Rockville, MD, Nov. 19, 2024 (GLOBE NEWSWIRE) -- According to a new study published by Fact.MR, a market research and competitive intelligence provider, the global auto part and accessory manufacturing market is analyzed to rise from a value of US$ 1997.45 billion in 2024 to US$ 3879.15 billion by the end of 2034.
To reflect their preferences and improve performance, more customers are equipping their automobiles with performance-enhancing accessories, custom parts, and aesthetic upgrades. This is particularly interesting to auto enthusiasts who wish to enhance their driving experiences and customize their cars. This inclination is driving up demand for aftermarket goods, including spoilers, body changes, custom wheels, interior upgrades, and more. This trend of personalizing is helping the aftermarket industry and encouraging manufacturers to continue developing new products and offering a wider range of unique items to meet consumer needs.
There is a strong demand for aftermarket parts in North America, especially for vehicle customization and performance enhancements. The growing popularity of electric vehicles (EVs) and increasing stringent emission regulations are driving up demand for specialized parts, such as EV batteries and exhaust systems. Because China and Japan produce a significant number of cars, East Asia also accounts for a sizable market share of auto parts and accessories.
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Key Market Takeaways
- The global market for auto parts and accessories is forecasted to expand at 6.9% CAGR between 2024 to 2034.
- The East Asia region is estimated to register a turnover of US$ 735.82 billion in 2024.
- North America is projected to reach a size of US$ 1085.5 billion by the end of 2034, up from US$ 579.19 billion in 2024.
- The market in the United States is forecasted to achieve a value of US$ 946.34 billion by 2034
- Demand for gear boxes, clutches, and parts is analyzed to reach US$ 1274.22 billion by 2034.
- Based on major market, the motor vehicle manufacturers segment is approximated to reach US$ 942.19 billion in 2024.
- The market in South Korea is evaluated to expand at a 7.9% CAGR through 2034.
“Key manufacturing auto part and accessory companies are focusing on expanding their product ranges to meet a wider variety of vehicle types and consumer preferences,” says a Fact.MR analyst
Leading Players Driving Innovation in the Auto Part & Accessory Manufacturing Market:
Robert Bosch GmbH; Magna International; Denso Corporation; Continental AG; ZF Friedrichshafen AG; Aisin Seiki Co.; Valeo; Faurecia; Lear Corporation; BorgWarner
High Demand for Auto Gear Boxes, Clutches & Parts
Sales of gear boxes, clutches & parts are high due to their important role in the safety and performance of vehicles. Because they are essential to the efficient transfer of power from the engine to the wheels, these components directly affect a vehicle's handling, acceleration, and overall driving experience. As consumers are becoming more demanding about the dependability and performance of their cars, they are giving priority to replacing these parts to prevent potential malfunctions that endanger public safety.
Improvements in automotive technology are making these parts more complicated and demanding in terms of performance, which is driving up demand for high-quality replacements that further contribute to increased durability and economy of vehicles.
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Auto Part & Accessory Manufacturing Industry News:
- The Goodyear Tire & Rubber Company, a global leader in tire and rubber production with headquarters located in Akron, Ohio, United States, and Assurance Intl Limited, a well-known brand in the lubricant and automotive care industry, announced in June 2024 that their successful licensing partnership would continue.
- HCI Equity Partners unveiled Driven Distribution Group, a new automotive aftermarket distribution network, in October 2023. The debut coincides with the acquisition of Chicago Parts & Sound's auto parts and accessories distribution business by Driven Distribution Group, which recapitalized Tri-State Enterprises, Inc. in November 2023. The financial terms of the sale were not disclosed.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the auto part and accessory manufacturing market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product and service (gear boxes, clutches & parts, electrical systems, steering systems & wheels, brake systems, drive axles & differentials, airbags, HVAC, interiors & seatbelts, mufflers, exhausts & radiators, bumpers & parts) and major market (motor vehicle manufacturers, exports, aftermarket), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Auto Parts Manufacturing Market: A recent analysis by Fact.MR reveals that the global auto parts manufacturing market size is poised to reach US$ 454.7 billion in 2024 and is projected to expand at a CAGR of 3.9% to end up at US$ 666.6 billion by 2034.
Automotive Trim Parts Market: Fact.MR, in its newly published study, says that the global automotive trim parts market is pegged at US$ 38,499.6 million in 2024. The global market is forecasted to increase at 4.2% CAGR and reach a market value of US$ 58,222.2 million by the end of 2034.
Automotive Part Aftermarket: Fact.MR, in its newly published study, says that the global automotive part aftermarket is pegged at US$ 608.1 million in 2024. The global aftermarket is forecasted to increase at 5.6% CAGR and reach a market value of US$ 1,048.6 million by the end of 2034.
Automotive Aluminum Extruded Parts Market: The global automotive aluminum extruded parts market is anticipated to be worth US$ 61,522.6 million in 2024. It is projected to expand at a CAGR of 6%. As of 2034, a market value of US$ 110,231.3 million is projected for this industry.
Automotive Parts Remanufacturing Market: The global automotive parts remanufacturing market size is set to reach US$ 70.12 billion in 2024. The market has been projected to advance at a CAGR of 9.3% to reach US$ 171.27 billion by 2034-end. North America and East Asia are key markets for automotive parts remanufacturing and collectively account for over 50% share of the global market.
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