Global Automotive Parts Market Size, Share, Growth and Trend Analysis Report, 2032

Summary
Market Landscape
Methodology
Table of Contents

Global Automotive Parts Market Size, Share & Growth and Trend Analysis Report, By Product Type (Power Adders, Engine Components, Suspension Parts, Exhaust Systems, Brakes, and Others), By Vehicle Type (Passenger Cars, Commercial Vehicles, Trucks, and SUVs), Distribution Channel (Online Platforms, Retail Stores, and Dealerships) and Regional Forecasts (Asia Pacific, Europe, North America, Latin America and Middle East & Africa), 2024 – 2032

The automotive parts market is a key part of the global automobile parts industry, supplying essential components required to build, repair, and maintain vehicles. It includes Original Equipment Manufacturer (OEM) parts, which are produced by car manufacturers, and aftermarket automotive parts, manufactured by automotive aftermarket companies. As vehicle production scales up, particularly with the surge in electric vehicles, the world automotive parts market is witnessing robust growth.

The Global Automotive Parts Market was valued at approximately USD XX billion in 2024 and is projected to reach USD XX billion by 2032, growing at an estimated Compound Annual Growth Rate (CAGR) of around 5% during the forecast period from 2025 to 2032. This expansion is fueled by innovations in both OEM and aftermarket auto parts sectors, with increasing demand across various regions.

Industry Trends

The automotive parts market is rapidly evolving, with a focus on integrating cutting-edge materials like carbon fibre, titanium, and aluminium to enhance vehicle performance. Additionally, the incorporation of smart features such as sensors and electronic control units (ECUs) is driving growth in automotive products and services. There is also a growing trend toward energy-efficient automotive aftermarket performance parts, addressing increasing consumer demand for sustainability.

Technological innovations are shaping the automotive aftermarket industry trends, particularly in the use of lightweight materials and smart vehicle systems. Automotive aftermarket accessories like customized ECUs and enhanced suspension components are gaining traction, meeting the needs of the expanding automotive aftermarket industry.

However, the market faces challenges, including the rise of counterfeit or duplicated parts, impacting sales and brand reputation. Additionally, evolving government regulations concerning emissions and safety standards force both OEM and automotive aftermarket suppliers to adapt continually. Manufacturers are also focusing on remanufactured automotive part market offerings to align with sustainability goals.

Industry Expert's Opinion:

Srinivasa Raghavan, MD of myTVS

“We are very confident that by next year we should reach 2,500 service networks… and then customers will have the digital convenience of accessing transparent pricing, parts, and quality.”

Fathi Tlatli, President, Global Auto-Mobility Sector, DHL

“We will see some consolidation in the industry, and some rationalization in product portfolios, but ultimately, the desire for mobility is a fundamental part of human nature.”

TT Consultants’ Perspective

The global automobile parts market, including both OEM and automotive aftermarket parts, is experiencing remarkable growth. Rising vehicle production, particularly in emerging economies, combined with consumer demand for automotive aftermarket products like aftermarket automotive accessories and aftermarket vehicle modifications brands, is fueling this momentum.

Innovations in electric vehicles, autonomous driving, and lightweight material usage are reshaping the industry. The demand for automotive aftermarket consumables market and aftermarket automotive parts manufacturers is also witnessing a significant rise, as consumers look for customized, high-performance solutions.

Furthermore, sustainability is pushing manufacturers to focus on eco-friendly, energy-efficient components. The increasing emphasis on industrial aftermarket services, coupled with robust trends in automotive aftermarket wear and tear components market, positions the sector for sustained expansion over the coming years.

Market Segmentation

1. By Product Type (Power Adders, Engine Components, Suspension Parts, Exhaust Systems, Brakes, and Others)

Power adders are estimated to account for XX% of the automotive parts market in 2024. These components offer a cost-effective solution to significantly boost vehicle performance, making them a preferred choice in both the OEM and aftermarket automotive parts categories.

The rising demand for aftermarket vehicle modifications brands highlights how car enthusiasts are increasingly seeking customized solutions to enhance horsepower and speed.

Suspension parts are projected to grow at a CAGR of XX% due to their role in improving ride quality and vehicle handling.

Key components like shock absorbers, coil springs, and stabilizer bars are witnessing significant traction, especially within the automotive aftermarket products segment.

The growing interest in highlight auto parts for improved driving dynamics is boosting this trend across multiple vehicle categories.

2. By Vehicle Type (Passenger Cars, Commercial Vehicles, Trucks, and SUVs)

Passenger cars hold the largest share of the automotive parts market, accounting for approximately XX% in 2024.

The surge in cars with the most aftermarket support, especially for performance and aesthetic enhancements, is fueling demand.

Customization trends, coupled with advancements in powertrains and digital control systems, have enabled a broader range of modifications in both OEM and auto aftermarket sectors.

Commercial vehicles are expected to register a steady CAGR of XX% during the forecast period. Fleet operators are increasingly investing in high-performance upgrades to improve fuel efficiency and minimize maintenance costs.

Enhanced engine components and suspension systems play a key role, contributing to the rising demand within the automotive aftermarket wear and tear components market.

3. By Distribution Channel (Online Platforms, Retail Stores, and Dealerships)

Online platforms are transforming how customers access the automotive aftermarket parts, offering convenience, competitive pricing, and a vast product range. As more consumers turn to auto parts and accessories online retailers or marketplaces, this segment is poised to grow at a strong CAGR of XX%.

Authorized dealerships, on the other hand, continue to be crucial in the distribution chain. Holding a market share of XX% in 2024, they ensure the availability of genuine components, professional installations, and warranties—critical for those seeking reliable automotive parts aftermarket solutions.

4. By Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa)

North America leads the automotive aftermarket industry, contributing USD XX bn in revenue in 2024. The region's strong culture of motorsports, coupled with a large base of car enthusiasts, drives consistent demand for aftermarket auto parts and accessories. The United States and Canada, with their established networks of automotive aftermarket suppliers, are key contributors to market growth.

Asia-Pacific is emerging as one of the fastest-growing regions, with China, India, Japan, and South Korea showing immense potential. Factors like urbanization, rising disposable incomes, and increasing vehicle ownership are accelerating demand. The region’s innovation-driven focus is further fueling growth in the remanufactured automotive part market and automotive accessories market.

Latin America, led by Brazil, Argentina, and Chile, is also witnessing a rise in demand for performance parts, influenced by growing interest in motorsports and customization. This steady expansion is creating new opportunities for aftermarket auto parts distributors and suppliers across the region.

Competitive Scenario

The global automotive parts industry is highly competitive, with key players like MagnaFlow, Borla Performance Industries, Brembo, HKS Co., Ltd., Eibach Springs, KW Automotive, Mishimoto Automotive, AEM Performance Electronics, Edelbrock LLC, APR LLC, Cobb Tuning, Akrapovic, K&N Engineering, Inc., Bilstein, and Dinan Engineering, Inc. leading the space.

Recent Developments and Strategic Activities:

In January 2025, Automotive supplier Aptiv announced plans to separate its electrical distribution systems (EDS) business into a new entity by March 31, 2026. This move aims to allow Aptiv to focus on sensor-to-cloud technology solutions, while the new company will concentrate on essential components for electric vehicles.
In January 2025, Former President Donald Trump's proposed nearly 25% tariffs on Canadian and Mexican car parts could significantly impact the U.S. automotive market. Experts predict an average increase of approximately USD 3,000 per car, as many U.S. vehicles contain foreign parts. Analysts warn this move may lead to higher prices, job losses, and increased inflation in the short term.
In December 2024, Chinese government is focusing on increasing the proportion of domestically made chips in its electric vehicles (EVs), aiming to achieve self-sufficiency in critical technologies amid ongoing U.S.-China tech rivalries and related trade sanctions.
In November 2024, Magna International entered a strategic partnership with a leading electric vehicle manufacturer to supply next-generation battery packs and lightweight vehicle components. The partnership is part of Magna's broader strategy to expand its footprint in the electric and autonomous vehicle sectors.
In October 2024, Continental AG unveiled a new suite of smart sensors and advanced driver assistance system (ADAS) components for next-gen vehicles. These innovations focus on improving vehicle safety and autonomous driving capabilities, addressing the increasing demand for smart technologies in modern automobiles.
In September 2024, Valeo launched a new line of energy-efficient lighting systems for both conventional and electric vehicles. The new systems offer enhanced performance and energy savings, contributing to the growing demand for sustainable and innovative automotive parts.