Auto Parts Market size to grow by USD 393.22 billion from 2022 to 2027, Market is fragmented due to the presence of prominent companies like 3M Co., AISIN CORP. and Akebono Brake Industry Co. Ltd., and many more - Technavio

NEW YORK, Jan. 5, 2024 /PRNewswire/ -- The auto parts market is estimated to grow by USD 393.22 billion from 2022 to 2027, growing at a CAGR of 3.62%. The auto parts market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer auto parts market are 3M Co., AISIN CORP., Akebono Brake Industry Co. Ltd., Autoliv Inc., BorgWarner Inc., Brembo Spa, General Motors Co., HELLA GmbH and Co. KGaA, Hyundai Motor Co., Lear Corp., Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Schaeffler AG, Stellantis NV, Tenneco Inc., The Goodyear Tire and Rubber Co., Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG. 

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Company Offering:

• 3M Co - The company offers auto parts such as Pin 14 with 3M Acrylic Foam Tape 5392, 3M Wheel Weight TN6020, and Rain Sensor Brackets with 3M Die Cuttable Tape DC2008.
• AISIN CORP. - The company offers auto parts such as water pump covers, cam housing, crankcases, oil filter bracket, and oil pan.
• Akebono Brake Industry Co. Ltd. - The company offers auto parts such as disc brakes, master cylinders, and disc brake pads for motorcycles and scooters.
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Based on  Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa.

• APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Another region offering significant growth opportunities is North America. Demand for passenger cars in the Region is projected to be driven by the continuing growth of the oil and gas, a wide variety of agriculture sectors, an intensive mining industry as well as increased manufacturing industries throughout the region.

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• Impactful driver- Increased usage of technological advancement in the global auto parts market
• Key Trend - Increasing M&A, and partnership
• Major Challenges - Online retailers challenging traditional aftermarket retailers 

 Market Segmentation

• By End-user, the market is classified into OEM and aftermarket. The OEM segment is estimated to witness significant growth during the forecast period. OEMs are defined as those that produce the original automotive components such as brakes, steering, and other parts for new vehicles. For compatibility with the exact specification of the vehicle, OEM components are produced by a particular manufacturer in such a condition that they fit perfectly into this space. As a result, they are preferred by automobile manufacturers around the world.

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio