Global Auto Parts and Accessories Market - Industry Trends and Forecast to 2031

Global Auto Parts and Accessories Market, By Product (Engine Parts, Electrical Parts, Drive and Transmission Steering Parts, Suspension and Braking Parts Equipment and Others), Vehicle Type (Passenger, Commercial, Light Commercial Vehicle, Sports Vehicles and Others), Type (Driveline and Powertrain, Interiors and Exteriors, Electronics, Seating, Lighting, and Other Types), Application (OEM, and Aftermarket) - Industry Trends and Forecast to 2031.

Auto Parts and Accessories Market Analysis and Size

In the marine industry, the auto parts and accessories market provides essential components adapted for marine use. This includes engines, electronics, lighting, safety equipment, and navigation systems for boats, yachts, and other watercraft. From propulsion systems to onboard electronics, these parts enhance performance, ensure safety, and improve efficiency on the water. OEM suppliers and aftermarket manufacturers cater to the specific needs of marine enthusiasts, commercial fishermen, and maritime professionals, offering a wide range of products to support recreational boating, commercial shipping, and offshore operations.

Global auto parts and accessories market size was valued at USD 697.84 billion in 2023 and is projected to reach USD 1,087.32 billion by 2031, with a CAGR of 5.7% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

Auto parts, integral to automobiles, encompass various components such as chassis, interiors, powertrains, electronics, and more, all contributing to the optimal driving experience. These parts are classified into categories such as interiors, driveline, electronics, bodies, lighting, and wheels, each playing a crucial role in the functionality and aesthetics of the vehicle. Whereas, Auto accessories are add-on products designed to enhance the functionality, aesthetics, or comfort of vehicles. They encompass a wide range of items such as seat covers, floor mats, car audio systems, roof racks, and performance upgrades such as spoilers or exhaust systems. These accessories allow car owners to personalize their vehicles to suit their preferences and needs.

Auto Parts and Accessories Market Dynamics

Drivers

• Rising Technological Advancements Increases the Demand for Upgraded Automotive Parts

Advancements in areas such as electric vehicles (EVs), autonomous driving systems, and connectivity features create new demands for specialized components and accessories. For instance, the rise of EVs necessitates the development of compatible charging infrastructure and battery management systems. Similarly, the integration of advanced safety and infotainment technologies fuels demand for upgraded sensors, cameras, and entertainment systems. As automotive technology evolves, aftermarket manufacturers respond with innovative solutions, driving automotive parts industry by continually reshaping the landscape of automotive innovation.

• Changing Economic Conditions Influences Consumer Spending on Vehicles Accessories

During economic downturns, consumers tend to delay purchasing new vehicles, opting instead to maintain and repair existing ones, thus driving up demand for replacement parts. Conversely, in times of economic prosperity with increased disposable income and consumer confidence, there's greater willingness to invest in vehicle upgrades and customization, boosting sales of aftermarket accessories. Additionally, interest rates play a role, as lower rates can incentivize borrowing for vehicle purchases or aftermarket expenditures. Overall, the state of the economy directly influences consumer spending behavior within the automotive aftermarket ecosystem

Opportunities

• Growing Environment Regulations Caters Changing Consumer Preferences

Regulations related to vehicle emissions, safety standards, and fuel efficiency drive the development and adoption of new technologies and components. Stricter emissions standards, for instance, push the market towards cleaner technologies such as electric and hybrid vehicles, stimulating demand for related parts and accessories. Similarly, safety regulations necessitate the use of advanced safety systems and components, creating opportunities for manufacturers in those segments. Compliance with regulatory requirements also drives innovation in the aftermarket sector, as companies develop solutions to meet evolving standards and cater to changing consumer preferences for environmentally friendly and safety-enhancing products.

• Increasing Demand for Auto Parts and Accessories due to Growing Vehicle Ownership

As the number of vehicles on the road increases, so does the demand for replacement parts, maintenance supplies, and customization accessories. Additionally, as vehicles age, there is a natural uptick in the need for repairs and upgrades, further fueling aftermarket sales. The expanding vehicle parc provides a steady stream of potential customers for both OEM and aftermarket suppliers, driving competition and innovation in the market. Economic conditions and consumer behavior directly influence vehicle ownership rates, thereby impacting the overall demand for auto parts and accessories.

Restraints/Challenges

• Limited Expansion of the Auto Parts and Accessories due to Market Saturation

Market saturation in the auto parts and accessories market refers to a situation where certain product segments or geographic regions become densely populated with competitors, leading to intense competition and price pressures. In saturated markets, it becomes increasingly challenging for companies to differentiate their offerings and capture market share, as the market becomes crowded with similar products. This can result in reduced profitability and slower growth for industry players, as they struggle to stand out amidst a sea of competitors. Moreover, saturation can hinder innovation and limit opportunities for new entrants, as established players dominate the market landscape.

• Supply Chain Disruptions Impacts Auto Parts and Accessories Sales

Supply chain disruptions can occur due to various factors such as natural disasters, geopolitical tensions, transportation issues, and labor disputes. Interruptions in the supply chain can lead to delays in the delivery of raw materials, components, and finished products, affecting manufacturing schedules and distribution networks. This can result in inventory shortages, increased lead times, and higher production costs for manufacturers and suppliers. Ultimately, supply chain disruptions can hinder the ability of companies to meet customer demand, impacting sales and profitability in the auto parts and accessories market.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In March 2023, Hitachi Ltd. expanded its operations by establishing a new auto part manufacturing facility in India. The move aimed to serve both domestic and overseas markets, signaling Hitachi's strategic investment to capitalize on the growing automotive industry in India while enhancing its global presence
• In April 2021, Lippert Components Inc. made a significant acquisition by purchasing Kaspar Ranch Hand Equipment, LLC. This strategic move was driven by Lippert's goal to bolster its position in the aftermarket for automotive parts, demonstrating its commitment to expanding market share through strategic acquisitions
• In February 2020, MotoRad Ltd. collaborated with the Auto Care Association and the Automotive Aftermarket Suppliers Association (AASA) to endorse the "Your Car. Your Data. Your Choice" campaign. This initiative aimed to empower car owners by providing them with crucial maintenance and repair information for their vehicles, emphasizing the importance of consumer rights and transparency in the automotive industry

Auto Parts and Accessories Market Scope

The market is segmented on the basis of product, vehicle type, type and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Product

• Engine Parts
• Electrical Parts
• Drive and Transmission Steering Parts
• Suspension and Braking Parts Equipment
• Others

Vehicle Type

• Passenger
• Commercial
• Light Commercial Vehicle
• Sports Vehicles
• Others

 Type

• Driveline and Powertrain
• Interiors and Exteriors
• Electronics
• Seating
• Lighting
• Other

 Application

• OEM
• Aftermarket

Auto Parts and Accessories Market Analysis/Insights

The market is segmented on the basis of product, vehicle type, type and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

The regions covered in the market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global auto parts and accessories market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa.

North America dominates the market due to the region's market is poised for continued growth due to increasing adoption of these accessories. This trend is expected to drive further expansion during the forecast period, fueled by a combination of factors such as consumer demand, technological advancements, and a robust automotive industry ecosystem.

Asia-Pacific is expected to grow in the market due to increasing demand from end-users and traction battery manufacturers. The region's growing energy density is expected to further fuel this expansion in the near future. As consumers seek more efficient and advanced automotive technologies, the market is expected to experience a significant uptick, positioning Asia-Pacific as a key player in the global automotive industry.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Auto Parts and Accessories Market Share Analysis

The market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the company’s focus related to the market.

Some of the major players operating in the market are:

• AISIN CORPORATION (U.S.)
• Autoliv Inc. (U.S.)
• BASF SE (Germany)
• BorgWarner, Inc. (U.S.)
• thyssenkrupp AG (Germany)
• Continental AG (Germany)
• DENSO CORPORATION (U.S.)
• FORVIA Faurecia(U.S.)
• VALEO SERVICE(U.S.)
• Hitachi, Ltd. (U.S.)
• The Pep Boys (U.S.)
• Pioneer Corporation (U.S.)
• Garmin Ltd. (U.S.)
• Pecca Group Berhad (Malaysia)
• CAR MATE MFG, CO., LTD. (Japan)
• Covercraft Industries LLC (U.S.)