- 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
- North America dominated the auto parts market with the largest revenue share of 42.9% in 2024, driven by the presence of leading automakers, advanced manufacturing infrastructure, and growing investments in vehicle electrification and autonomous technologies across the U.S. and Canada
- Asia Pacific is poised to grow at the fastest CAGR of 8.7% during the forecast period from 2025 to 2032, driven by rapid industrialization, rising automotive production, and increasing investments in vehicle electrification across countries such as China, India, Japan, and South Korea
- The Surface Auto Parts segment dominated the auto parts market with the largest market revenue share of 47.6% in 2024, driven by the growing demand for large-scale mineral extraction, particularly in open-pit mining operations
