Key Highlights
- The global auto parts market was valued at approximately $400 billion in 2022
- The Asia-Pacific region accounts for over 60% of the automotive aftermarket sales worldwide
- The aftermarket auto parts segment is expected to grow at a CAGR of 4.2% from 2023 to 2030
- In 2022, North America held approximately 30% of the global auto parts market share
- The electric vehicle (EV) auto parts aftermarket is projected to grow at a CAGR of 15% through 2030
- The global replacement automotive parts market was valued at about $270 billion in 2021
- The demand for auto parts increased by approximately 8% during the recovery phase after COVID-19 pandemic restrictions eased
- In 2022, detailed parts like LED headlights and advanced driver-assistance systems (ADAS) contributed to 12% of auto parts sales
- The average age of cars on the road globally is around 12 years, leading to increased demand for replacement parts
- The spare parts segment accounts for roughly 65% of the total auto parts market revenue in 2023
- The online automotive parts market grew by approximately 20% in 2022, driven by increasing e-commerce adoption
- Europe's auto parts aftermarket market is expected to reach $120 billion by 2025, with a CAGR of 3.8%
- The tire segment remains the largest product category, comprising nearly 25% of total auto parts sales globally in 2023
The auto parts industry is experiencing a dynamic transformation, with a market valued at around $400 billion in 2022 and rapid growth driven by electric vehicles, advanced technologies, and expanding e-commerce channels across Asia, North America, and Europe.
Market Segments and Future Growth
- The aftermarket auto parts segment is expected to grow at a CAGR of 4.2% from 2023 to 2030
- The demand for auto parts increased by approximately 8% during the recovery phase after COVID-19 pandemic restrictions eased
- In 2022, detailed parts like LED headlights and advanced driver-assistance systems (ADAS) contributed to 12% of auto parts sales
- The average age of cars on the road globally is around 12 years, leading to increased demand for replacement parts
- The rise of retrofitting and customization has increased demand for vintage auto parts by approximately 10% annually
- According to industry reports, approximately 40% of auto parts sold are remanufactured or rebuilt items
- The use of 3D printing technology in prototyping auto parts has reduced development time by up to 65%
- The aftermarket collision repair parts segment experienced a growth of approximately 6% in 2022, due to increased vehicle accidents post-pandemic
- The use of sustainable and recycled materials in auto parts production is expected to account for 15% of all new parts by 2025
- The average cost of replacing brake pads in the US is approximately $150 per axle in 2023
- The adoption of IoT (Internet of Things) technology in auto parts tracking and inventory management grew by 22% in 2022, improving supply chain efficiency
- The global demand for auto filters (oil, air, fuel) is projected to grow at a CAGR of 4.5% during 2023–2030
- The aftermarket parts for hybrid vehicles grew by over 12% in 2022, surpassing some traditional segments
- The global anti-lock braking system (ABS) parts segment is expected to grow at a CAGR of 3.9% through 2027
- The adoption of eco-friendly auto parts has increased consumer purchasing by approximately 10% in North America in 2023
- The average lifespan of automotive catalytic converters is around 150,000 miles, influencing replacement market trends
- The maintenance and repair segment remains the largest channel for auto parts sales, accounting for approximately 55% of the market share in 2023
- Online auto parts sales are anticipated to constitute 25% of total auto parts sales by 2025, up from 15% in 2021
- The demand for lightweight auto parts made of aluminum and composites is growing at a CAGR of 5% in the global auto industry, favoring fuel efficiency
- The use of augmented reality (AR) for auto parts assembly and repair instructions is expected to increase efficiency by up to 40%
- The global auto parts market for heavy trucks is projected to grow at a CAGR of 3.4% from 2023 to 2030, driven by freight transportation needs
- The majority of auto parts manufacturers have shifted at least 30% of their supply chain operations online to improve resilience
- The global market share of aftermarket auto parts for electric vehicles is expected to reach 17% by 2027
- The demand for eco-friendly brake pads and rotors increased by 18% in 2022, due to stricter emissions regulations
- The aftermarket electronic components segment is expected to grow at a CAGR of 6% from 2023 to 2030, owing to rising vehicle electronics complexity
- The adoption rate of autonomous vehicle auto parts is expected to reach 20% of new vehicle production by 2030
- The global industry faces a shortage of skilled auto parts technicians, with an estimated gap of 200,000 professionals in 2023
- Aftermarket auto parts for hybrid and electric vehicles are expected to comprise over 30% of the total EV auto parts market by 2025
- The use of artificial intelligence (AI) in auto parts inventory management is projected to grow by 25% annually through 2030, improving accuracy and reducing waste
- Climate regulation compliance costs have increased auto parts manufacturing costs by approximately 12% since 2020, influencing pricing strategies
- The majority of vehicle manufacturers are incorporating more OE (original equipment) quality auto parts into their warranty and repair networks, aiming to reduce costs by 10%
- The vehicle electronics segment, including wiring harnesses and control modules, is growing at a CAGR of 6.8% through 2030, driven by increased vehicle complexity
- The use of biodegradable auto parts is gaining interest, with potential to reduce environmental impact by 10% by 2030
- The demand for high-performance brake systems is increasing, with the market growing at a CAGR of 5% and expected to reach $15 billion by 2027
- The use of ultra-lightweight composites in auto parts manufacturing has increased by approximately 6% per year, primarily for improving fuel efficiency
- The global market share for auto parts applicable to hybrid electric vehicles (HEVs) is projected to reach 20% by 2027, driven by rising hybrid vehicle sales
- The growth of autonomous and semi-autonomous vehicles is expected to increase demand for specialized auto parts, with a projected CAGR of 9% through 2030
Market Segments and Future Growth Interpretation
Market Size and Valuation
- The global auto parts market was valued at approximately $400 billion in 2022
- The electric vehicle (EV) auto parts aftermarket is projected to grow at a CAGR of 15% through 2030
- The global replacement automotive parts market was valued at about $270 billion in 2021
- The spare parts segment accounts for roughly 65% of the total auto parts market revenue in 2023
- The online automotive parts market grew by approximately 20% in 2022, driven by increasing e-commerce adoption
- Europe's auto parts aftermarket market is expected to reach $120 billion by 2025, with a CAGR of 3.8%
- The tire segment remains the largest product category, comprising nearly 25% of total auto parts sales globally in 2023
- The global auto parts manufacturing market employs over 4 million people worldwide
- The original equipment manufacturer (OEM) auto parts segment comprises roughly 35% of the overall market share in 2023
- The global automotive lighting market, which includes headlights and taillights, is projected to reach $35 billion by 2027
- Auto parts recycling has grown significantly, with over 15 million tons of auto scrap being processed globally annually
- The global market for auto parts sensors, including pressure and temperature sensors, is projected to reach $12 billion by 2028
- The global market for auto interior parts, including dashboards and seating, is forecasted to reach $80 billion by 2026
- The largest auto parts distribution channel is through wholesale distributors, capturing approximately 50% of sales in 2023
- The global market for auto parts suspensions is projected to reach $20 billion by 2027, with a compound annual growth rate of 4%
- The North American auto parts repair and replacement market is expected to reach $225 billion by 2028, growing at a CAGR of 3.5%
- The global market for auto glass parts, including windshields and side windows, is expected to grow at a CAGR of 4.2% from 2023 to 2028, reaching $30 billion
Market Size and Valuation Interpretation
Regional Market Shares and Contributions
- The Asia-Pacific region accounts for over 60% of the automotive aftermarket sales worldwide
- In 2022, North America held approximately 30% of the global auto parts market share
- The footprint of the EV auto parts sector is growing at a faster rate in China than in any other region, with a CAGR of 18% through 2030
- The top three auto parts manufacturing countries are China, the United States, and Germany, accounting for over 70% of global production
- Asia-Pacific auto parts exports increased by 11% in 2022, driven by China and South Korea
- Asia accounts for over 70% of global auto parts production, with China leading at nearly 50%
Regional Market Shares and Contributions Interpretation
Technological Innovations and Trends
- SSD (Solid State Drive) technology is beginning to be used in automotive electronic control units for faster data processing, benefiting auto parts manufacturing
- The demand for lightweight and durable auto parts is driving innovation in materials like carbon fiber and bioplastics, increasing the market share of such materials by 7% annually
- The automotive aftermarket digitalization trend is expected to reduce the time-to-market for new parts by an average of 25%
- The repair shops using advanced diagnostic tools report a 15% decrease in repair times and improved customer satisfaction
Technological Innovations and Trends Interpretation
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