About Auto Parts and Accessories
Auto parts including internal and external consists of wheel, tires, lighting, electronic parts, body and chassis. Whereas the most important parts include engine, gearbox parts, drive axle, steering and suspension, and brakes. These are manufactured with precision and advanced technological methods. This industry of auto parts and accessories provides services for repair and maintenance of the vehicle. Moreover, the technological advancements in automobile industry is increasing the demand in advanced features which is fueling the market growth. According to Automotive Aftermarket, in United States, Aftermarket industry in 2018 was valued at USD 296 billion and projected to reach USD 433 billion by 2021. This includes individual businesses including manufacturers, repair shops, distributors, marketers and retailers. Also, According to IBEF, the auto component industry in India has grown by 10.6% to reach at USD 56.2 billion in 2019.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global Auto Parts and Accessories market is witnessing rise in competitiveness among the players. In terms of market share, the major players are currently dominating. However, some of the companies are increasing the market presence by securing new contracts and tapping new markets. The manufacturers are try to achieve competitive advantage by lowering the manufacturing costs and adopting cost effective techniques. Analyst at AMA Research estimates that Germany Vendors will contribute the maximum growth to Global Auto Parts and Accessories market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Robert Bosch Gmbh (Germany), Denso (Japan), Valeo (France), Continental (Germany), Aptiv (Ireland), ZF Friedrichshafen (Germany), Magna International (Canada), Faurecia S.A. (France), Magneti Marelli (Italy) and Aisin Seiki (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Brembo (Italy), Akebono Brake Industry (Japan), Hella Kgaa Hueck (Germany) and Acdelco (United States).
Segmentation Overview
AMA Research has segmented the market of Global Auto Parts and Accessories market by Type (Tire, Battery, Brake Parts, Filters, Body parts, Lighting & Electronic Components, Wheels, Exhaust components, Turbochargers and Others), Application (Heavy Transport Vehicle, Light Transport vehicle and Light Motor Vehicle) and Region.
On the basis of geography, the market of Auto Parts and Accessories has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Transmission, the sub-segment i.e. Semi Automatic will boost the Auto Parts and Accessories market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. OEMs will boost the Auto Parts and Accessories market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Certification , the sub-segment i.e. Genuine Parts will boost the Auto Parts and Accessories market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Use of Recycled Parts to Prevent the Use of Raw Materials and Advancements in the Manufacturing Processes
Market Growth Drivers:
Growing working population coupled with expanding middle class and Increasing usage of Additional Features like Bluetooth and Touch Screens and safety features
Challenges:
Lack of availability of Skilled Labors is affecting the market growth. COVID 19 outbreak has affected the automotive sector as 78% of the companies are not having enough staff to run the production line. Also, 80% of the world auto supply chain is connected to China. Therefore, According to China Passenger Car Association, the sales in first two months have declined by 40% as compared to same period in 2019 which is having negative impact on the industry.
Restraints:
Limited Availability of Resources Such As Metal and Others, Issues Related to High Fuel and Labor Costs and Government Regulations related to environment protection
Opportunities:
Inappropriate Road Conditions Leading To Replacements of Parts and Increasing number of automobile manufacturers
Market Leaders and their expansionary development strategies
October 2018, Walmart Inc.and Advance Auto Parts Inc. Have Formed a Strategic Partnership to Create a Car Parts Store on Walmart.Com, Beginning in 2019.
In July 2019, Continental and Knorr-Bremse are Taking a Further Step in their Development Partnership Towards Highly Automated Commercial Vehicle Driving. and In July 2019, ZF Aftermarket Offers a Comprehensive Range Of OE Quality Steering And Chassis Components Under Its Lemforder Brand.
Key Target Audience
Manufacturers, Raw material suppliers, Automobile Enterprises, Research Institutes, Suppliers and Distributors and Government Associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.