Global Automotive Spare Parts Market Report 2022-2026 and 2031:

Dublin, September 22, 2022 (GLOBE NEWSWIRE) – The report “Global Auto Parts Market Opportunities and Strategies to 2031: COVID-19 Impact and Recovery” has been added to ResearchAndMarkets.com Show.

The auto parts market size was approximately $2,781.3 billion in 2021, having grown at a compound annual growth rate (CAGR) of 4.6% since 2016. The market is expected to grow from $2781.3 billion in 2021 to 4063.2 billion US dollars in 2026. At a rate of 7.9%. The market is then expected to grow at a CAGR of 6.8% as of 2026 and reach US$5,640.1 billion in 2031.

Growth in the historical period resulted from the growth of emerging markets, increased demand for automobiles, and rapid urbanization. Going forward, rapid technological developments, favorable government initiatives, focus on car accessories and focus on electric vehicles (EVs) will drive growth. Factors that could hinder future auto parts market growth include intense competition, volatility in oil and gasoline prices, joint mobility, and shortage of semiconductor chips.

The auto parts market is segmented by type into vehicle body, stamped metal and other parts, vehicle engine, powertrain and parts, vehicle electrical and electronic equipment, steering suspension, and interior parts. The auto body, stamped metal, and other parts market was the largest segment of the auto parts market segmented by type, accounting for 51.2% of the total in 2021.

Going forward, the vehicle electrical and electronic equipment, steering suspension and interior decoration market is expected to be the fastest growing segment of the auto parts market segmented by type, at a compound annual growth rate of 9.5% during the period 2021-2026.

The auto body, stamped metal and other parts market is segmented into auto body, stamped metal and other parts. The stamped metal market was the largest segment in the auto body, stamped metal and other parts market segmented by type, accounting for 62.1% of the total in 2021. Going forward, the auto body market is expected to be the fastest growing segment of the stamped metal market. The other parts are broken down by type, with a compound annual growth rate of 9.2% during 2021-2026.

The Automotive Engine, Powertrain and Parts market is segmented into Automotive Engine Parts, Engine and Powertrain Parts, and Powertrain Parts. The powertrain and powertrain parts market was the largest segment of the automotive engine, powertrain and parts market segmented by type, accounting for 71.6% of the total in 2021. Going forward, the automotive engine and powertrain parts market is expected to be the fastest segment Growing automotive engines, powertrains and spare parts market segmented by type at a compound annual growth rate of 7.5% during the period 2021-2026.

Vehicle electrical and electronic equipment, steering suspension, and interior market is further divided into vehicle electrical and electronic equipment, vehicle steering and suspension, and vehicle interior seat decoration. The motorized seat interior trim market was the largest segment of automotive electrical and electronic equipment, steering suspension, and interior trim segments by type, accounting for 61.1% of the total in 2021.

Going forward, the car seat interior decoration market is expected to be the fastest growing segment in the automotive electrical and electronic equipment, steering suspension, and interior cabin market by type, at a compound annual growth rate of 10.0% during the period 2021-2026.

The auto parts market is also segmented by end use into OEM and aftermarket. The OEM market was the largest segment of the auto parts market segmented by end use, accounting for 76.2% of the total in 2021. The aftermarket service market is expected to be the fastest growing segment of the segmented auto parts market. By end use, at a compound annual growth rate of 9.1% during the period 2021-2026.

The auto parts market is also segmented by application into passenger vehicles and commercial vehicles. The commercial vehicle market was the largest segment of the auto parts market segmented by application, accounting for 57.6% of the total in 2021. The commercial vehicle market is expected to be the fastest growing segment of the segmented auto parts market. By application, at a compound annual growth rate of 9.2% during 2021-2026.

Asia Pacific was the largest region in the auto parts market, accounting for 44.2% of the total in 2021. It is followed by North America, then other regions. From now on, the fastest growing regions of the auto parts market will be the Middle East and Africa where the growth will be at a compound annual growth rate of 11.5% and 11.0% respectively. It is followed by South America and Eastern Europe, where the markets are expected to grow at a compound annual growth rate of 8.7% and 8.3%, respectively.

The COVID-19 outbreak has posed many challenges for the auto parts sector. Globally, governments have been prepared for a wider spread of the virus. Among the major industrial economies, South Korea, Italy and Japan were the hardest hit. As a result, 80% of auto companies and related companies reported that the coronavirus had a direct impact on 2020 revenues due to reduced vehicle sales due to travel restrictions. 78% of companies did not have enough employees to operate a complete production line.

The global auto parts market is fragmented, with a large number of players. The top ten competitors in the market accounted for up to 11.90% of the total market in 2020. The market segmentation can be attributed to the presence of a large number of local players at the regional level. The logistics of creating parts, high technical capabilities and regulatory approvals make it a market with high entry barriers and it has been dominated by major players for many years.

Robert Bosch GmbH was the largest competitor with a 1.60% market share, followed by Denso Corp with 1.53%, General Motors with 1.37%, Aisin Seiki Co Ltd with 1.21%, Hyundai Mobis with 1.18% and Toyota Motor Corp with 1.14%. and Magna International Inc with 1.05%, Continental AG with 1.00%, Fiat Chrysler Automobiles NV with 0.92%, and SAIC Motor Co Ltd with 0.82%.

The best opportunities in the auto parts market segmented by type will arise in the auto body, stamped metal and other parts market, which will earn $627.2 billion in global annual sales by 2026. The best opportunities in the segment by application will appear in the OEM segment, which will earn $920.2 billion of global annual sales by 2026. The best opportunities in the segment by end-use will appear in the passenger car segment, which will earn $487.6 billion in global annual sales by 2026. The auto parts market size is the biggest gainer in China at $284.7 billion.

Strategies based on market trends for the auto parts market include adoption of artificial intelligence in products for versatility and a wide range of features, adoption of 3D printing to manufacture lightweight, customizable and inexpensive components, focus on strategic alliances to expand distribution and adoption of the latest technological advances in the sector.

The strategies adopted by the player in the auto parts market include expanding new technology product production facilities, enhancing production facilities around the world, and focusing on new automotive technology product development and technological innovation through strategic acquisitions.

To take advantage of the opportunities, the publisher recommends auto parts companies focus on using artificial intelligence, adopting 3D printing technology, focus on partnerships and acquisitions, expand into developing countries, establish authorized distributors and sales representatives, offer competitive products, and focus on pricing based on economies. Take advantage of social media, participate in trade fairs and events, and focus on cooperating with e-commerce players.

Customer information in the auto parts market

  • After sales outperform dealers in customer satisfaction
  • Highly Loyalty Auto Parts Stores in North Carolina
  • The importance of correct selection of spare parts

Auto parts market trends and strategies

  • The use of artificial intelligence
  • Using 3D printing
  • Increase partnerships and acquisitions
  • Technological advances

Impact of COVID-19 on the auto parts market

  • Impact of COVID-19 on Auto Parts Operations
  • a future vision

mentioned companies

  • Robert Bosch GmbH
  • Denso Corp
  • General Motors Corporation
  • Aisin Seki Co., Ltd.
  • Hyundai Mobis

For more information on this report, visit https://www.researchandmarkets.com/r/p1awko

  • Global market for auto parts

        

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