Auto Parts and Accessories Market Size Worth $110.2 Billion By 2030: IndustryARC

The Global Auto Parts and Accessories Market size is predicted to reach $110.2 billion by 2030, growing at a CAGR of 3% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The growing emphasis on vehicle safety and efficiency, coupled with rising consumer interest in vehicle customization, are the main drivers of market expansion, finds IndustryARC in its recent report, titled “Auto Parts and Accessories Market – By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles and Sports Vehicles), By Product Type (Engine Parts (Carburettor, Catalytic Converter, Exhaust System, Fuel Injection System, Ignition System and others); Electrical Parts (Alternators, Ignition Switches,  Battery, Starter, Spark & Glow Plugs, and others); Drive and Transmission Steering parts (Drive Train, Driveshaft, Automatic Transmission, Chassis, Clutch, Differential Gears, Gearset and others); Suspension and Braking Parts (Anti-Lock Braking System, Active Suspension, Alloy Wheels, Brake Callipers, Disc brakes, Drum brakes, others); Others (Lighting Component, Electronic Control Unit, Sensors, Displays, Others), By Mode of Sale (Online, Offline), By Sales Channel (OEMs, Aftermarket, Repair/Service Center, Auto Dealership, Retail Store), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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North America to Register Highest Growth:

In 2023, North America held the second-largest market share for Auto Parts and Accessories, with 27%, after Europe. The region’s growth is driven by a robust automotive aftermarket, a high rate of vehicle ownership, and a strong consumer preference for advanced automotive technologies and customization options. Additionally, the growing adoption of electric vehicles (EVs) and the increasing availability of e-commerce platforms for auto parts are expected to further boost market growth in North America during the forecast period.

Auto Parts and Accessories Market 2023-2030: Scope of the Report

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Auto Parts and Accessories Market Report – Key Takeaways:

• Increasing Demand for Engine Parts Across Vehicle Types

The demand for engine parts remains robust across various vehicle types, including passenger vehicles, light commercial vehicles, heavy commercial vehicles, and sports vehicles. As vehicles age and technology evolves, there is a continuous need for high-performance engine components such as fuel injection systems, catalytic converters, and ignition systems. Advancements in engine technology, along with the push for better fuel efficiency and emission standards, drive this demand. Manufacturers and suppliers that offer innovative and reliable engine parts are well-positioned to capture significant market share and meet the diverse needs of vehicle owners and operators.

• Rising Popularity of Electrical Parts for Enhanced Vehicle Performance

Electrical parts are increasingly critical for modern vehicles, driven by advancements in automotive technology and the rising complexity of vehicle electrical systems. Key components such as alternators, ignition switches, batteries, and sensors are essential for optimal vehicle performance and reliability. The growth of electric and hybrid vehicles further fuels the demand for advanced electrical parts. Companies that focus on developing high-quality, durable electrical components and leverage technological advancements are likely to see increased market opportunities. As vehicles become more reliant on sophisticated electrical systems, the need for innovative solutions in this segment will continue to grow.

• Expansion of Suspension and Braking Parts Market

The suspension and braking parts segment is experiencing significant growth due to the increasing focus on vehicle safety and performance. Components like anti-lock braking systems (ABS), active suspension systems, and disc brakes are crucial for enhancing vehicle stability, control, and safety. The rising consumer preference for high-performance and luxury vehicles also contributes to the demand for advanced suspension and braking solutions. Manufacturers that invest in developing cutting-edge technologies and materials for these components can tap into the growing market and address the evolving safety and performance expectations of vehicle owners.

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Key Opportunity Analysis:

Growth in Electric Vehicle (EV) Components:

The shift towards electric vehicles (EVs) is one of the most significant opportunities in the Auto Parts and Accessories market. As governments worldwide implement stricter emissions regulations and consumers increasingly prioritize sustainability, the demand for EVs is rising sharply. This trend creates a substantial market for EV-specific components such as battery management systems, electric drive units, and advanced charging infrastructure. Companies that specialize in these components can capitalize on this growth by investing in research and development to create high-performance, reliable parts. Additionally, partnerships with EV manufacturers and participation in the expanding EV supply chain can provide substantial competitive advantages. As the adoption of EVs continues to grow, there will be further opportunities for innovation and expansion in this sector.

Expansion of E-Commerce for Auto Parts:

The rapid growth of e-commerce is reshaping the Auto Parts and Accessories market by providing new avenues for reaching customers. Online platforms offer convenience, extensive product selections, and competitive pricing, which are increasingly appealing to consumers. By establishing a robust online presence, auto parts retailers can tap into a global market, streamline purchasing processes, and enhance customer engagement. Effective use of digital marketing strategies, user-friendly websites, and efficient logistics can significantly boost sales. Additionally, integrating technologies like augmented reality for part fitting and virtual customer support can further enhance the online shopping experience. This shift to e-commerce represents a critical opportunity for businesses to expand their market reach and increase revenue.

Increased Demand for Customization and Aftermarket Products:

The growing trend of vehicle customization is creating a robust demand for aftermarket products and accessories. Consumers are seeking ways to personalize their vehicles, leading to increased sales of performance upgrades, aesthetic enhancements, and specialized parts. This trend presents opportunities for businesses to develop and market innovative products that cater to diverse consumer preferences. Offering customizable options and high-quality aftermarket parts can attract a dedicated customer base. Additionally, creating strategic partnerships with automotive enthusiasts and influencers can help promote and sell these products. Companies that stay ahead of customization trends and continuously innovate their product offerings will be well-positioned to capitalize on this expanding market.

Advancements in Automotive Technology:

The continuous advancements in automotive technology present significant opportunities for the Auto Parts and Accessories market. Technologies such as advanced driver-assistance systems (ADAS), autonomous driving features, and connected vehicle solutions are becoming increasingly prevalent. As these technologies evolve, there is a growing need for compatible components and accessories that support their functionality. Companies that invest in developing high-tech parts and systems can benefit from the expanding market for these innovations. Staying at the forefront of technological advancements, participating in industry collaborations, and investing in research and development are essential for capturing growth in this dynamic market. Embracing these technological trends will not only meet current demands but also position companies for future success.

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The report also covers the following areas:

• Auto Parts and Accessories Market Size and Forecast
• Auto Parts and Accessories Market Trends
• Auto Parts and Accessories Market Analysis by Product Type

Auto Parts and Accessories Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Auto Parts and Accessories Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Auto Parts and Accessories Market

Covid and Ukrainian Crisis Impact:

• The Covid-19 pandemic temporarily disrupted the Auto Parts and Accessories market due to lockdown measures and restrictions aimed at controlling the virus’s spread. The closure of manufacturing facilities and supply chain interruptions led to delays in production and delivery of auto parts. Additionally, reduced consumer spending and temporary shutdowns of automotive service centers impacted market growth.
• The ongoing conflict between Russia and Ukraine has introduced several challenges for the Auto Parts and Accessories market. The war has affected demand-supply balances, leading to fluctuations in the prices of raw materials and components. Disruptions in trade routes and geopolitical tensions have impacted import/export activities and supply chain stability.

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List of Key Market Players in the Auto Parts and Accessories Market:

The Global Auto Parts and Accessories Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Denso Corporation
• Dana Holding Corporation
• Delphi Corporation
• Valeo
• Magna International Inc
• Aisin
• Hyundai Mobis
• Robert Bosch AG
• Continental AG
• ZF Friedrichshafen

Related Reports:

Advanced Driver Assistance Systems Market – The implementation of the Advanced Driver Assistance Systems which comes as a safety package which includes Electronic Stability Control (ESC) or traction control, ABS, lane assist and adaptive cruise control.

Electric Vehicle Market – The demand for fuel-efficient automobiles has recently increased as the price of gasoline and diesel has risen.

Automotive Interior Materials Market – Increasing use of lightweight materials like composites and advanced polymers to improve fuel efficiency, particularly in electric vehicles (EVs).

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