Global Automotive Components Market Insights Forecasts to 2033

• The Global Automotive Components Market Size was Valued at USD 1,964.51 Billion in 2023
• The Market Size is Growing at a CAGR of 5.73% from 2023 to 2033
• The Worldwide Automotive Components Market Size is Expected to Reach USD 3,429.54 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Automotive Components Market Size is Anticipated to Exceed USD 3,429.54 Billion by 2033, Growing at a CAGR of 5.73% from 2023 to 2033.

Market Overview

Automotive components are the various parts and mechanisms that comprise a vehicle. These components are required for a car to run and function correctly. Among these parts are the engine, transmission, exhaust structure, suspension, braking systems, steering mechanism, electrical system, and body sections. For the car to operate, perform, and be safe, each of these components is necessary. Furthermore, to guarantee a flawless fit of their products inside cars, these manufacturers collaborate closely with automakers. The global demand for automobiles is pushing innovation, efficiency, and quality in the auto parts industry, which in turn is meeting the changing demands of the automotive market. In addition, a large increase in original equipment and auto component manufacturers was a result of the strong demand for automobiles. India thus gained proficiency in the production of cars and auto parts, which increased demand for Indian cars and auto parts abroad. Furthermore, the industry is being driven by the world's rising urbanization and infrastructural development. In addition, the auto components industry is being supported by the growing need for older cars to be replaced as well as the growth of the global automotive aftermarket. The global auto components market is also being helped by the increased emphasis on energy-efficient components and lightweight materials.

Report Coverage

This research report categorizes the market for the global automotive components market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global auto components market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global automotive components market.

Driving Factors

The automotive components market experienced substantial growth and innovation due to the presence of autonomous vehicles. The advancement of self-driving technology has increased demand for specific parts and systems to enable autonomous driving capabilities. Autonomous vehicles (autonomous cars) rely on a multitude of sensors, including LiDAR (light detection and ranging), cameras, radars, and ultrasonic sensors, to gather information about their surroundings and make decisions in real-time. Complex algorithms and strong processors are needed to manage the massive quantity of data collected by the sensors and carry out autonomous driving. Furthermore, technological advancements encourage creativity and design freedom while streamlining the manufacturing process. Manufacturers have the ability to experiment with novel materials, shapes, and features, which can result in the creation of cutting-edge auto components that satisfy changing customer and industry needs. Additionally, using these technologies in the production of auto parts lowers costs, improves overall operational efficiency, and keeps producers competitive in a market that is changing quickly. As a result, the industry for manufacturing vehicle components is growing and changing at a faster rate because to the ongoing developments in robots and additive manufacturing.

Restraining Factors

The supply chain interruption is impeding market growth. Disruptions in the supply chain, such as a lack of raw materials, transportation issues, or geopolitical conflicts affecting international trade, can all have an influence on business.

Market Segmentation

The global automotive components market share is classified into vehicle type, product type, and application.

• The passenger cars segment is expected to hold the largest share of the global automotive components market during the forecast period.   

Based on the vehicle type, the global automotive components market is divided into passenger cars, two-wheelers, three-wheelers, light commercial vehicles, medium & heavy commercial vehicles, off-the-road (OTR) vehicles. Among these, the passenger cars segment is expected to hold the largest share of the global auto components market during the forecast period. The primary reason for this dominance over other vehicle categories is the sheer quantity of passenger cars on the road. The passenger car is the most common means of personal transportation for families and singles, which significantly adds to its widespread use. Moreover, passenger cars are prioritized by automakers and the automotive components industry since their sales typically exceed those of light and heavy commercial vehicles.

• The engine components segment is expected to hold the largest share of the global automotive components market during the forecast period.   

Based on the product type, the global automotive components market is divided into engine components, body & chassis, suspension & braking, cooling system, rubber components, drive transmission & steering parts, electricals & electronics, interiors (non-electronics), and others. Among these, the engine components segment is expected to hold the largest share of the global auto components market during the forecast period. An engine's fuel system, ignition system, and engine control module constitute a few of the parts that affect how well a car runs overall. The market for engine components has been driven by the growing emphasis on engine optimization, pollution reduction, and powertrain electrification.

• The OEM segment is expected to grow at the fastest CAGR in the global automotive components market during the forecast period.

Based on the application, the global automotive components market is divided into OEM and aftermarket. Among these, the OEM segment is expected to grow at the fastest CAGR in the global auto components market during the forecast period. The OEM segment consists of delivering auto parts directly to car manufacturers for original installs. As global automotive production expands, OEMs must maintain a consistent supply of high-quality components to meet demand for new vehicles. Long-term contracts, high-volume orders, and strict quality criteria define the OEM sales channel. OEM part makers profit from ties with car manufacturers as well as the ability to integrate their products into new vehicles.

Regional Segment Analysis of the Global Automotive Components Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global automotive components market over the predicted timeframe.

North America is anticipated to hold the largest share of the global automotive components market over the predicted timeframe. The market for auto components in North America has profited from the region's rising industrial growth, as well as different driving factors that have boosted the potential sectors, as this region is the product's primary customer. The increased demand for products in OEMs and aftermarket is one of the primary drivers of the automotive components industry. Rapid urbanization will help to boost the overall market.

Asia Pacific is expected to grow at the fastest pace in the global automotive components market during the forecast period. Asia Pacific is seeing significant expansion as a result of fast industrialization, urbanization, and a rising automotive industry. The area is the world's largest car market. Asia Pacific is a manufacturing hub, with low production costs, a competent workforce, and a robust supply chain ecosystem. The region's growing middle class, rising disposable incomes, and developing transportation infrastructure all contribute to the growth of the car parts manufacturing industry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global automotive components market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Bosch
• Continental AG
• Denso Corporation
• Magna International Inc.
• Aisin Seiki Co., Ltd.
• ZF Friedrichshafen AG
• Faurecia
• Valeo SA
• Lear Corporation
• Mahle GmbH
• Hyundai Mobis
• BorgWarner Inc.
• Tenneco Inc.
• Robert Bosch GmbH
• Panasonic Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive components market based on the below-mentioned segments: 

Global Automotive Components Market, By Vehicle Type

• Passenger Cars
• Two-Wheelers
• Three-Wheelers
• Light Commercial Vehicles
• Medium & Heavy Commercial Vehicles
• Off the Road (OTR) Vehicles

Global Automotive Components Market, By Product Type

• Engine Components
• Body & Chassis
• Suspension & Braking
• Cooling System
• Rubber Components
• Drive Transmission & Steering Parts
• Electricals & Electronics
• Interiors (Non-electronics)
• Others

Global Automotive Components Market, By Application

• OEM
• Aftermarket

Global Automotive Components Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa