Automotive Parts and Component Market size is expected to grow from USD 2015.9 Billion in 2022 to USD 2418.1 Billion by 2030, at a CAGR of 2.3% during the forecast period (2023-2030).

Market Overview:

The automotive parts and components market is a critical segment of the automotive industry, involving the manufacturing and supply of essential elements for vehicles. This sector includes a diverse range of products such as engines, transmissions, brakes, electronics, and interior components.

The market is influenced by factors like vehicle production, technological advancements, and regulatory standards.

Key players in this sector collaborate closely with automakers to provide innovative, high-quality, and often specialized components. The growing emphasis on electric and autonomous vehicles is driving innovation, with a focus on developing components that meet the evolving needs of the automotive industry in terms of efficiency, safety, and sustainability.

Supply chain efficiency and adaptability to industry trends are crucial for the success of companies operating in the automotive parts and components market.

Top Key Players in Automotive Parts and Component Market

Lear Corporation, Dana Incorporated, Standard Motor Products, Inc, Tenneco, Magna International Inc, Bosch, Schaeffler Ag, Continental Ag, Gestamp, Valeo, Faurecia Se, Wangxiang Qianchao Co., Ltd, Weichai Holding Group Co. Ltd, Beiwei Mould Industry, Hyundai Motor Group, Mando Corporation, Panasonic Holdings Corporation, Marelli Holdings Co., Ltd, Denso Corporation, Hitachi Automotive, and other major players.

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Market Driver:

The primary market driver for the automotive parts and components market is the rapid evolution of vehicle technology. Increasing demand for electric vehicles (EVs), advanced safety features, and connectivity solutions propels the need for innovative and specialized components.

Technological advancements, including lightweight materials and energy-efficient systems, drive manufacturers to develop cutting-edge products. The transition towards electric and autonomous vehicles is reshaping the market, creating opportunities for companies focused on developing components that align with the industry’s sustainable and high-tech future.

Adaptability to changing regulations and consumer preferences further fuels growth in this dynamic market.

Market Opportunity:

The market opportunity in automotive parts and components lies in the rising demand for electric vehicles (EVs), advanced safety features, and smart connectivity solutions. As the automotive industry undergoes a transformation towards sustainability and technology integration, there is a significant opportunity for manufacturers to innovate and provide components tailored for EVs, autonomous vehicles, and connected systems.

Partnerships with automakers to develop specialized solutions, advancements in lightweight materials, and the pursuit of energy-efficient technologies present avenues for growth. Additionally, as global regulations evolve, there’s an opportunity for companies to capitalize on the demand for environmentally friendly and technologically advanced automotive components.

Moreover, the report includes significant chapters such as Challenges, Opportunities, Technological Trends, Competitive Landscape, Regional Analysis, Regulatory Landscape, Supply Chain Analysis, Future Outlook, Trend Analysis, and Investment Analysis.

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Market Segmentation

By Type

• Engine parts
• Drive transmission
• Steering parts
• Suspension
• brake parts
• Electrical parts

By Application

• Original Equipment Manufacturers (OEMs)
• Aftermarket Parts

By Distribution Channel

• Retailers
• Wholesalers
• Distributors

The report summarizes all the information collected and serves the customer’s requirements. However, these market analyses help in understanding market growth at both global and regional levels.

For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Assnalysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

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By Region     

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development in The Automotive Parts and Component Market:

• In February 2022, Lear Corporation, a leading global automotive technology company specializing in Seating and E-Systems, successfully finalized the acquisition of the majority of Kongsberg Automotive Interior Comfort Systems (ICS) business unit. This strategic acquisition marks a significant step for Lear, enhancing its proficiency in seat components and broadening its product portfolio to include in-demand thermal and comfort seating solutions. The expanded offerings encompass technologies like seat heating and ventilation, as well as features such as massage and lumbar support.

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