What is Auto Parts and Accessories Market?
Auto parts including internal and external consists of wheel, tires, lighting, electronic parts, body and chassis. Whereas the most important parts include engine, gearbox parts, drive axle, steering and suspension, and brakes. These are manufactured with precision and advanced technological methods. This industry of auto parts and accessories provides services for repair and maintenance of the vehicle. Moreover, the technological advancements in automobile industry is increasing the demand in advanced features which is fueling the market growth. According to Automotive Aftermarket, in United States, Aftermarket industry in 2018 was valued at USD 296 billion and projected to reach USD 433 billion by 2021. This includes individual businesses including manufacturers, repair shops, distributors, marketers and retailers. Also, According to IBEF, the auto component industry in India has grown by 10.6% to reach at USD 56.2 billion in 2019.
Highlights from Auto Parts and Accessories Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 202 |
Unit | Value (USD Million) |
Key Companies Profiled | Robert Bosch Gmbh (Germany), Denso (Japan), Valeo (France), Continental (Germany), Aptiv (Ireland), ZF Friedrichshafen (Germany), Magna International (Canada), Faurecia S.A. (France), Magneti Marelli (Italy) and Aisin Seiki (Japan) |
The global Auto Parts and Accessories market is witnessing rise in competitiveness among the players. In terms of market share, the major players are currently dominating. However, some of the companies are increasing the market presence by securing new contracts and tapping new markets. The manufacturers are try to achieve competitive advantage by lowering the manufacturing costs and adopting cost effective techniques. Research Analyst at AMA predicts that Germany Vendors will contribute to the maximum growth of Global Auto Parts and Accessories market throughout the forecasted period.
Robert Bosch Gmbh (Germany), Denso (Japan), Valeo (France), Continental (Germany), Aptiv (Ireland), ZF Friedrichshafen (Germany), Magna International (Canada), Faurecia S.A. (France), Magneti Marelli (Italy) and Aisin Seiki (Japan) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Brembo (Italy), Akebono Brake Industry (Japan), Hella Kgaa Hueck (Germany) and Acdelco (United States). Auto Parts and Accessories Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Heavy Transport Vehicle, Light Transport vehicle and Light Motor Vehicle |
Type | Tire, Battery, Brake Parts, Filters, Body parts, Lighting & Electronic Components, Wheels, Exhaust components, Turbochargers and Others |
Transmission | Semi Automatic,Automatic |
Sales Channel | OEMs,Aftermarket |
Certification | Genuine Parts,Certified Parts,Uncertified Parts |
On the basis of geography, the market of Auto Parts and Accessories has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Use of Recycled Parts to Prevent the Use of Raw Materials and Advancements in the Manufacturing Processes
Market Growth Drivers:
Growing working population coupled with expanding middle class and Increasing usage of Additional Features like Bluetooth and Touch Screens and safety features
Challenges:
Lack of availability of Skilled Labors is affecting the market growth. COVID 19 outbreak has affected the automotive sector as 78% of the companies are not having enough staff to run the production line. Also, 80% of the world auto supply chain is connected to China. Therefore, According to China Passenger Car Association, the sales in first two months have declined by 40% as compared to same period in 2019 which is having negative impact on the industry.
Restraints:
Limited Availability of Resources Such As Metal and Others, Issues Related to High Fuel and Labor Costs and Government Regulations related to environment protection
Opportunities:
Inappropriate Road Conditions Leading To Replacements of Parts and Increasing number of automobile manufacturers
Key Target Audience
Manufacturers, Raw material suppliers, Automobile Enterprises, Research Institutes, Suppliers and Distributors and Government Associations
Market Leaders & Development Strategies
October 2018, Walmart Inc.and Advance Auto Parts Inc. Have Formed a Strategic Partnership to Create a Car Parts Store on Walmart.Com, Beginning in 2019.
In July 2019, Continental and Knorr-Bremse are Taking a Further Step in their Development Partnership Towards Highly Automated Commercial Vehicle Driving. and In July 2019, ZF Aftermarket Offers a Comprehensive Range Of OE Quality Steering And Chassis Components Under Its Lemforder Brand.