Automotive Parts and Components Market size is estimated to be USD 500 Billion in 2024 and is expected to reach USD 750 Billion by 2033 at a CAGR of 5.5% from 2026 to 2033.
In 2023, the Asia Pacific region led the automotive parts and components market, valued at approximately USD 650 billion, and is projected to reach around USD 1 trillion by 2032, growing at a CAGR of 5.1%. This growth is driven by major automotive manufacturing hubs in countries like China, Japan, and South Korea, along with rapid urbanization and rising disposable incomes in emerging economies such as India. North America held a substantial market share, valued at about USD 350 billion in 2023, with expectations to reach approximately USD 500 billion by 2032, growing at a CAGR of 4.1%. Factors contributing to this growth include high vehicle ownership rates, demand for advanced vehicles, and stringent safety and emission regulations. Europes market was valued at around USD 300 billion in 2023 and is anticipated to reach about USD 450 billion by 2032, with a CAGR of 4.4%, driven by renowned automotive manufacturers, technological innovations, and a focus on environmental sustainability.The increasing adoption of electric vehicles (EVs) presents significant opportunities across these regions. In Asia Pacific, government initiatives promoting clean energy and stringent emission regulations are accelerating EV adoption, boosting demand for specialized components like battery packs and electric motors. In North America, the growing popularity of EVs and advancements in charging infrastructure are creating avenues for market expansion. Europes emphasis on reducing emissions and enhancing vehicle safety is driving the demand for specialized components, with the increasing adoption of electric and autonomous vehicles further propelling the market. Manufacturers investing in these areas are well positioned to capitalize on the evolving landscape of the automotive parts and components market.
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Robert Bosch
Denso Corp.
Magna International
Continental
ZF Friedrichshafen
Hyundai Mobis
Aisin Seiki
Faurecia
Lear Corp.
Valeo
Delphi Automotive
Yazaki Corp.
Sumitomo Electric
JTEKT Corp.
Thyssenkrupp
Mahle GmbH
Yanfeng Automotive
BASF
Calsonic Kansei Corp.
Toyota Boshoku Corp.
Schaeffler
Panasonic Automotive
Toyoda Gosei
Autoliv
Hitachi Automotive
Gestamp
BorgWarner Inc.
Hyundai-WIA Corp
Magneti Marelli
Samvardhana Motherson
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Automotive Parts and Components Market
Engine Components
Transmission Systems
Drivetrain Components
Exhaust Systems
Shock Absorbers
Struts
Control Arms
Steering Gears
Linkages
Brake Pads
Brake Rotors
Brake Calipers
Brake Sensors
Battery Systems
Wiring Harness
Lighting Systems
Electronic Control Units (ECUs)
Dashboard and Instrument Panels
Windows and Mirrors
Seats and Upholstery
Body Panels
Grille and Bumpers
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Automotive Parts and Components Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Automotive Parts and Components Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automotive Parts and Components Market, By Type
6. Global Automotive Parts and Components Market, By Application
7. Global Automotive Parts and Components Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Automotive Parts and Components Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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