Automotive Parts and Component Market size is expected to grow from USD 2066.3 Billion in 2023 to USD 2844.52 Billion by 2032, at a CAGR of 3.9% during the forecast period (2024-2032).
Auto parts manufacturing is a critical industry within the automotive sector, responsible for producing essential components and systems vital for vehicle functioning. Utilizing advanced technologies like computer-aided design and manufacturing, manufacturers create high-quality parts meeting strict industry standards. They specialize in a variety of components such as engines, transmissions, brakes, and electrical systems, collaborating closely with automobile manufacturers for seamless integration. As global vehicle demand rises, auto parts manufacturing thrives, fostering innovation and efficiency to meet evolving market needs. Automotive components encompass various systems essential for a vehicle's operation and performance. These include the engine, gearbox, exhaust, suspension, brakes, steering, electrical system, and body parts.
Each part plays a vital role in ensuring the vehicle's functionality, performance, and safety. Manufacturers meticulously design and assemble these components to create reliable modes of transportation that operate effectively and seamlessly.
Major Key Players Mentioned in this Report
· Lear Corporation (U.S.)
· Dana Incorporated (U.S.)
· Standard Motor Products, Inc. (U.S.)
· Tenneco (U.S.)
· Magna International Inc. (Canada)
· Bosch (Germany)
· Schaeffler Ag (Germany)
· Continental Ag (Germany)
· Gestamp (Spain)
· Valeo (France)
· Faurecia Se (France)
· Wangxiang Qianchao Co., Ltd. (China)
· Weichai Holding Group Co. Ltd. (China)
· Beiwei Mould Industry (China)
· Hyundai Motor Group (South Korea)
· Mando Corporation (South Korea)
· Panasonic Holdings Corporation (Japan)
· Marelli Holdings Co., Ltd (Japan)
· Denso Corporation (Japan)
· Hitachi Automotive (Japan), and other major players.
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Learn more about key segments shaping this market
By Type
· Engine parts
· Drive transmission
· Steering parts
· Suspension
· brake parts
· Electrical parts
By Application
· Original Equipment Manufacturers (OEMs)
· Aftermarket Parts
By Distribution Channel
· Retailers
· Wholesalers
Geographic Coverage
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
The growth factors of the global Automotive Parts and Component market are discussed where the various users of the market are detailed. Information is provided by market players, regions, types, and applications, depending on specific requirements. This market-ready research proposal is a detailed overview highlighting all the key developments that simultaneously dominate in all regions of the market. Present essential data analysis in the form of statistics, infographics and simple graphs, making it easier and time-saving for clients.
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According to the recent report published by Introspective Market Research, the Global Automotive Parts and Component Market report provides sustainable growth opportunities, challenges, scope, Driver restraints and latest trends during the forecast period from 2023 to 2030. This latest industry research study analyses the Automotive Parts and Component market by various product segments, applications, regions and countries while accessing regional performances of numerous leading market participants. In this report, there are various approaches and procedures approved by Automotive Parts and Component market players that enable efficient business decisions.
Our Research Study provides up-to-date, detailed data on the dynamics of the Global Automotive Parts and Component market, providing marketers with the essential data they need to understand their and their competitors' position in the market, as well as information to accurately identify where they will compete in the future. Also, the report examines the components of market change by looking at past and future growth patterns, including the impact of consumer behaviour on total quantity, value, selected brands and selected product types.
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Key Industry Development in The Automotive Parts and Component Market:
In April 2024, Auto parts manufacturer ASK Automotive announced on Wednesday that it had entered into a joint venture agreement with Japanese auto components supplier AISIN Group Companies in the passenger vehicle segment. The collaboration focused on marketing and selling auto components in independent aftermarkets for passenger car production. ASK Automotive and AISIN Group aimed to enhance their market presence through this strategic partnership, leveraging their combined expertise in automotive components.
In February 2023, Lumax Auto Technologies (LAT), a leading Tier-1 automotive systems and components supplier, acquired a majority stake in IAC International Automotive India from the International Automotive Components Group. KPMG Corporate Finance acted as the exclusive financial advisor for the transaction. The acquisition took place at an equity valuation of INR 587 crore, with IAC retaining a 25% stake. LAT purchased 75% of the stake through a special purpose vehicle (SPV) for INR 440 crore, funded by a combination of debt and internal accruals. Both LAT and IAC India's robust free cash flow facilitated debt repayment within five years.
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