Motor Vehicle Parts Global Market Report 2024

The motor vehicle parts market size has grown strongly in recent years. It will grow from $2771.76 billion in 2023 to $2985.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period can be attributed to the rising demand for motor vehicles and rapid urbanization.

The motor vehicle parts market size is expected to see strong growth in the next few years. It will grow to $3933.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to rapid technological advancements, favorable government initiatives, a focus on car accessories, and an emphasis on electric vehicles (EVs). Major trends in the forecast period include the adoption of artificial intelligence in products for versatility and a wide array of features, the adoption of 3D printing to manufacture light, customizable, and inexpensive components, a focus on strategic alliances for the expansion of distribution, and the adoption of recent technological advancements in the sector.

The surge in demand for electric vehicles is rapidly transforming the automotive value chain, introducing disruptions. Electric vehicle engines are inherently less complex than their gasoline counterparts, leading to a reduced need for replacement parts throughout the vehicle's lifespan. Additionally, the electrification of cars necessitates adaptations and redesigns of components such as air-conditioning units, water pumps, brakes, and steering systems to meet electric vehicle requirements. With electric vehicles featuring one-third of the components found in internal combustion engine (ICE) cars, the streamlined manufacturing process requires less collaboration between automakers and parts suppliers. This reduction in vehicle-to-component calibration grants greater autonomy to parts suppliers in developing products. An EY report highlights the potential impact of electric vehicle adoption in India, indicating a substantial decrease in spare part sales for EVs compared to vehicles with internal combustion engines due to the significantly lower number of moving parts in electric vehicles.

The flourishing sales of automobiles are poised to drive the growth of the motor vehicle parts market in the coming years. Automobile sales encompass both new and secondhand vehicles retailed through authorized dealer contracts with automakers or their sales divisions. The demand for motor vehicle parts correlates with the increased production and sale of vehicles. For example, in April 2023, the Federal Chamber of Automotive Industries in Australia reported the sale of 82,137 automobiles, representing a 1.3% increase over the same period in 2022. This underscores the pivotal role of booming automobile sales in propelling the motor vehicle parts market.

The COVID-19 pandemic acted as a substantial restraint on the motor vehicle parts manufacturing market in 2020. Disruptions in supply chains due to trade restrictions and decreased consumption during global lockdowns posed challenges for manufacturers. The pandemic significantly impacted transportation manufacturers that heavily rely on the global supply of parts and components. Governments' restrictions on the movement of goods resulted in production halts due to part shortages, and reduced consumer demand led to a decline in new automobile sales. While the recovery is expected, the pandemic-induced shock is considered a 'black swan' event, not indicative of ongoing or fundamental weaknesses in the market.

Major companies in the motor vehicle parts market are prioritizing collaborations and partnerships to enhance their capabilities, as exemplified by ABB Ltd.'s partnership with HASCO Group. This collaboration signifies a significant step forward for China's smart manufacturing industry, accelerating the adoption of modern manufacturing technology in the automotive sector and beyond. ABB Ltd., a Switzerland-based company specializing in automation and electrification solutions, initiated a joint venture with HASCO Group in April 2022 to advance intelligent manufacturing within the Chinese automotive sector. HASCO Group, based in China, is a manufacturer of automotive components.

Major companies operating in the motor vehicle parts market report are Robert Bosch GmbH, Denso Corp, General Motors Co., Aisin Seiki Co Ltd., Hyundai Mobis, Shanghai Automotive Industry Corporation (SAIC), FCA, Jini Auto Spare Parts Company LLC, MRF, Tenneco, MAHLE GmbH, Ford Motor Company, TVS, Bombardier Inc., Benteler South Africa, Mercedes-Benz Manufacturing Hungary, GM, Dongfeng Motor Co. Ltd., Tianjin Automotive Industry Corporation (TAIC), Caterpillar Brazil, Alliance Automotive Group (AAG), Guangzhou Automotive Industry Corporation (GAIC), Volkswagen, Martinrea International Inc., Continental AG, GEDIA Michigan, Magna International Inc., Navik Co., Ltd., Nissan, Marelli Automotive Systems UK, China FAW Group Corporation, Solaris Bus Coach, Fiat Automóveis, Lear Corporation, Motor Company, Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), Valeo SA, Borg Automotive, Bharat Forge, Mitsubishi Motor Corporation, Goodway Plastic Products, Effa Brazil, Toyota Motor Corp, Chamonix, American Axle and Manufacturing Holdings, Honda Motor Co., Ltd., Weichai Holding Group Co. Ltd., Mazda, Csepel Holding, Geely Automobile Holdings Limited, Magyar Suzuki, NIO Inc., NTN Corp., Marelli Holdings Co., Ltd., Comil, Auto Mark, Fiat Chrysler Automobiles NV, Sumitomo, Mando, Carformer Ltd., Linamar Corporation, SAIC Motor Co Ltd., XPeng Inc., Audi Hungaria Zrt, Renault, Xincheng Vehicle Parts Manufacturing Factor, Jaguar Land Rover, Grunwald LLC, Euro Car Parts, Dimako Ltd., Denso, Brenderup Group, Agrale, Inter Cars, Raval, Babatin Auto Parts CO., Al-Hammadi Spare and Parts Company, Beijing Automotive Industry Company (BAIC), ACME Salvage, BMW Brazil, Inter Groclin Auto, PartsPoint Group.

Asia-Pacific was the largest region in the motor vehicle parts market in 2023. Western Europe was the second largest market in motor vehicle parts market. The regions covered in the motor vehicle parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the motor vehicle parts market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The motor vehicle part market consists of sales of motor vehicle seating, motor vehicle metal stampings, motor vehicle gasoline engines and engine parts, and interior trim. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The main types of motor vehicle parts include motor vehicle bodies, stamped metal & other parts, motor vehicle engines, powertrain and parts, motor vehicle electrical and electronic equipment, steering suspension, and interiors. The motor vehicle body refers to the parts of the motor vehicle that contribute to the specific functions they perform. Various applications include passenger vehicles and commercial vehicles, and these parts are used in both the original equipment manufacturer (OEM) and aftermarket sectors.

The motor vehicle parts market research report is one of a series of new reports that provides motor vehicle parts market statistics, including motor vehicle parts industry global market size, regional shares, competitors with a motor vehicle parts market share, detailed motor vehicle parts market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle parts industry. This motor vehicle parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.