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

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