Increasing Demand for Vehicle Globally to Bolster the Market Growth

The global auto parts and accessories market is anticipated to grow at a CAGR of 12.7% during the forecast period (2023-2030). Some of the factor contributing to the market growth includes the steadily rising global economy coupled with technological advancements and government regulations. The improving global economy results in a growth of people who can afford to buy new vehicles, which in turn bolsters the production and demand for vehicle auto parts and accessories. Auto parts and accessories of vehicles is also used for repairing several units of automobiles that requires upgrading or replacement. They are also an essential supply chain management component that are pivotal in automobile engineering. Mostly bought or sold automotive parts includes vehicle batteries, cooling systems, underbody parts, engine components, filters, lighting such as headlights and taillights, and electrical components.

Browse the full report description of “Auto Parts and Accessories Market Size, Share & Trends Analysis Report by Product (Engine Parts, Electrical Parts, Drive and Transmission Steering Parts, Suspension and Braking Parts Equipment, and Others), by Vehicle Type (Passenger Vehicles, Commercial Vehicles, Light Commercial Vehicles, Sports Vehicles, and Others), by Type (Driveline and Powertrain, Interiors and Exteriors, Electronics, Seating, Lighting, and Others), and by Application (Original Equipment Manufacturer (OEM) and Aftermarket) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/auto-parts-and-accessories-market

Global sales of all vehicles, 2019-2022 (Million)

Source: International Organization of Motor Vehicle Manufacturers (OICA)

Furthermore, the buyers also have alternative for the green 'Fits' compatibility checkmark on selected parts and accessories listings to gauge whether the part fits their vehicles. Owing to which, several auto parts manufacturers are introducing various types of guaranteed fit check programmes and initiatives. For instance, in February 2023, eBay Motors launched eBay Guaranteed Fit, a program that gives users even more confidence when buying and selling on the marketplace.

Apart from this, with advancements in technology, a shift to electric and autonomous vehicles, a focus on sustainability, and the rise of e-commerce and digitalization, the industry is primed for major changes that could revolutionize about spare parts and components. Digital auto parts taps into the customer journey in a more effective way. It helps in the entire buying journey, right from the awareness stage to the buying phase. For instance, in January 2022, General Motors expanded digital commerce with launch of online sales platform for auto parts. The newly available parts catalog includes oil filters, engine and cabin air filters, batteries, brake pads, accessory belts, cooling hoses and windshield wiper blades, among others.

Market Coverage

• The market number available for – 2022-2030

• Base year- 2022

• Forecast period- 2023-2030

• Segment Covered- 

o By Product 

o By Vehicle Type

o By Type

o By Application

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- includes Bosch GmbH, DENSO Corp., Continental AG, ZF Friedrichshafen, Magna International Inc., and others.

Key questions addressed by the report

• What is the market growth rate?

• Which segment and region dominate the market in the base year?

• Which segment and region will project the fastest growth in the market?

• Who is the leader in the market?

• How are players addressing challenges to sustain growth?

• Where is the investment opportunity?

Global Auto Parts and Accessories Market Report Segment

By Product

• Engine Parts
• Electrical Parts
• Drive and Transmission Steering Parts
• Suspension and Braking Parts Equipment 
• Others (Filter)

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles
• Light Commercial Vehicles
• Sports Vehicles 
• Others (Cargo Cars)

By Type

• Driveline and Powertrain
• Interiors and Exteriors
• Electronics
• Seating
• Lighting
• Other (Chassis)

By Application

• Original Equipment Manufacturer (OEM)
• Aftermarket

Global Auto Parts and Accessories Market Report Segment by Region

North America

• United States

• Canada

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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