Global Auto Parts Manufacturing Market to Reach US$ 2,719.4 Billion by 2032, Impelled by Flourishing Automotive Industry

March 28, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled "Auto Parts Manufacturing Market Report by Component Type (Battery, Cooling System, Underbody Components, Engine Components, Automotive Filter, Lighting Components, Electrical Components, and Others), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others), and Region 2024-2032," the global auto parts manufacturing market size reached US$ 2,197.9 Billion in 2023. Auto parts manufacturing refers to the process of designing, producing, and assembling components used in the production of automobiles. They include motors and engines, braking systems, steering and suspension components, trimmers, and electronics. They are an essential process of supply chain support, safety, environmental sustainability, and employment. Additionally, they involve a variety of techniques, including casting, forging, machining, stamping, and molding, to produce parts that comprise a variety of materials, such as steel, aluminum, plastic, and rubber. The manufacturing process includes several stages, from design and prototyping to testing, production, and distribution. Due to a considerable rise in the production and repair of vehicles, the demand for auto parts manufacturing is increasing across the globe.

Global Auto Parts Manufacturing Market Trends:

The expanding automotive industry is driving the global market. In line with this, the escalating adoption of electric vehicles (EVs) among the masses is augmenting the demand across the globe. Moreover, numerous governments across several countries are imposing strict regulations on automobile manufacturers to reduce emissions, improve fuel efficiency, and enhance safety features, which is impacting the market favorably. In line with this, several major companies are heavily investing in developing advanced safety features, such as airbags, anti-lock brakes, and collision avoidance systems, thereby providing a boost to the demand for auto parts manufacturing. Additionally, the increasing environmental concerns among the masses are propelling the industry toward adopting sustainable practices, including the use of eco-friendly materials in production and reducing waste and energy consumption, which, in turn, is driving the market. Apart from this, continual advancements in 3D printing technology to create prototypes, produce small batches of custom parts and reduce overall costs are supporting the demand for auto parts manufacturing worldwide. Furthermore, the growing utilization of digital technologies, such as the internet of things (IoT), artificial intelligence (AI) and big data analytics in auto parts manufacturing, is creating a positive market outlook as these technologies can improve efficiency, quality, and customer satisfaction in the production and delivery of auto parts. Other factors, including extensive research and development (R&D) activities conducted by leading players and the inflating disposable income levels of individuals, are projected to propel the market further. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2,719.4 Billion by 2032, exhibiting a growth rate (CAGR) of 2.39% during 2024-2032.

Market Summary:

  • On the basis of the component type, the market has been divided into battery, cooling system (compressor, radiator, pump, and thermostat), underbody components (brake and exhaust), engine components (starter, pump, engine, alternator), automotive filter, lighting components, electrical components (ignition coil, ignition switch, and spark and glow plug), and others.
  • Based on the sales channel, the market has been segmented into OEM and aftermarket.
  • On the basis of the vehicle type, the market has been classified into passenger cars, light commercial vehicles, heavy commercial vehicles, and others.
  • Based on the region, the market has been segregated into North America (the United States, Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Aisin Corporation, Akebono Brake Industry Co. Ltd., Brembo S.p.A., Continental AG, DENSO Corporation, Faurecia SE, General Motors Company, Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Schaeffler AG and Valeo.
     

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component Type, Sales Channel, Vehicle Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aisin Corporation, Akebono Brake Industry Co. Ltd., Brembo S.p.A., Continental AG, DENSO Corporation, Faurecia SE, General Motors Company, Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Schaeffler AG and Valeo.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
30 N A
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Auto Parts Manufacturing Market to Reach US$ 2,719.4 Billion by 2032, Impelled by Flourishing Automotive Industry
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More