Auto Parts Market size to increase by USD 354.9 Billion between 2023 to 2028, Market Segmentation by End-user, Distribution Channel, Geography , Technavio

NEW YORK, Dec. 16, 2024 /PRNewswire/ -- The global auto parts market size is estimated to grow by USD 354.9 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 3.2% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. End-user 
• 1.1 OEM
• 1.2 Aftermarket
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

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1.1 Fastest growing segment:

The Original Equipment Manufacturer (OEM) segment is projected to experience substantial growth in market share compared to the aftermarket during the forecast period. OEMs produce auto parts, such as brakes, steering, and others, specifically designed for newly built vehicles. These parts are engineered to match the exact specifications of the vehicle, ensuring a perfect fit. This alignment with vehicle specifications makes OEM parts the preferred choice for automobile manufacturers worldwide. Buyers value OEM parts because they are identical to the original parts installed during manufacturing, providing peace of mind regarding performance and quality. Consequently, the expanding OEM segment will fuel the expansion of the global auto parts market throughout the forecast period.

Analyst Review

The Auto Parts Market is experiencing significant growth due to advancements in technology and the increasing demand for vehicles, including electric vehicles. New technologies such as 3D printing, autonomous vehicle technology, sensors, radar systems, and LIDAR technology are revolutionizing the industry. Cutting-edge technology is being integrated into various components, including braking systems, headlamps, engines, electronics, lighting, safety equipment, and navigation systems. The market caters to various industries, including boats, yachts, and watercraft, as well as OEM suppliers and aftermarket manufacturers. Commercial fishermen also rely on auto parts for their vessels. The market offers a wide range of products, including engine parts, brake system parts, electrical parts, and fuel system parts. Stay tuned for more updates on the latest trends and developments in the Auto Parts Market.

Market Overview

The Auto Parts Market is a dynamic and diverse industry that caters to various modes of transportation, including electric vehicles, three-wheelers, two-wheelers, quadricycles, boats, yachts, and watercraft. Cutting-edge technology continues to shape the market, with innovations such as Electric Vehicles (EVs), Autonomous vehicle technology, 3D printing, and advanced sensors like Radar systems and LIDAR technology leading the charge. The market includes OEM suppliers and aftermarket manufacturers, serving both passenger and commercial vehicles, light commercial vehicles, sports vehicles, and even commercial fishermen and maritime professionals. The market encompasses a wide range of parts, including engines, electronics, lighting, safety equipment, navigation systems, and auto accessories. The industry also includes driveline and powertrain components, interiors and exteriors, seating, and chassis parts. Fuel efficiency, safety standards, and vehicle ownership trends continue to influence market growth. Economic uncertainty and the shift towards online platforms and e-commerce are also significant factors shaping the industry. EV-specific auto parts and autonomous vehicles are emerging segments, with connectivity features and vehicle emissions becoming key considerations. The market is vast and complex, serving various vehicle types and industries, from automotive to maritime.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio