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New York, US, May 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Auto Parts Market Information by Application, and Region - Forecast till 2032", The auto parts market would be worth $755 billion by 2026 and between 2023 and 2032, it can attain a growth rate of 7.5%.
Auto Parts Market Overview
Over the past century, the auto parts industry has grown from small hardware stores that provided fasteners to innovators like Karl Benz, Armand Peugeot, and Henry Ford to a global auto parts market that offers everything from screws and brake pads to complete vehicle systems and, in some cases, entire cars.
There are dozens, if not tens of thousands, of individual businesses that provide everything from simple hardware to complex systems to the worldwide automotive sector. Based on global original equipment sales, more than 100 of these companies have annual sales of $1 billion or more.
Market Competitive Landscape:
The important companies active in the auto parts market include
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The development of the sector is anticipated to be fueled by the proliferation of technologies and rising R&D expenditures by manufacturers and associations. The market is dominated by a large number of local and regional rivals that face pressure to present cutting-edge products that assist customers in addressing evolving business practices, security requirements, and technological advancements. The leading players are in a favorable yet vulnerable position in terms of gaining or losing market share. The major firms are pursuing a merger and acquisitions strategy with the goal of expanding their presence around the world.
Auto Parts Market Segmentation
By Type
The worldwide auto parts market is divided by type into braking and clutch systems, tyres, automotive lights, and engine components. The highest share of the market was occupied by engine parts among these. This is explained by the rising demand for automobile engines, the expansion of the performance and replaceable parts market, and the growing trend of engine downsizing.
Due to the rising demand for high-performance tyres with cutting-edge designs, tyres are predicted to expand at the highest rate over the projection period.
Report Scope:
Report Metrics Details Market Size 2032 2026: USD 755 billion
Browse In-depth Market Research Report (118 Pages) on Auto Parts Market:
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Auto Parts Market USP Covered:
Market Drivers:
The keen interest of car owners in improving their vehicle's performance in terms of exhaust sound, speed, and aesthetic characteristics, among many other elements, is a primary driver of the market. The functioning of automotive components has built-up standards, and the environmental effects of those requirements are monitored by regional regulatory agencies like the Japanese Automobile Sports Muffler Association (JASMA) and the United States Environmental Protection Agency.
The transportation sector is finding new opportunities as a result of the world's increasing globalization, particularly as it transitions to vehicles like electric, electronic, and hybrid vehicles that are seen as more reliable, safe, and efficient ways of transportation. This will open up more verticals and opportunities for producers of automotive components during the coming ten years. Governments everywhere have already provided a variety of production incentives to aid them in adjusting to the sector's evolving dynamics. Infrastructure for electric cars is receiving significant funding from many nations. The auto parts sector will benefit from this.
Market Restraints:
Over the course of the forecast period, issues related to high R&D costs are anticipated to impede auto parts market growth. The manufacturing procedures used by automakers are subject to various limitations. One of these restrictions is the cost of production. However, some aftermarket filters and other automotive replacement parts give customers the option to select a component that is appropriate for their vehicle's operating environment.
COVID 19 Analysis
One of the most often reported aspects of the COVID-19 (coronavirus) epidemic is panic buying. Due to a global phenomenon, health systems are threatened in their ability to prevent and cure the coronavirus due to a lack of hand sanitizers, masks, and painkillers. Chloroquine and hydroxychloroquine, which are essential medications for autoimmune disorders like lupus but remain unproven for COVID-19, may run out if prospective remedies are overbought in a panic.
As a result of supply chain disruptions, governments around the world are stockpiling and limiting additional medications while attempting to get masks, protective gear, and ventilators. Demand is outpacing supply, shortages of basic materials are raising prices, and political pressure is greater than ever.
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However, our analysts are constantly keeping an eye on the global situation, and are confident that, in the wake of the COVID-19 conundrum, the market will offer producers lucrative opportunities.
Auto Parts Market Regional Insights
The biggest market for mercury is in the Asia Pacific. In recent years, India's economy has experienced the world's fastest growth. The automobile business has grown quickly as a result of rising incomes, more infrastructure spending, and higher manufacturing incentives.
A significant increase in original equipment and vehicle component manufacturers was partly a result of the high demand for automobiles. India gained expertise in vehicles and auto parts as a result, which helped increase demand for Indian autos and auto parts abroad. As a result, the country's car components business is significantly impacted by the Indian automobile industry.
Numerous Indian and foreign players have entered the APAC industry as a result of the striking increase in demand for Indian auto components. The structured and unorganized sectors of the auto parts market are roughly categorized. The structured sector contains high-value precision instruments while serving OEMs, while the unorganized sector mostly caters to the aftermarket and consists of low-value products.
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The COVID-19 pandemic has changed the future of the automotive industry. We show the current situation and the future of the automotive industry, in just seven charts.
We’ll start by showing you the current impact of the pandemic on the auto industry. Then, at the bottom of this article, we explain how current trends are shaping the automobile industry future.
The future of the auto parts industry: Parts revenue is growing
Chart 1: Automobile parts revenue reached an all-time high in the summer of 2020. When it comes to parts, the automotive industry is traditionally recession-resistant. We see that continuing during the coronavirus pandemic. Personal consumption of automotive parts in August 2020 reached $50.303 billion, an all-time record (see our chart at right).
Update July 2022: Even with inflation factored in, parts revenue continues to grow in 2022. It is forecasted to grow approximately 2% per year for the next decade or so.
“Personal consumption” is the first of several important United States automotive industry statistics in this article. It includes retail revenue only, no B2B revenue. It also includes revenue through top automotive aftermarket retailers as well through as eCommerce. Personal consumption counts all specialty automotive products, performance automotive parts, and automotive accessories. It also includes OEM replacement automotive parts.
We anticipate personal consumption of automotive parts will return to the recent growth trajectory in 2023.
More personal income spent on automotive parts
Chart 2: During the COVID-19 pandemic, consumers are spending more personal income on automotive parts and accessories (see our chart at left). Consumers are also spending more of their discretionary income on automotive parts, the shape of the charts are nearly identical.
Update July 2022: Inflation and high gas prices are affecting household decisions on what to spend money on in 2022. The amount of personal income spent on auto parts in the future of the auto parts industry remains unclear.
There has been a slight downward trend in the percentage of personal income spent on automotive parts since 2013, when it peaked at 0.309%. In August 2020, consumers spent 0.291%, marking a return to 2016-2017 levels.
What this means for the future of the automotive industry: Consumers are willing to spend more of their income on automotive parts than in recent years. We anticipate consumer spending as a percentage of personal income will return to the 0.270%-0.280% range by 2023.
Consumers are buying more automotive parts in brick and mortar stores
Chart 3: Consumer spending in automotive aftermarket retailers returned to 2018-2019 levels. Automotive parts consumers had not been spending much of their personal income in automotive parts stores (NAICS 4413) until the summer of 2020.
Update July 2022: Consumers have returned to retail stores in 2022 and auto parts revenue is growing.
Following the Great Recession of December 2007 through June 2009, consumers spent a higher percentage of personal income in 2010 and 2011, with a peak in August 2011 of 0.058% (see chart at right). Then there was a long slow decline 2012-2018 (red arrow). This reflects, in part, the growing impact of eCommerce on brick and mortar retail.
In 2019, auto parts store revenue as a percentage of personal income leveled off to match 2018 (short red arrow). In April 2020 it dropped significantly. This summer it returned to 2018-2019 levels when consumers cautiously returned to retail shopping. June and July were about 0.046% of personal income.
In the future of the automotive industry, we anticipate the percentage of personal income will be in the 0.040%-0.041% range in 2023.
Consumers are spending more on automotive parts at the household level
Chart 4: Personal consumption of automotive parts & accessories at the household level is at an all-time high (see our chart at left). Households have increased their monthly spending on automotive parts since the Great Recession (red arrows). This is a great trend for automobile industry future revenue.
Update July 2022: Inflation and high gas prices are affecting household decisions on what to spend money on in 2022. As with personal income above, the amount of money a household spends on auto parts in the future of the auto parts industry remains unclear.
Personal consumption of automotive parts peaked before the Great Recession at $312 in October 2007. It then dropped to the $260 range and grew to $375 at the end of 2019. This is one of the more telling United States automotive industry statistics.
April 2020 had a drop to 2011 levels. In June, July and August 2020 the average US household spent about $400 on automotive parts & accessories. That’s an all-time high (US Bureau of Economic Analysis, US Census Bureau, dollars are not seasonally adjusted, chained 2012 dollars).
We project household spending and personal consumption of automotive parts will return to the recent trajectory in 2012 or 2013.
Why this is shaping the future of the automotive industry: sales of new trucks
Chart 5: New car and light truck revenue is up after a big dip (see chart at right). New car and light truck unit sales are reported in the press all the time. For now, let’s instead look at revenue. It’s what consumers actually spend on new vehicles and what dealerships take to the bank.
Update July 2022: Light trucks (including SUVs and CUVs) continue to outsell automobiles by about a 2:1 ratio.
Even with the economy suffering in the pandemic, consumers are still buying light trucks and SUVs. In fact, consumers set an all-time record in August 2020.
Here’s one of the biggest United States automotive industry statistics you may not know. For every $1 in revenue generated from new cars, there is $5 in revenue generated from new light trucks and SUVs.
This shapes the future of the auto industry because new trucks drive more accessory sales than new cars.
We project sales of new light trucks and SUVs to remain strong unless affected by a sudden spike in oil and gas prices.
Sales of used vehicles also shapes the future of the auto parts industry
Chart 6: Consumers are buying a lot of used light trucks and SUVs, as well as cars (see chart at left). This chart, like our chart for new vehicles above, shows actual revenue.
Update July 2022: Used light trucks (including SUVs and CUVs) continue to outsell used automobiles.
Again, light trucks and SUVs are producing a lot of revenue for new and used automobile dealers.
For every $1 in revenue generated from used cars, there is $2.70 in revenue from used light trucks and SUVs. This is important for the future of the industry. Not only do sales of used cars and trucks generates accessory sales, but obviously used vehicles need parts in general. They need OEM replacement parts, maintenance parts, service repair parts, and parts to improve appearance.
New vehicles still produce more revenue than used vehicles. For every $1 in used vehicle sales in the United States, $1.59 comes from new vehicle sales.
Consumers haven’t yet fully returned to public transportation and ride sharing
Chart 7: Consumers aren’t back to normal spending levels using public transportation, or ride sharing like Uber or Lyft (see our chart at right). Revenue from public transportation, including the airline industry and intracity mass transit, is still down during the pandemic. Revenue from ride sharing like Uber and Lyft is also still down.
Update July 2022: Americans have returned to flying and the 2022 July Fourth holiday weekend saw the highest number of travelers since before the pandemic.
Obviously, this has a lot to do with people working from home. Unfortunately, it also has a lot to do with people who are unemployed.
But this also shows more reliance on personal vehicles for transportation and vacations.
Air transportation revenue is down to March 2011 levels. Revenue from taxis and ride sharing is down to August 2013 levels. Intracity mass transit revenue including buses, subways and trains is down to pre-2000 levels.
Conclusion: United States automotive industry statistics and automobile industry future
We’ve seen that economic trends during this pandemic can shift quickly. We live in uncertain times right now. We just had a national election and there’s a presidential inauguration next month. The an additional economic stimulus package looks like it will pass through Congress. We can’t reliably predict with certainty what 2021 will bring. At least for now the automotive industry looks strong.
Commonly asked questions on the automotive industry
Q: What will be the future of the auto parts industry?
A: Many trends affect the future of the automotive industry, including electronics, internet connectivity, consumer spending on new and used cars, and the COVID-19 pandemic.
Q: How does the economy affect the automotive industry?
A: Automotive manufacturing puts nearly $1 trillion into the US economy every year, from new and used vehicle revenue and from repair service and maintenance. The automotive industry historically contributes between 3% to 3.5% to Gross Domestic Product (GDP) in the US.
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