Automotive Components Market
Automotive Components Market Forecasts to 2030 - Global Analysis By Product Type (Body & Chassis, Cooling System, Engine Components and Suspension & Braking), Vehicle Type (Light Commercial Vehicles, Passenger Cars, Three-Wheelers and Two-Wheelers) and By Geography
According to Stratistics MRC, the Global Automotive Components Market is accounted for $2,111.85 billion in 2024 and is expected to reach $3,259.22 billion by 2030 growing at a CAGR of 7.5% during the forecast period. Automotive components refer to the essential parts that make up a vehicle, ensuring its functionality, safety, and performance. These components encompass a wide range of parts, from the engine and transmission systems to the braking, steering, and suspension systems. Each component plays a crucial role in the overall operation and integrity of the vehicle. Automotive components are integral to the functionality, safety, and performance of vehicles. From the engine and transmission to the smallest electrical sensors, each part plays a crucial role. Engines, typically powered by gasoline or diesel, convert fuel into mechanical energy, propelling the vehicle.
Market Dynamics:
Driver:
Environmental and sustainability trends
Environmental and sustainability trends are significantly influencing the automotive components industry by driving innovation towards more eco-friendly and efficient solutions. Automakers and component manufacturers are increasingly adopting practices that reduce carbon footprints, such as using lightweight materials to improve fuel efficiency, developing electric and hybrid vehicle technologies, and implementing recycling programs for end-of-life vehicles. These trends are reshaping the design and production processes of automotive components
Restraint:
Fluctuations in raw material prices
Fluctuations in raw material prices pose significant challenges for the automotive components industry. As raw materials account for a substantial portion of production costs, sudden price increases can disrupt cost projections and profitability. This volatility affects manufacturers at various stages: from planning and procurement to pricing and inventory management. Automotive components require specific materials that may have limited suppliers, further exacerbating the impact of price fluctuations. To mitigate these risks, companies often resort to hedging strategies or long-term contracts with suppliers, but these measures are not foolproof against sharp price spikes or unexpected supply chain disruptions. Consequently, such instability can hinder investment in innovation and technology, impacting product development and quality.
Opportunity:
Advancement of self-driving technology
The advancement of self-driving technology is profoundly transforming automotive components by demanding higher levels of precision, reliability, and integration. Traditional mechanical systems are being augmented or replaced by sophisticated electronic and sensor-based systems that enable vehicles to perceive and respond to their environment autonomously. Key components such as sensors (like LiDAR, radar, and cameras), actuators, and computing units have become pivotal in enabling vehicles to navigate, make decisions, and communicate with other vehicles and infrastructure in real-time. This evolution is driving innovation across the automotive industry, fostering collaborations between traditional automakers, tech companies, and suppliers specializing in electronics and software.
Threat:
Intellectual property rights
Intellectual property rights (IPR) can pose challenges to the automotive components industry due to their potential to restrict innovation and competition. While IPR protects the creations and inventions of companies, including technologies and designs crucial for automotive components, it can also lead to barriers that stifle smaller manufacturers or startups from entering the market. For instance, patent thickets, where numerous patents cover overlapping technologies, can increase legal complexities and costs for companies seeking to develop new automotive components. However, the lengthy process of obtaining and enforcing patents can delay the introduction of new products to the market, slowing down innovation.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the automotive components sector. Initially, widespread lockdowns and supply chain disruptions disrupted production schedules across the globe, leading to shortages of essential components such as semiconductors and electronics. This not only slowed down vehicle manufacturing but also resulted in increased costs due to higher demand and limited supply. Fluctuating consumer demand and financial uncertainties forced automotive manufacturers to recalibrate their production plans and inventory management strategies.
The Cooling System segment is expected to be the largest during the forecast period
Cooling System segment is expected to be the largest during the forecast period by regulating engine temperature and ensuring optimal performance and longevity. Comprising various components such as radiators, coolant hoses, water pumps, and thermostats, this system effectively manages heat dissipation from the engine to maintain operational efficiency. Advanced materials and design innovations continuously improve these components, enhancing their durability, efficiency and environmental friendliness.
The Passenger Cars segment is expected to have the highest CAGR during the forecast period
Passenger Cars segment is expected to have the highest CAGR during the forecast period. As consumer demand for efficiency, safety, and comfort increases, manufacturers of automotive components are compelled to innovate. This segment specifically influences the development of cutting-edge technologies such as electric propulsion systems, advanced safety features like autonomous driving capabilities, and enhanced infotainment systems. Engineers and designers focus on integrating lightweight materials, efficient engines, and smart connectivity solutions tailored for passenger vehicles.
Region with largest share:
North America region commanded the largest share of the market during the extrapolated period. Upgraded infrastructure includes modernized manufacturing facilities, efficient logistics networks, and advanced research and development centers across the region. These regional developments enable quicker production cycles, enhanced quality control and the ability to adopt cutting-edge technologies such as automation and AI in manufacturing processes. Moreover, improved infrastructure supports just-in-time supply chains, reducing lead times and costs associated with transportation and inventory management throughout the region. This fosters a competitive edge in the global market by allowing North American manufacturers to respond swiftly to market demands and technological advancements.
Region with highest CAGR:
Europe region is projected to hold profitable growth over the forecast period. Through strategic alliances between manufacturers, suppliers and technology firms, there is a clear trend towards developing cutting-edge technologies such as electric and autonomous vehicles across the region. These collaborations facilitate the sharing of expertise and resources, accelerating the development and deployment of advanced automotive components throughout the region. Partnerships enable companies to access broader markets, leverage each other's distribution networks, and streamline production processes, thereby reducing costs and improving overall product quality across the region
Key players in the market
Some of the key players in Automotive Components market include Bosch Automotive Steering GmbH, Continental AG, Delphi Technologies, Denso Corporation, Infineon Technologies AG, Magna International Inc, Mahle GmbH, Robert Bosch GmbH, Sumitomo Electric Industries, Visteon Corporation and Yazaki Corporation.
Key Developments:
In February 2024, AEQUITA SE & Co. KGaA, a Munich-based industrial conglomerate, has formally agreed to purchase the Brake Components division from Robert Bosch GmbH. This acquisition encompasses Buderus Guss GmbH and Robert Bosch Lollar Guss GmbH, highlighting AEQUITA’s commitment to enhancing its automotive sector capabilities. The Brake Components business, renowned for its coated high-performance brake discs, serves prestigious international OEMs and is supported by approximately 900 employees across three German locations.
In December 2022, Sumitomo Invests MAD 2 Billion in Nine Automotive Projects in Morocco. Rabat - Japanese company Sumitomo Electric Industries has signed an agreement with Morocco’s Ministry of Industry and Trade to invest nearly MAD 2 billion ($190 million) in Morocco’s automotive ecosystem.
Product Types Covered:
• Body & Chassis
• Cooling System
• Engine Components
• Suspension & Braking
Vehicle Types Covered:
• Light Commercial Vehicles
• Passenger Cars
• Three-Wheelers
• Two-Wheelers
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Components Market, By Product Type
5.1 Introduction
5.2 Body & Chassis
5.3 Cooling System
5.4 Engine Components
5.5 Suspension & Braking
6 Global Automotive Components Market, By Vehicle Type
6.1 Introduction
6.2 Light Commercial Vehicles
6.3 Passenger Cars
6.4 Three-Wheelers
6.5 Two-Wheelers
7 Global Automotive Components Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Bosch Automotive Steering GmbH
9.2 Continental AG
9.3 Delphi Technologies
9.4 Denso Corporation
9.5 Infineon Technologies AG
9.6 Magna International Inc
9.7 Mahle GmbH
9.8 Robert Bosch GmbH
9.9 Sumitomo Electric Industries
9.10 Visteon Corporation
9.11 Yazaki Corporation
List of Tables
1 Global Automotive Components Market Outlook, By Region (2022-2030) ($MN)
2 Global Automotive Components Market Outlook, By Product Type (2022-2030) ($MN)
3 Global Automotive Components Market Outlook, By Body & Chassis (2022-2030) ($MN)
4 Global Automotive Components Market Outlook, By Cooling System (2022-2030) ($MN)
5 Global Automotive Components Market Outlook, By Engine Components (2022-2030) ($MN)
6 Global Automotive Components Market Outlook, By Suspension & Braking (2022-2030) ($MN)
7 Global Automotive Components Market Outlook, By Vehicle Type (2022-2030) ($MN)
8 Global Automotive Components Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
9 Global Automotive Components Market Outlook, By Passenger Cars (2022-2030) ($MN)
10 Global Automotive Components Market Outlook, By Three-Wheelers (2022-2030) ($MN)
11 Global Automotive Components Market Outlook, By Two-Wheelers (2022-2030) ($MN)
12 North America Automotive Components Market Outlook, By Country (2022-2030) ($MN)
13 North America Automotive Components Market Outlook, By Product Type (2022-2030) ($MN)
14 North America Automotive Components Market Outlook, By Body & Chassis (2022-2030) ($MN)
15 North America Automotive Components Market Outlook, By Cooling System (2022-2030) ($MN)
16 North America Automotive Components Market Outlook, By Engine Components (2022-2030) ($MN)
17 North America Automotive Components Market Outlook, By Suspension & Braking (2022-2030) ($MN)
18 North America Automotive Components Market Outlook, By Vehicle Type (2022-2030) ($MN)
19 North America Automotive Components Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
20 North America Automotive Components Market Outlook, By Passenger Cars (2022-2030) ($MN)
21 North America Automotive Components Market Outlook, By Three-Wheelers (2022-2030) ($MN)
22 North America Automotive Components Market Outlook, By Two-Wheelers (2022-2030) ($MN)
23 Europe Automotive Components Market Outlook, By Country (2022-2030) ($MN)
24 Europe Automotive Components Market Outlook, By Product Type (2022-2030) ($MN)
25 Europe Automotive Components Market Outlook, By Body & Chassis (2022-2030) ($MN)
26 Europe Automotive Components Market Outlook, By Cooling System (2022-2030) ($MN)
27 Europe Automotive Components Market Outlook, By Engine Components (2022-2030) ($MN)
28 Europe Automotive Components Market Outlook, By Suspension & Braking (2022-2030) ($MN)
29 Europe Automotive Components Market Outlook, By Vehicle Type (2022-2030) ($MN)
30 Europe Automotive Components Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
31 Europe Automotive Components Market Outlook, By Passenger Cars (2022-2030) ($MN)
32 Europe Automotive Components Market Outlook, By Three-Wheelers (2022-2030) ($MN)
33 Europe Automotive Components Market Outlook, By Two-Wheelers (2022-2030) ($MN)
34 Asia Pacific Automotive Components Market Outlook, By Country (2022-2030) ($MN)
35 Asia Pacific Automotive Components Market Outlook, By Product Type (2022-2030) ($MN)
36 Asia Pacific Automotive Components Market Outlook, By Body & Chassis (2022-2030) ($MN)
37 Asia Pacific Automotive Components Market Outlook, By Cooling System (2022-2030) ($MN)
38 Asia Pacific Automotive Components Market Outlook, By Engine Components (2022-2030) ($MN)
39 Asia Pacific Automotive Components Market Outlook, By Suspension & Braking (2022-2030) ($MN)
40 Asia Pacific Automotive Components Market Outlook, By Vehicle Type (2022-2030) ($MN)
41 Asia Pacific Automotive Components Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
42 Asia Pacific Automotive Components Market Outlook, By Passenger Cars (2022-2030) ($MN)
43 Asia Pacific Automotive Components Market Outlook, By Three-Wheelers (2022-2030) ($MN)
44 Asia Pacific Automotive Components Market Outlook, By Two-Wheelers (2022-2030) ($MN)
45 South America Automotive Components Market Outlook, By Country (2022-2030) ($MN)
46 South America Automotive Components Market Outlook, By Product Type (2022-2030) ($MN)
47 South America Automotive Components Market Outlook, By Body & Chassis (2022-2030) ($MN)
48 South America Automotive Components Market Outlook, By Cooling System (2022-2030) ($MN)
49 South America Automotive Components Market Outlook, By Engine Components (2022-2030) ($MN)
50 South America Automotive Components Market Outlook, By Suspension & Braking (2022-2030) ($MN)
51 South America Automotive Components Market Outlook, By Vehicle Type (2022-2030) ($MN)
52 South America Automotive Components Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
53 South America Automotive Components Market Outlook, By Passenger Cars (2022-2030) ($MN)
54 South America Automotive Components Market Outlook, By Three-Wheelers (2022-2030) ($MN)
55 South America Automotive Components Market Outlook, By Two-Wheelers (2022-2030) ($MN)
56 Middle East & Africa Automotive Components Market Outlook, By Country (2022-2030) ($MN)
57 Middle East & Africa Automotive Components Market Outlook, By Product Type (2022-2030) ($MN)
58 Middle East & Africa Automotive Components Market Outlook, By Body & Chassis (2022-2030) ($MN)
59 Middle East & Africa Automotive Components Market Outlook, By Cooling System (2022-2030) ($MN)
60 Middle East & Africa Automotive Components Market Outlook, By Engine Components (2022-2030) ($MN)
61 Middle East & Africa Automotive Components Market Outlook, By Suspension & Braking (2022-2030) ($MN)
62 Middle East & Africa Automotive Components Market Outlook, By Vehicle Type (2022-2030) ($MN)
63 Middle East & Africa Automotive Components Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
64 Middle East & Africa Automotive Components Market Outlook, By Passenger Cars (2022-2030) ($MN)
65 Middle East & Africa Automotive Components Market Outlook, By Three-Wheelers (2022-2030) ($MN)
66 Middle East & Africa Automotive Components Market Outlook, By Two-Wheelers (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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