Fort Collins, Colorado, May 01, 2024 (GLOBE NEWSWIRE) --
The rise in aging vehicles is a significant driver to the industry's growth.
The rising number of aging vehicles worldwide is a key driver, increasing the demand for auto parts and propelling market growth. According to the Bureau of Transportation Statistics, as of 2022, the average age of passenger cars in the U.S. exceeds 12 years, while that of light trucks surpasses 11 years. With such a large population of older vehicles, the need for repair and maintenance has surged, as aging vehicles require more frequent servicing and replacement parts. This heightened demand encompasses a variety of auto parts, including filters, spark plugs, brake pads, and alternators, among others.
Additionally, the upsurge in automotive sales, attributed to improved supply, heightened demand for personal transportation, and increased savings, further augments market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), passenger car sales increased by approximately 1.9% in 2022 compared to the previous year. Moreover, with various government initiatives aimed at promoting the adoption of electric vehicles (EVs), the sales of EVs are expected to experience exponential growth. This anticipated surge in EV sales will consequently drive demand for OEM auto parts such as batteries, motors, and lighting components, thereby bolstering market expansion.
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Segmentation Overview:
The auto parts manufacturing market has been segmented into component type, vehicle type, sales channel, and region.
Passenger cars hold the largest share
- The auto parts manufacturing market has been segmented by vehicle type into passenger cars, LCVs, HCVs, and others. The passenger cars segment held the largest share in 2022. This can be attributed to the growing demand for personal transportation and the growing integration of advanced features such as ADAS, blind spot detection, and traction control, among others, in passenger cars.
OEM is the largest sales channel category
- Based on the sales channel, the auto parts manufacturing market has been segmented into OEM and aftermarket. OEM accounted for the greater market share owing to the availability of standard and precise parts that harmonize with the vehicle. Automotive manufacturers have long-term contracts, high-volume orders, and quality requirements that can be fulfilled by OEM channels.
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Auto Parts Manufacturing Market Report Highlights:
- The auto parts manufacturing market growth is anticipated at a CAGR of 0.5% by 2032.
- The rising number of old vehicles globally is a major factor in increasing the demand for auto parts and propelling market growth.
- Asia Pacific is the leading market for auto parts manufacturing and is projected to attain a significant position in the forthcoming years.
- Some prominent players in the auto parts manufacturing market report include Aisin Corporation, Akebono Brake Industry Co. Ltd., Brembo S.p.A., Continental AG, DENSO Corporation, Faurecia SE, General Motors Company, Magna International Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH and Schaeffler AG and Valeo.
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