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Executive Summary
The auto parts market is a crucial part of the global automotive industry, with a wide range of components and accessories needed for the production and maintenance of vehicles. The market is characterized by a high level of competition, with numerous players operating in the space, including Robert Bosch GmbH, Denso, Valeo, Continental, Aptiv, ZF Friedrichshafen, Magna International, Faurecia S.A., Magneti Marelli, and Aisin Seiki. The global auto parts market was valued at USD 390.1 billion in 2023 and is expected to reach USD 505.8 billion by 2028, growing at a CAGR of 3.2% during the forecast period.
Import/export regulations and trade agreements also play a significant role in the auto parts market. For instance, the North American Free Trade Agreement (NAFTA) has led to increased cross-border trade of auto parts between the U.S., Canada, and Mexico. Additionally, the ongoing trade tensions between the U.S. and China have had a significant impact on the global auto parts market, leading to increased tariffs and trade restrictions.
In terms of the present and future outlook of the auto parts market, the industry is expected to continue growing, driven by factors such as increasing vehicle sales, rising demand for electric and hybrid vehicles, and advancements in technology. Additionally, the COVID-19 pandemic has led to increased demand for personal vehicles, which is expected to further boost the auto parts market in the coming years.
The report's main findings suggest that the driveline and powertrain segment is expected to hold the largest share of the market in terms of revenue, followed by the electronics and interiors & exteriors segments. The report also highlights the importance of aftermarket sales, which is a major contributor to the growth of the auto parts market.
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Recent Mergers and Acquisitions in the Auto Parts Market
There have been several notable mergers and acquisitions in the auto parts industry in recent years.
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Global Auto Parts Introduction and its Market Analysis
Auto parts refer to the components and accessories that are used in the manufacturing and maintenance of automobiles. The target market for auto parts includes original equipment manufacturers (OEMs), dealerships, and the aftermarket.
The global auto parts market is highly competitive, with numerous companies operating in the space. Some of the key players in the market include Robert Bosch GmbH, Denso Corporation, Valeo SA, Continental AG, Aptiv PLC, ZF Friedrichshafen AG, Magna International Inc., Faurecia SA, Magneti Marelli, and Aisin Seiki.
These companies invest heavily in research and development to stay ahead of the competition and meet the changing demands of the market.
However, based on the last available financial data, here is the sales revenue of a few of the listed companies in 2020:
However, the industry also faces several challenges, including increasing competition from low-cost suppliers, rising raw material costs, and the shift towards electric and autonomous vehicles, which require different types of components than traditional vehicles. Nonetheless, the auto parts industry is expected to continue expanding, driven by technological advancements and evolving consumer demands.
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The global auto parts market is highly competitive, with numerous companies operating in the space. Some of the key players in the market include Robert Bosch GmbH, Denso Corporation, Valeo SA, Continental AG, Aptiv PLC, ZF Friedrichshafen AG, Magna International Inc., Faurecia SA, Magneti Marelli, and Aisin Seiki.
Some of the key companies operating in the Auto Parts market include:
Auto Parts Market Analysis, by Type
Auto parts can be classified into various categories based on their functionality and application.
Driveline and Powertrain components include the transmission, engine, axles, and driveshaft that transfer power to the wheels. Interiors and Exteriors parts include seats, dashboards, doors, windows, and exterior body parts such as fenders, hoods, and doors. Electronic parts include navigation systems, infotainment systems, sensors, and other electronic components that enhance the driving experience. Bodies and Chassis parts include the frame, suspension, and other components that make up the structure of the vehicle. Seating parts include the seats, seat belts, and other components that provide comfort and safety to the driver and passengers. Lighting parts include the headlights, tail lights, and other lighting components that improve visibility and safety. Wheel and Tire parts include the wheels, tires, and related components that are essential for vehicle mobility.
In recent years, there has been significant development in self-driving auto parts technology. This includes the development of sensors, cameras, and other components that allow vehicles to operate autonomously. This technology is still in its early stages, but it has the potential to revolutionize the automotive industry in the future.
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Auto Parts Market Analysis, by Application
In OEM applications, auto parts are integrated into the manufacturing process of new vehicles, ensuring their proper functioning and compliance with safety regulations. This includes components such as engines, brakes, suspension systems, and electronics.
In aftermarket applications, auto parts are sold to consumers for replacement or upgrade purposes. This includes parts such as tires, batteries, air filters, and performance upgrades.
The fastest-growing application segment in terms of revenue is the electric vehicle segment, which is driving demand for components such as batteries, motors, and power electronics. This trend is expected to continue as the demand for electric vehicles increases in response to concerns about climate change and the need for more sustainable transportation options.
Auto Parts Industry Growth Analysis, by Geography
According to ReportPrime, the global Auto Parts market is expected to grow significantly in all regions, including Asia Pacific, Europe, North America, South America, the Middle East, and Africa. North America is expected to dominate the market with the largest market share of around 40%, followed by Europe with a market share of approximately 30%. The Asia Pacific region is expected to witness the highest growth rate, with a market share of around 20%. South America and the Middle East and Africa are also expected to witness significant growth, with a market share of around 5-7% each. These growth projections are driven by several factors, including the increasing prevalence of chronic diseases and the growing demand for minimally invasive procedures.
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Key Question Answered
The global auto parts market was valued at USD 390.1 billion in 2023 and is expected to reach USD 505.8 billion by 2028, growing at a CAGR of 3.2% during the forecast period.
The growth of the auto parts market is driven by factors such as increasing vehicle production, growing demand for electric vehicles, advancements in technology, and rising disposable income.
The electric vehicle segment is expected to grow the fastest in the auto parts market, owing to the increasing adoption of electric vehicles and the growing demand for components such as batteries, motors, and power electronics.
Some of the key players operating in the auto parts market include Robert Bosch GmbH, Denso Corporation, Magna International Inc., Continental AG, ZF Friedrichshafen AG, Valeo SA, Aptiv PLC, Faurecia SA, and Mahle GmbH.
Asia Pacific is the largest market for auto parts, owing to the high demand for vehicles and the presence of major automotive manufacturers in the region. North America and Europe are also significant markets, with increasing demand for electric vehicles and advancements in technology driving growth in these regions. The Asia Pacific region is expected to witness the highest growth rate, with a market share of around 20%.
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