The global auto parts market is anticipated to grow at a significant CAGR of 2.8% during the forecast period (2022-2028). The global auto parts market is growing due to the rising demand for vehicle production. The increasing demand for better and more efficient vehicles is also boosting the growth of the market. The growing consumer awareness about the repairing and servicing of the vehicle to work more efficiently is also expected to boost the market growth. The rising trend of long-distance road trips which required regular maintenance and service with add-on accessories for efficiency is further boosting the growth of the auto parts market during the forecast period.
The Asia-Pacific region is anticipated to hold the major share in the global auto parts market. The Asia-Pacific region is the largest producer of automotive vehicles globally. Emerging economies, such as India and China are the major contributing nations to the regional market as it has huge potential for the automotive industry to grow.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In January 2022, ABB announced their collaboration with HASCO to drive smart manufacturing in China’s auto industry.
- In October 2021, Brembo S.p.A. announced the launch of a revolutionary electronic braking system called Sensify, which could be the most significant advancement for braking technology to provide individual brake pressure per wheel, rather than per axle.
- In July 2021, Motherson announced their signing of a Memorandum of Understanding with Marelli Automotive Lighting to explore a new technological partnership focused on smart illuminated exterior body parts.
- In August 2019, Meritor, Inc. announced the opening of a new $36.5 million axle assembly facility at Automotive Axles, its joint venture with the Kalyani group, along with a research and development center in Mysore, India.
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Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Marelli Holdings Co., Ltd., Brembo S.p.A., HELLA GmbH & Co. KGaA, Faurecia, and Magna International Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Auto Parts Market is available at: https://orionmarketreports.com/global-auto-parts-market/109814/
Global Auto Parts Market Report by Segment
By Type
- Battery
- Cooling System
- Underbody Component
- Automotive Filter
- Engine Components
- Lighting Component
- Others
By Application
- OEM
- Aftermarket
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