The Auto Parts and Accessories Market is to Touch $110.2 Billion by 2030; This growth is fueled by the increasing demand for vehicle maintenance and repair services, the rising popularity of electric and hybrid vehicles, and advancements in automotiv

The Auto Parts and Accessories Market size is estimated to reach $110.2 billion by 2030, growing at a CAGR of 3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Auto Parts and Accessories Market – By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles and Sports Vehicles), By Product Type (Engine Parts (Carburettor, Catalytic Converter, Exhaust System, Fuel Injection System, Ignition System and others); Electrical Parts (Alternators, Ignition Switches,  Battery, Starter, Spark & Glow Plugs, and others); Drive and Transmission Steering parts (Drive Train, Driveshaft, Automatic Transmission, Chassis, Clutch, Differential Gears, Gearset and others); Suspension and Braking Parts (Anti-Lock Braking System, Active Suspension, Alloy Wheels, Brake Callipers, Disc brakes, Drum brakes, others); Others (Lighting Component, Electronic Control Unit, Sensors, Displays, Others), By Mode of Sale (Online, Offline), By Sales Channel (OEMs, Aftermarket, Repair/Service Center, Auto Dealership, Retail Store), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

The growing emphasis on vehicle safety and efficiency, coupled with rising consumer interest in vehicle customization, are the main drivers of market expansion. These factors are fueling the growth of the Auto Parts and Accessories industry during the forecast period.

Europe accounted for the largest share of 42% of the Auto Parts and Accessories Market in 2023, followed by North America and Latin America. The European market's dominance is driven by a robust automotive industry, strong manufacturing capabilities, and a high demand for advanced auto parts and accessories. Additionally, the region's commitment to innovation and sustainability has led to significant investments in electric vehicles (EVs) and related components.

The Auto Parts and Accessories market is seeing a rise in the use of advanced materials such as high-performance polymers and composites. These materials are specially designed to improve the durability, safety, and performance of auto parts. Innovations in these materials offer enhanced resistance to wear and corrosion, which is crucial for components exposed to harsh conditions. The development of these advanced materials is expanding their applications across various auto parts, from engine components to exterior fittings, and presents significant business opportunities for manufacturers and suppliers in the market.

The shift towards electric vehicles (EVs) is significantly influencing the Auto Parts and Accessories market. The demand for EV-specific components, such as battery management systems, electric drive units, and charging infrastructure, is increasing. This trend is driven by growing consumer interest in sustainable transportation solutions and regulatory pressures for reduced emissions. Companies are investing in developing and integrating EV components, creating new opportunities for innovation and growth in the auto parts sector.

Key companies profiled in the Auto Parts and Accessories Market are Denso Corporation, Dana Holding Corporation, Delphi Corporation, Valeo and others.