Auto parts market to grow by USD 324.52 billion from 2021 to 2026 | Increased usage of technological Innovations drives the market - Technavio

NEW YORK, July 18, 2023 /PRNewswire/ -- The auto parts market size is forecast to increase by USD 324.52 billion from 2021 to 2026, at a CAGR of 3.1%, according to the recent market study by Technavio. The growth of the market will be driven by the increased usage of technological advancement in the global auto parts market, the advantages and benefits of OE parts and replacement parts, and the high demand from the aftermarket. Charts & data tables about market and segment sizes have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including 3M Co., Aisin Corp., Akebono Brake Industry Co. Ltd., Brembo SpA, Continental AG, Cooper Tire and Rubber Co., Delphi Technologies Plc, Denso Corp., Faurecia SE, General Motors Co, HELLA GmbH and Co. KG, Lear Corp., Magna International Inc., Marelli Holdings Co. Ltd., Tenneco Inc., The Goodyear Tire and Rubber Co., Toyota Boshoku Corp., Valeo SA, Robert Bosch GmbH, and ZF Friedrichshafen AG.

• 3M Co:- The company offers auto parts such as window film obsidian series.
• Aisin Corp:- The company manufactures automotive parts, lifestyle and energy-related products, construction and engineering-related products, and oils.

Get a holistic overview of the Auto Parts Market by industry experts to evaluate and develop growth strategies. Download the Sample

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Auto parts market - Segmentation Assessment

This report extensively covers auto parts market segmentation by end-user (OEM and aftermarket) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). 

• The OEM segment will be significant for market growth during the forecast period. Generally, buyers prefer auto parts manufactured by OEMs. This is because the auto parts offered by them are the same part as what was originally installed during the manufacturing process. Furthermore, this provides the buyers with peace of mind, as they know how it will perform and have an assurance of quality. Hence, owing to these factors, the OEM segment of the market is expected to grow during the forecast period.

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Auto parts market - Market Dynamics

Key Drivers

The increased use of technological advances is driving the auto parts market growth. 3D printing technology is used to manufacture and fabricate auto parts. Most vehicles have parts incorporated into the assembly that are additively manufactured. These include auto parts such as gears, gearboxes, engine components, and brake components. The use of additive manufacturing technology reduces the weight of auto parts. Thus, the emergence of 3D printing in the automotive industry and the increasing demand for hybrid and all-electric vehicles are likely to boost the growth of the market during the forecast period. 

Major Trends

Increasing M&A and partnerships are emerging trends influencing the market growth of the auto parts market. Market vendors adopt strategies such as M&A and partnerships to gain a competitive advantage over other vendors and new entrants. In June 2021, Goodyear Tire and Rubber Co. acquired Cooper Tire and Rubber Co to create a stronger base in the US. Hence, such factors are expected to propel the demand for auto parts from automobile manufacturers during the forecast period.

Leading Challenges

A sharp decline in automobile production and sales is challenging the auto parts market growth. The sales and production of automobiles were negatively impacted by the outbreak of COVID-19 across the world. High motorization rates in Europe and North America, a rise in tariffs on imported vehicles in China and the US, and the economic slowdown are expected to reduce the sales of vehicles in the coming years. Hence, several manufacturers have stopped vehicle production. These factors are expected to reduce the demand for auto parts and, in turn, impede the growth of the market during the forecast period.

What are the key data covered in this Auto parts market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the auto parts market between 2022 and 2026
• Precise estimation of the size of the auto parts market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the auto parts market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of auto parts market vendors

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Related Reports:

Global automotive aftermarket market size is estimated to grow at a CAGR of 6.26% between 2022 and 2027. The size of the market is forecast to increase by USD 164.58 billion. This report extensively covers market segmentation by vehicle type (passenger cars and commercial vehicles), distribution channel (retailer, wholesale, and distribution), and geography (APAC, Europe, North America, South America, and Middle East and Africa). Aftermarket e-retailing gaining popularity is the primary trend in the aftermarket automotive parts and components market growth. 

The global  automotive parts aftermarket market in US size is estimated to grow by  USD 30.83 billion between 2022 and 2027, accelerating at a CAGR of 7.69%. This report extensively covers market segmentation by type (passenger vehicles and commercial vehicles) and distribution channel (offline and online) and geography US. The growth in the availability of automotive aftermarket parts on e-commerce platforms is a significant trend impacting the US aftermarket automotive parts and components market.

Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments
• Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
• Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 26: Chart on Comparison by End-user
• Exhibit 27: Data Table on Comparison by End-user

• 5.3 OEM - Market size and forecast 2021-2026 
• Exhibit 28: Chart on OEM - Market size and forecast 2021-2026 ($ billion)
• Exhibit 29: Data Table on OEM - Market size and forecast 2021-2026 ($ billion)
• Exhibit 30: Chart on OEM - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on OEM - Year-over-year growth 2021-2026 (%)

• 5.4 Aftermarket - Market size and forecast 2021-2026 
• Exhibit 32: Chart on Aftermarket - Market size and forecast 2021-2026 ($ billion)
• Exhibit 33: Data Table on Aftermarket - Market size and forecast 2021-2026 ($ billion)
• Exhibit 34: Chart on Aftermarket - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Aftermarket - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by End-user 
• Exhibit 36: Market opportunity by End-user ($ billion)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026 
• Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026 
• Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026 
• Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026 
• Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026 
• Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026 
• Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 Canada - Market size and forecast 2021-2026 
• Exhibit 70: Chart on Canada - Market size and forecast 2021-2026 ($ billion)
• Exhibit 71: Data Table on Canada - Market size and forecast 2021-2026 ($ billion)
• Exhibit 72: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.11 Germany - Market size and forecast 2021-2026 
• Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
• Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
• Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.12 Japan - Market size and forecast 2021-2026 
• Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
• Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
• Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 82: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 83: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 85: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 86: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 87: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 88: Matrix on vendor position and classification

• 10.3 3M Co.
• Exhibit 89: 3M Co. - Overview
• Exhibit 90: 3M Co. - Business segments
• Exhibit 91: 3M Co. - Key news
• Exhibit 92: 3M Co. - Key offerings
• Exhibit 93: 3M Co. - Segment focus

• 10.4 Continental AG
• Exhibit 94: Continental AG - Overview
• Exhibit 95: Continental AG - Business segments
• Exhibit 96: Continental AG - Key news
• Exhibit 97: Continental AG - Key offerings
• Exhibit 98: Continental AG - Segment focus

• 10.5 Cooper Tire and Rubber Co. 
• Exhibit 99: Cooper Tire and Rubber Co. - Overview
• Exhibit 100: Cooper Tire and Rubber Co. - Product / Service
• Exhibit 101: Cooper Tire and Rubber Co. - Key offerings

• 10.6 Delphi Technologies Plc 
• Exhibit 102: Delphi Technologies Plc - Overview
• Exhibit 103: Delphi Technologies Plc - Business segments
• Exhibit 104: Delphi Technologies Plc - Key offerings
• Exhibit 105: Delphi Technologies Plc - Segment focus

• 10.7 Denso Corp.
• Exhibit 106: Denso Corp. - Overview
• Exhibit 107: Denso Corp. - Business segments
• Exhibit 108: Denso Corp. - Key news
• Exhibit 109: Denso Corp. - Key offerings
• Exhibit 110: Denso Corp. - Segment focus

• 10.8 General Motors Co
• Exhibit 111: General Motors Co - Overview
• Exhibit 112: General Motors Co - Business segments
• Exhibit 113: General Motors Co - Key news
• Exhibit 114: General Motors Co - Key offerings
• Exhibit 115: General Motors Co - Segment focus

• 10.9 Marelli Holdings Co. Ltd. 
• Exhibit 116: Marelli Holdings Co. Ltd. - Overview
• Exhibit 117: Marelli Holdings Co. Ltd. - Product / Service
• Exhibit 118: Marelli Holdings Co. Ltd. - Key news
• Exhibit 119: Marelli Holdings Co. Ltd. - Key offerings

• 10.10 Robert Bosch GmbH
• Exhibit 120: Robert Bosch GmbH - Overview
• Exhibit 121: Robert Bosch GmbH - Business segments
• Exhibit 122: Robert Bosch GmbH - Key news
• Exhibit 123: Robert Bosch GmbH - Key offerings
• Exhibit 124: Robert Bosch GmbH - Segment focus

• 10.11 Tenneco Inc.
• Exhibit 125: Tenneco Inc. - Overview
• Exhibit 126: Tenneco Inc. - Business segments
• Exhibit 127: Tenneco Inc. - Key news
• Exhibit 128: Tenneco Inc. - Key offerings
• Exhibit 129: Tenneco Inc. - Segment focus

• 10.12 ZF Friedrichshafen AG 
• Exhibit 130: ZF Friedrichshafen AG - Overview
• Exhibit 131: ZF Friedrichshafen AG - Business segments
• Exhibit 132: ZF Friedrichshafen AG - Key news
• Exhibit 133: ZF Friedrichshafen AG - Key offerings
• Exhibit 134: ZF Friedrichshafen AG - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 135: Inclusions checklist
• Exhibit 136: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 137: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 138: Research methodology
• Exhibit 139: Validation techniques employed for market sizing
• Exhibit 140: Information sources

• 11.5 List of abbreviations 
• Exhibit 141: List of abbreviations

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