Auto Part & Accessory Manufacturing Market

Auto Part & Accessory Manufacturing Market Outlook (2024 to 2034)

The latest study by Fact.MR reveals that the global auto part & accessory manufacturing market is estimated to rise from US$ 1997.45 billion in 2024 to US$ 3879.15 billion by 2034-end. Demand is evaluated to expand at a 6.9% CAGR between 2024 and 2034.

Demand for specialized car parts and accessories is continuously increasing due to growing sales of electric vehicles (EVs), hybrid vehicles, and autonomous driving technology. As these technologies are growing, there is a rising need for parts specific to these cars, including advanced driver-assistance systems (ADAS), EV batteries, and charging infrastructure. Latest automobiles depend on these parts for effective operation, safety, and performance, and as their popularity is growing, so are the opportunities for suppliers and manufacturers to keep up with the quickly changing automotive sector.

Sales of auto parts and accessories are growing because of e-Commerce platforms. e-Commerce platforms are providing consumers and mechanics easy access to a larger selection of these products. Because customers now quickly compare costs from different suppliers and make sure they get the best offers, pricing transparency is also being improved. Also, e-Commerce is also providing increased convenience by facilitating speedy part searches and orders, which is driving the market expansion.

Key Market Growth Drivers

• Demand for auto parts and accessories is increasing due to the rising number of individuals purchasing cars across the globe. Because of this, the demand for products that require maintenance, repair, and customization is increasing continuously.
• Due to increasing vehicle longevity and the growing cost of new cars, more consumers are retaining existing cars for longer. The auto part & accessory manufacturing market size is expanding as cars get older because of the increasing need for repairs, replacement parts, and aftermarket extras.
• A high number of consumers are adding custom parts, performance-enhancing accessories, and aesthetic enhancements to their cars, which is also a current ongoing auto part & accessory manufacturing market trend.
• Aftermarket products, such as custom wheels, spoilers, and interior upgrades are increasing in demand due to this trend, which is particularly valued by auto aficionados.
• Sales of specialist parts and accessories are growing as a result of the increasing popularity of electric vehicles (EVs) hybrid cars, and autonomous driving technology across the world.
• The need for elements, including advanced driver-assistance systems (ADAS) components, charging infrastructure, and EV batteries is rising, which is positively affecting the demand growth.
• A large range of vehicle parts and accessories are now easily available to mechanics and consumers because of the growing internet purchasing platforms. e-Commerce platforms are making it easier for customers to find specific products, increasing supplier reach, and enhancing price transparency.

Report Attributes	Details
Auto Part & Accessory Manufacturing Market Size (2024E)	US$ 1997.45 Billion
Forecasted Market Value (2034F)	US$ 3879.15 Billion
Global Market Growth Rate (2024 to 2034)	6.9% CAGR
North America Market Value (2024E)	US$ 579.19 Billion
South Asia & Pacific Market Growth Rate (2024 to 2034)	7.9% CAGR
Gear Boxes, Clutches & Parts Segment Value (2034F)	US$ 1274.22 Billion
Motor Vehicle Manufacturers Segment Value (2034F)	US$ 1942.92 Billion
Key Companies Profiled	Robert Bosch GmbH; Magna International; Denso Corporation; Continental AG; ZF Friedrichshafen AG; Aisin Seiki Co.; Valeo; Faurecia; Lear Corporation; BorgWarner

Which Factors are Driving Up Demand for Auto Parts and Accessories?

“Growing Trend of Personalizing Vehicles with Aftermarket Enhancements”

The number of consumers is increasing who are adding custom parts, performance-enhancing accessories, and aesthetic enhancements to their cars to express their unique preferences and boost performance. Car enthusiasts who want to improve their driving experiences and make their vehicles stand out especially find this interesting. Demand for aftermarket products, such as body modifications, spoilers, custom wheels, interior upgrades, and others is rising as a result of this trend.

The aftermarket sector is benefitted from this trend of personalization, which is also pushing manufacturers to keep coming up with new ideas and provide a greater variety of specialized products to satisfy customer demands.

What is Restraining Growth of Auto Parts & Accessories Manufacturing?

“Adverse Impact of Raw Material Price Fluctuations on Production Costs”

Price fluctuations of essential raw materials, such as rubber, steel, aluminum, and others negatively affect the demand of auto parts and accessories. When such a scenario happens, manufacturers are forced to raise product pricing as a result of a rise in production costs brought on by increased prices for these materials. Demand is impacted as buyers hesitate to spend more on auto parts, particularly in countries with financial limitations.

Other than this, producing and maintaining auto parts becoming difficult and costly as car producers are integrating advanced technologies, such as electric drivetrains and autonomous systems. Because it widely necessitates a large investment in research and development as well as specialized equipment, its technological complexity is increasing the barrier to entry for producers.

Country-wise Insights

North America is a well-established market with high demand for aftermarket components, particularly for performance improvements and vehicle customization. Demand for specialist parts, such as EV batteries and exhaust systems is increasing due to the continuous growth of electric cars (EVs) and strict emission restrictions. East Asia region also holds a significant portion of the auto part & accessory manufacturing market due to the massive manufacturing of vehicles in Japan and China.

What is the Demand Outlook for Auto Parts & Accessories in the United States?

“Sales of EV-Specific Parts & Accessories Rising Due to High Adoption Rate of Electric Vehicles”

Attribute	United States
Market Value (2024E)	US$ 517.95 Billion
Growth Rate (2024 to 2034)	6.2% CAGR
Projected Value (2034F)	US$ 946.34 Billion

In the United States, the demand for EV-specific parts such as batteries, charging infrastructure, electric drivetrains, and others is stimulating. This is driven by the high adoption rate of electric vehicles (EVs) in the country. Automobile companies are increasing EV production as consumers are widely choosing electric vehicles, which is driving up demand for specialty auto parts made for EVs.

The demand for auto parts and accessories is growing and this is further driving up sales of products, including high-capacity batteries and effective charging infrastructure as well as promoting technological advancements and improvements in production methods.

Why is the Need for Auto Parts & Accessories Growing in South Korea?

“Increasing Demand for High-Performance Automobile Auto Components”

Attribute	South Korea
Market Value (2024E)	US$ 201.91 Billion
Growth Rate (2024 to 2034)	7.9% CAGR
Projected Value (2034F)	US$ 430 Billion

Quality and performance are becoming more important to consumers in South Korea when it comes to auto components and accessories. There is an increasing need for premium parts that improve performance and longevity in the country as consumers becoming pickier about vehicle safety and dependability. This trend is being driven by a rising understanding of how crucial it is to use high-quality parts to avoid breakdowns and guarantee excellent vehicle functionality.

A high percentage of consumers are spending money on dependable and efficient products because of this factor, and it shows that the automobile aftermarket is moving toward prioritizing quality over price. This need is pushing suppliers and manufacturers to focus more on providing high-performance components that satisfy the changing needs of consumers in South Korea.

Category-wise Insights

Based on product and service, the demand for electrical systems is increasing at a decent pace due to the growing integration of advanced technologies and features that enhance safety, convenience, and overall driving experience. As automobiles are evolving continuously, there is a rising reliance on electronic components for functions, such as infotainment systems, advanced driver-assistance systems (ADAS), and electric powertrains in hybrid and electric vehicles.

Which Auto Parts and Accessories are Manufactured More?

“Important Role of Gear Boxes, Clutches & Parts in Vehicles Performance and Safety”

Attribute	Gear Boxes, Clutches & Parts
Segment Value (2024E)	US$ 533.24 Billion
Growth Rate (2024 to 2034)	9.1% CAGR
Projected Value (2034F)	US$ 1274.22 Billion

Demand for gear boxes, clutches & parts is increasing in comparison with other products and services because of their vehicle performance and safety. These parts have a direct impact on a vehicle's handling, acceleration, and overall driving experience as they are necessary for the effective transfer of power from the engine to the wheels. More customers are prioritizing the replacement of these components to avoid possible breakdowns that pose a safety risk as they grow increasingly picky about the dependability and performance of their vehicles.

The complexity and performance requirements of these parts are increasing due to improvements in automotive technology, which is creating demand for high-quality replacements that help to improve efficiency and durability.

Why Motor Vehicle Manufacturers Segment Holds a Significant Market Share?

“Primary Role Making It Leading Segment in Market”

Attribute	Motor Vehicle Manufacturers
Segment Value (2024E)	US$ 942.19 Billion
Growth Rate (2024 to 2034)	7.5% CAGR
Projected Value (2034F)	US$ 1942.92 Billion

Compared to other major market segments, the motor vehicle manufacturers segment holds a significant portion of the market. Motor vehicle manufacturers are in charge of the design, manufacturing, and distribution of automobiles, making them the key producers. Consistent sales are the result of their broad distribution networks and well-established brand reputation, which encourage customer loyalty and trust. In addition, manufacturers are able to satisfy changing consumer needs for sustainability, performance, and safety due to technological and innovative developments such as the incorporation of electric and hybrid vehicles. Because of this, motor vehicle manufacturers continue to lead in the market for auto parts and accessories manufacturing.

Competitive Landscape

To meet different vehicle types and customer preferences, key players in the auto part & accessory manufacturing market are broadening the range of products that they provide in their product lines. They are able to meet the increasing demand for particular components and get a greater market share because of this diversification. Several businesses are investing in digital marketing techniques and e-Commerce platforms to improve their online visibility. Making it simpler for consumers to buy parts and accessories online is helping them expand their customer base and boost revenue.

• In June 2024, a well-known brand in the lubricant and automobile care sector, Assurance Intl Limited, announced the continuation of their fruitful licensing partnership with The Goodyear Tire & Rubber Company, a world leader in tire and rubber production with headquarters in Akron, Ohio, United States.
• In October 2023, the new automobile aftermarket distribution platform, Driven Distribution Group was introduced by HCI Equity Partners. The launch takes place at the same time that Driven Distribution Group, which recapitalized Tri-State Enterprises, Inc. in November 2023, acquired Chicago Parts & Sound's car parts and accessories distribution business. The deal's financial details were not revealed.

Fact.MR provides detailed information about the price points of key players in the auto part & accessory manufacturing market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Auto Part & Accessory Manufacturing Market Research

• By Product & Service :

  • Gear Boxes, Clutches & Parts
  • Electrical Systems
  • Steering Systems & Wheels
  • Brake Systems
  • Drive Axles & Differentials
  • Airbags, HVAC, Interiors & Seatbelts
  • Mufflers, Exhausts & Radiators
  • Bumpers & Parts

• By Major Market :

  • Motor Vehicle Manufacturers
  • Exports
  • Aftermarket

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa