Auto Parts Market is predicted to reach USD 1119.2 billion at a CAGR of 6.00% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Auto Parts Market”.

The Auto Parts Market is estimated to register a CAGR of 6.00% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Auto Parts Market— 3M Co., AISIN CORP., Akebono Brake Industry Co. Ltd., Autoliv Inc., BorgWarner Inc., Brembo Spa, General Motors Co., HELLA GmbH and Co. KGaA, Hyundai Motor Co., Lear Corp., Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Schaeffler AG, Stellantis NV, Tenneco Inc., The Goodyear Tire and Rubber Co., Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG.

Auto Parts Highlights

The global Auto Parts Market is accounted to register a CAGR of 6.00% during the forecast period and is estimated to reach USD 1119.2 billion by 2032.

The ready availability of raw materials and the increasing rates of scrapping for motor vehicles and engines are foreseen to provide a supportive foundation for the growth of the auto parts market.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Auto Parts Market Research Report Analysis

Segment Analysis

The global Auto Parts Market has been segmented based on the End-User, and Distribution Channel.

Based on the End-User, the market is segmented into OEM and aftermarket. The OEM segment was attributed to holding the largest market share in 2022.  The expansion of the global automotive industry correlates with a heightened demand for original equipment essential for manufacturing new vehicles. Original Equipment Manufacturers (OEMs) play a pivotal role in providing the requisite components for the assembly of cars, trucks, and other automotive vehicles. Notably, the automotive sector is witnessing substantial technological advancements, encompassing the integration of sophisticated electronics, connectivity features, and safety systems. In this landscape, OEMs take a leading role in the development and supply of these advanced components, actively contributing to the growth and innovation within the OEM segment.

Based on the Distribution Channel, the Auto Parts Market has been segmented into offline and online. The offline segment was expected to hold the largest market share in 2022. Traditional offline channels derive strength from their longstanding and well-established distribution networks, comprising physical stores, dealerships, and auto parts retailers strategically positioned across diverse regions. Within the automotive industry, a substantial number of customers maintain a preference for in-person experiences when procuring auto parts. The capability to physically examine and ensure the compatibility of parts before completing a purchase instills a heightened sense of trust and confidence among the buyer base.

Regional Analysis

The global Auto Parts Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Auto Parts Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Auto Parts Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Auto Parts Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Auto Parts Market was maintained by the North American regional sector. North America features a robust and extensively developed automotive industry, characterized by major manufacturers, assembly plants, and a substantial consumer market. In 2020, U.S. light vehicle sales reached 14.5 million units, solidifying the United States as the world's second-largest market for both vehicle sales and production. According to Autos Drive America, international automakers manufactured 5 million vehicles within the United States in 2020. The dynamic landscape of automotive manufacturing in the region significantly impacts the demand for auto parts.

Moreover, the Europe market has been persistently growing over the forecast period. Europe stands as a pivotal hub for automotive manufacturing, hosting a cluster of well-established automakers and assembly plants. Notably, major car producers across the European Union demonstrated positive growth, except Slovakia experiencing a marginal decline of 1.3%. Germany emerged as the frontrunner in production, manufacturing 3.3 million cars—a substantial improvement of 13.2% compared to the previous year. Following closely, Spain produced 1.7 million vehicles, reflecting a notable increase of 6.5%. Despite France's commendable year-on-year growth of 10.3%, it concluded the year in fifth place, with production volumes still below the million-unit threshold. Renowned brands such as Volkswagen, BMW, Mercedes-Benz, and others contribute to the region's consistent demand for auto parts to sustain robust production activities.

Dynamic economies in the Asia-Pacific region, particularly China and India, are experiencing notable upswings in automotive sales. In 2022, China emerged as the leading market in the region, with over 23 million passenger cars sold, underscoring its position as a significant player. Following closely, India secured the second-largest market share, with nearly 3.8 million unit sales in the same year. This growth is attributed to the expanding middle-class population and heightened disposable income, fostering increased vehicle ownership and, consequently, generating a sizable market demand for auto parts.

Furthermore, the rest of the world's Auto Parts Market is divided into the Middle East, Africa, and Latin America. Cultural and lifestyle shifts, marked by a growing inclination toward personal mobility and increased car ownership, are evident in these regions. This evolving consumer behavior sustains a consistent demand for auto parts to address the ongoing requirements for vehicle maintenance and customization.

Key Findings of the Study

• The global Auto Parts Market is expected to reach USD 1119.2 billion by 2032, at a CAGR of 6.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because Governments in the region are implementing various initiatives and incentives to promote the automotive industry. This includes policies encouraging the production and adoption of electric vehicles, which, in turn, drive the demand for specific auto parts.


• Based on End-User, the OEM segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.


• 3M Co., AISIN CORP., Akebono Brake Industry Co. Ltd., Autoliv Inc., BorgWarner Inc., Brembo Spa, General Motors Co., HELLA GmbH and Co. KGaA, Hyundai Motor Co., Lear Corp., Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Schaeffler AG, Stellantis NV, Tenneco Inc., The Goodyear Tire and Rubber Co., Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG