Market overview:
The Auto parts market was valued at USD 383.15 billion in 2020 and is expected to grow at a CAGR of 4% from 2023 to 2030, reaching USD 513.86 billion by 2030. The primary factor driving market growth is increasing consumer awareness about maintenance and repair to improve the age of vehicles due to an increase in consumer disposable income, the demand for making new vehicles with reduced fuel utilization due to increased government initiatives with more stringent emission norms increases the demand for automotive parts. Vehicles' average lifespan has increased due to advancements in materials and manufacturing techniques used in vehicle production. Vehicles' uncompromising quality has also improved.
As vehicles age, the demand for replacement parts, repair, and maintenance drives the Auto parts market's growth. With the advancement of technology, equipment is now equipped with sensors, and minor wear and tear of vehicle parts will not cause the market to stagnate.Increased demand for electric vehicles due to stricter emission standards for automobiles boosts electric vehicle sales globally. Many automakers are working on expanding their electric vehicle lineup. The increasing adoption of electric vehicles has increased the demand for fuel-efficient, high-performance, and low-emission vehicles, and stringent government rules and regulations concerning vehicle emissions are opportunities for the Auto parts market. In terms of the COVID 19 situation, the automotive aftermarket industry has been severely impacted by the overall situation. This pandemic has led the automotive industry to reduce output and production facilities. The lockdown proved very severe, prompting several automotive aftermarket suppliers to remain in production, particularly in some areas.
Regional analysis:
The Global Auto parts market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Because of the increasingly advanced technology used in the fabrication of auto parts, a surge in consumer and passenger automobile production and sales, and increasing digitalization of automotive part delivery services, the Asia Pacific region holds many market shares. It is the second largest market in the automotive aftermarket industry, trailing only the country of Europe. The presence of well-established automotive sectors and industry players is driving the increase in market value. Other factors include increased spending on luxury cars and demand for lightweight and fuel-efficient vehicles in European regions.
Recent developments:
· Goodyear purchased Cooper Tire & Rubber Company in February 2021. The merger brings together two leading tire companies with complementary product services, portfolios, and capabilities to form a more powerful US-based leader in the global tire industry.
· Chevrolet India announced plans to continue providing after-sales support to customers through 2021. Beyond this network of others, there are service parts and operations distributors in 142 cities in India.
Market segmentation:
The worldwide Auto parts market is segmented based on Distribution channels and Parts.
By distribution channels:
· Wholesale and Distribution
· Retailer
By Parts:
· Filters
· Battery
· Tire
· Body Parts
· Others
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