NEW YORK, Dec. 16, 2024 — Technavio forecasts the global auto parts market to expand by USD 354.9 billion from 2024 to 2028, projecting a compound annual growth rate (CAGR) of 3.2% during this period. The report offers a detailed prediction of key market segments:
Market Segmentation
- End-user
- 1.1 Original Equipment Manufacturers (OEMs)
- 1.2 Aftermarket
- 2.1 Offline
- 2.2 Online
- 3.1 North America
- 3.2 Europe
- 3.3 Asia-Pacific (APAC)
- 3.4 South America
- 3.5 Middle East and Africa
Further segment breakdowns are available in the full report.
Fastest-Growing Segment: OEM
The OEM segment is expected to significantly outperform the aftermarket segment in growth. OEM parts, crucial for new vehicle production, are precisely engineered to vehicle specifications, making them highly valued for their reliability and quality. This preference drives the segment’s expansion and fuels overall market growth.
Analyst Perspective
The auto parts market is booming, driven by technological advancements and rising vehicle demand, including electric vehicles. Innovations like 3D printing and autonomous driving technologies (sensors, radar, LIDAR) are transforming the industry. These technologies are incorporated into various parts, from braking systems to navigation systems, serving diverse sectors such as boats, and even commercial fishing. The market offers a wide range of products including engine, brake, electrical, and fuel system components.
Market Overview
The auto parts industry is diverse, catering to various vehicles – electric vehicles, two-wheelers, boats, etc. Technological advancements like EVs, autonomous driving, 3D printing, and advanced sensors are reshaping the landscape. The market includes both OEM suppliers and aftermarket manufacturers, spanning passenger and commercial vehicles. It encompasses a broad spectrum of parts, from engines and electronics to safety equipment and accessories, including driveline, powertrain, interior, exterior, seating, and chassis components. Factors like fuel efficiency, safety regulations, vehicle ownership patterns, economic conditions, and the rise of e-commerce significantly influence market dynamics. The emergence of EV-specific parts and autonomous vehicle technology, along with connectivity and emissions concerns, are key trends.
For more detailed market insights, please refer to the full report.
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory firm. Their research focuses on emerging market trends and provides actionable insights to help businesses identify opportunities and develop strategic market positioning. With over 500 analysts, their extensive report library covers 800 technologies across 50 countries. They serve a large client base, including many Fortune 500 companies.
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SOURCE Technavio