations that call for a circular economy, i.e. recycling and reuse ideas would be put into practice in the near future. These vertical automotive industry trends as well as insights have been constructively captured by Persistence Market Research analysts and consultants.
Key points of the market research
• At a 6.7% CAGR, Electrical Parts is expected to be the fastest growing product segment through 2031.
• Tires are expected to have the highest share of the product segment, with almost 42% market share by 2031.
• By vehicle, passenger cars are expected to be the segment leader with a market share of over 64%.
• By region, Europe is expected to have the highest share of the world market with over 34%. Germany is expected to hold nearly 29% of the European market by 2031.
• The Middle East and Africa region market is expected to grow at the fastest CAGR of 6.2%
• The United States is expected to register the highest absolute dollar opportunity of over US $ 44 billion from 2021 to 2031.
• By sales channel, authorized dealers are expected to lead with over 45% market share.
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Market landscape identified as quite competitive
On a regional, national and global basis, the global automotive spare parts market is highly competitive and fragmented. Some of the major players included in the report are Robert Bosch GmbH, ZF Friedrichshafen AG, Hella KGaA Hueck & Co., NGK Spark Plug, Exide Technologies, Gabriel India Limited, Hitachi Astemo, Ltd., KYB Corporation, Tenneco, Inc., Denso Corporation, Magna International, Continental AG, Valeo SA, Bridgestone, Michelin, Goodyear, Pirelli, Mahle GmbH, BorgWarner, OSRAM Licht AG, Knorr-Bremse and Aisin Corporation.
The aftermarket for auto parts is characterized by the presence of a few key players from North America, Europe and China. The growing demand for passenger cars and utility vehicles equipped with advanced technologies such as clean mobility, around the world, is expected to propel the demand for technologically advanced products in the coming years.
Technological developments along with collaborations, mergers and acquisitions by major market players are expected to fuel auto parts sales in the aftermarket industry.
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