Auto Conversion Parts Market size is estimated to be USD 3.5 Billion in 2024 and is expected to reach USD 6.2 Billion by 2033 at a CAGR of 7.6% from 2026 to 2033.
The Auto Conversion Parts Market in South Korea is undergoing significant transformation, driven by technological advancements, environmental considerations, and evolving consumer preferences. In 2023, the industry achieved a sales value of nearly 108 trillion South Korean won, with Original Equipment Manufacturer (OEM) sales constituting the majority. The remainder comprised exports, aftermarket spare parts, and inter-company transactions.
South Korea's government is proactively supporting this sector. Plans are underway to assist approximately 1,000 auto parts manufacturers in transitioning to suppliers of next-generation vehicles by 2030. A substantial fund of 500 billion won (approximately $448 million) has been allocated to support research, development, and facility investments in this domain.
Key industry players include:
Hyundai Mobis Co., Ltd. – A global leader in auto parts manufacturing, providing a wide range of products including chassis, safety, and electronic components.
Mando Corporation – Specializes in brakes, suspension systems, and steering components, with a strong presence in both domestic and international markets.
SL Corporation – Focuses on automotive lighting systems and rearview mirrors, supplying major automakers like Hyundai and Kia.
The market segments encompass:
OEM Parts – Catering to automakers and their assembly lines.
Aftermarket Parts – Gaining popularity among consumers seeking cost-effective alternatives without compromising quality.
Specialty Auto Parts – Targeting niche vehicle segments such as classic cars and off-road vehicles.
Emerging trends influencing the market include:
Digitalization – The rise of e-commerce platforms has transformed the way consumers purchase auto parts, offering convenience and a broader selection.
Sustainability – Manufacturers are increasingly exploring eco-friendly materials and production methods to align with environmental standards and consumer preferences.
Technological Integration – The incorporation of artificial intelligence and machine learning is enhancing predictive maintenance capabilities, improving vehicle reliability.
Despite a decline in the number of auto parts manufacturers to 691 in 2023, with 392 classified as small and medium-sized enterprises (SMEs), the industry remains robust. The aftermarket segment alone accounted for approximately $3.24 billion in sales in 2022, indicating sustained demand.
South Korea's position as a technological powerhouse, combined with government support and industry innovation, positions its Auto Conversion Parts Market for continued growth and adaptation to future automotive trends.
Get an In-Depth Research Analysis of the South Korea Auto Conversion Parts Market Size And Forecast [2025-2032]
T-DEMAND
ABT Sportsline
MEC Design
HAMANN
HKS
HARROP
Runduce
AC Schnitzer
BRABUS
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. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. 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.
Get Discount On The Purchase of the South Korea Auto Conversion Parts Market Size And Forecast [2025-2032]
Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Auto Conversion Parts Market
Engine Components
Transmission Parts
Suspension Systems
Brake Systems
Exhaust Systems
Electrical Components
Passenger Vehicles
Commercial Vehicles
Two-Wheelers
Heavy-Duty Trucks
Light-Duty Trucks
Metal
Plastic
Rubber
Composite Materials
Other Materials
Online Sales
Aftermarket Retailers
Authorized Dealerships
Specialized Auto Parts Stores
Repair Shops and Service Centres
Individual Consumers
Commercial Fleets
Garages and Repair Shops
Auto Fabricators
Original Equipment Manufacturers (OEMs)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
For More Information or Query, Visit @ South Korea Auto Conversion Parts Market Research Analysis
1. Introduction of the South Korea Auto Conversion Parts 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. South Korea Auto Conversion Parts Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Auto Conversion Parts Market, By Type
6. South Korea Auto Conversion Parts Market, By Application
7. South Korea Auto Conversion Parts Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Auto Conversion Parts Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
About Us: Verified Market Reports
Verified Market Reports is a leading Research and Consulting firm servicing over 5000+ clients. We provide advanced analytical research solutions while offering information-enriched research studies. We also offer insights into strategic and growth analyses and data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance using industrial techniques to collect and analyze data on more than 25,000 high-impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise, and years of collective experience to produce informative and accurate research.
Contact us:
Mr. Edwyne Fernandes
US: +1 (650)-781-4080
US Toll-Free: +1 (800)-782-1768
Website: https://www.verifiedmarketreports.com/