The Auto Parts and Accessories MarketJanuary 10, 2023
The auto parts and accessories market is a huge industry, with numerous factors contributing to its growth. In this article, we’ll take a look at the segmentation of the industry, as well as the role of manufacturers and regional markets. We’ll also discuss how the new COVID-19 standard impacts the market.
The auto parts and accessories market has seen steady growth over the past few years. It has gained considerable momentum as a result of growing disposable income, rising per capita income and improved economic conditions.
Increased consumer demand for automobiles has also stimulated industry participation. New technologies and innovations in the production of automobile parts have bolstered the market. In particular, advancements in engines are expected to reduce fuel consumption and emissions. This will create new opportunities for manufacturers of similar components in the market.
As a result, global automotive manufacturing is expected to grow at a high rate in the coming years. Demand for automotive parts is increasing, mainly due to the government’s efforts to promote fuel efficiency.
Increasing competition in the auto parts and accessories market has challenged manufacturers to adopt new strategies to stay on top of trends and developments. Manufacturers have the option to utilize new technologies, such as the Internet, to increase sales and streamline supply chains.
As the global automobile industry continues to grow, new innovations are bolstering the auto parts manufacturing industry. Automotive engine radiators, for example, are one of the latest technological advancements in the manufacturing of auto parts.
Automobile manufacturers are also increasing production output to accommodate growth. These advancements have benefited the global automotive aftermarket and are expected to drive market growth in the coming years. The automotive aftermarket includes retailing, installation and the sale of vehicle parts.
Infiniti Research has analyzed the segmentation of the Automotive Parts and Accessories Market. It offers a comprehensive analysis and reliable revenue statistics.
The Auto Parts and Accessories market is categorized into component, vehicle type, sales channel and geographic region. Each component is segmented into sub-segments. For example, the Engine Components segment is divided into pistons & rings, valves & filters, and the rest of the components.
The market is divided into three regions: Europe, Asia Pacific, and North America. Among these, North America has the highest growth rate, and will be the fastest growing region during the forecast period.
In recent years, the global auto parts and accessories market has grown significantly. In fact, it has reached an estimated value of US$ 1.7 trillion in 2020. The market is segmented by component type, vehicle type, sales channel, and regions.
North America accounts for the majority of the global market. It is home to major players such as Magna International, Delphi Automotive, Aisin Seiki, Brembo SpA, and Lear Corp.
Europe holds the second-largest share of the market, accounting for 22% of the total. The region is characterized by increasing vehicular sales in emerging economies. Moreover, technological advancements in the field of auto parts fabrication are expected to drive the market further in the coming years.
Asia Pacific, on the other hand, is estimated to be the largest global market. The increase in vehicular sales is accompanied by government support for fuel efficiency and technological advancements that reduce emissions and fuel consumption.
China is the second largest economy in the world. The country accounts for the fourth-largest automotive parts export market. Moreover, the country is well-urbanized. Hence, it is a lucrative opportunity for manufacturers.
COVID-19 impact on the market
The COVID-19 outbreak has had a profound impact on the automotive industry. It has created a fundamentally different economic situation.
The virus is affecting all aspects of the global automotive industry. However, the effects are most pronounced on the personal vehicle segment.
Automotive OEMs, suppliers and dealers all have been affected. Some have rearranged their operations, while others have halted production. In addition, travel restrictions and lockdowns have caused disruptions in the supply chain.
While the threat of contagion is a major concern, companies need to be nimble and adapt quickly. They should also develop a strategy to cope with the downturn.
Car manufacturers are faced with rapidly changing customer demands, as well as challenges regarding carbon dioxide penalties and CASE. There are also advances in engines, which may reduce emissions and engine noise.
Although the economy will likely be affected, the aftermarket sector is expected to recover faster than the new car market. This could help bolster growth.