The global automotive parts market is expected to grow at a CAGR of 5.4% over the forecast period 2021-2031
The global automotive parts market is currently valued at over US$524 billion. Aftermarket auto parts sales are expected to grow by 5.4% CAGR and be valued at over US$883 billion by 2031. Increasing vehicle fleet, increasing vehicle age and increasing penetration of e-commerce channels are the major factors driving the industry. growth.
The global automotive parts market is expected to grow at a CAGR of 5.4% over 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 stock vehicle parts experience 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.
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Governments around the world have adopted strict automotive emission standards that require product manufacturers to provide environmentally sustainable and high-performance parts for local and international markets, which is expected to drive the demand for auto parts. The auto parts industry has witnessed significant expansion in recent years, with booming economies such as China, India, and Brazil expected to drive the growth of the global market.
Market players are rapidly innovating and introducing new advanced parts to the aftermarket:
In June 2021, Michelin launched new winter tires for trucks, dubbed “Michelin X Multi Grip”. These tires offer better performance and guarantee maximum safety in extreme weather conditions such as snowy and slush-covered roads as well as wet roads.
In February 2021, Gabriel India Limited developed the first electronically adjustable hydraulic shock absorber for a leading SUV vehicle in the aftermarket sector.
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Key insights from market research
With a CAGR of 6.7%, electrical parts are expected to be the fastest growing product segment through 2031.
Tires are expected to have the highest share in the product segment, with nearly 42% market share by 2031.
By vehicle, passenger cars are expected to lead the segment with a market share of over 64%.
By region, Europe is expected to have the highest share of the global market, at over 34%. Germany is expected to hold almost 29% of the European market share by 2031.
Middle East & Africa Market Expected to Grow at 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.
Market landscape identified as quite competitive
On a regional, national and global basis, the global automotive 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 auto parts aftermarket is characterized by the presence of a few key players from North America, Europe and China. Growing demand for passenger cars and commercial 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 and mergers and acquisitions by major market players are expected to fuel the sales of auto parts in the aftermarket industry.
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Answers to key questions in this report.
What will be the growth rate of the market in the future?
What are the key factors driving the global market?
Who are the major manufacturers in the Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by industry regions?
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