Market Research Report

Asia-Pacific Automotive Parts and Components Market Research Report: Forecast (2024-2030)

Asia-Pacific Automotive Parts and Components Market- By Components (Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies & Chassis, Braking System, Others), By Applic...ation (OEMs, Aftermarket), By Vehicle Type (Two-wheelers, Three-wheelers, Off-the-Road, Passenger Cars), and others Read more

  • Automotive
  • Jan 2024
  • 154
  • PDF, Excel, PPT

Market Definition

Automotive parts and components refer to the individual elements or units constituting a vehicle, providing its structure, functionality, and performance. These parts are essential for the assembly, operation, and maintenance of automobiles.

Market Insights & Analysis: Asia-Pacific Automotive Parts and Components Market (2024-30)

The Asia-Pacific Automotive Parts and Components Market size is valued at around USD 61.89 Billion in 2024 and is estimated to grow at a CAGR of around 6.05% during the forecast period, i.e., 2024-30. The market is experiencing robust growth, driven by various factors such as the surge in vehicle production, technological advancements, and a rising consumer preference for safer & sustainable vehicles. Notably, the International Organization of Motor Vehicle Manufacturers reported a substantial increase in total motor vehicle production, reaching 46,768,800 in 2022 and 50,020,793 in 2023. The escalating production of vehicles directly correlates with a heightened demand for automotive parts & components.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 6.05%
Countries Covered China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific,
Key Companies Profiled Denso Corporation, Robert Bosch GmbH, HELLA GmbH & Co. KgaA, ZF Friedrichshafen AG, Nidec Corporation, Aisin Corporation, Marelli Holdings Co., Ltd, Continental AG, Mitsubishi Electric Corporation, Magna International Inc., Others
Market Value (2024) USD 61.89 Billion 

 

Also, there is a notable uptick in the market revenue due to a strong demand for automotive components and accessories for repair & maintenance purposes. Further, the growing prevalence of e-commerce has prompted many manufacturers in the industry to invest in online platforms, leveraging platforms like Amazon and eBay to tap into the expanding online consumer market. Additionally, the shifting consumer preferences, particularly the increasing interest in electric & hybrid vehicles, are influencing specific component demands. This includes a heightened need for batteries, electric motors, and associated electronics. The globalization of the automotive industry has further facilitated increased cross-border trade of automotive parts and components.

As the automotive landscape evolves, the aging vehicle fleet is contributing to a surge in demand for automotive parts and components, particularly for the replacement of worn-out components. This trend is a significant driver of growth in the Asia-Pacific Automotive Parts and Components Market.

Asia-Pacific Automotive Parts and Components Market Driver:

Increasing Automobile Production Contributing to Sustained Demand for Automotive Parts & Components – Automobile production in the APAC region is increasing due to government support for the automotive industry. The regional countries, including China, India, and Japan, have the highest production rate of automobiles as the country has improved its industrial capabilities by absorbing advanced foreign technologies & management practices. In addition, international automobile manufacturers are entering the Chinese market due to lower labor costs & government support.


Asia-Pacific Automotive Parts and Components Market Research Report: Forecast (2024-2030)

In a country like India, the government supports the growth of the automotive industry by introducing the Production Linked Incentive (PLI) Scheme for the automobile sector to increase manufacturing capability. Also, the government of Japan supports the growth of the automotive industry, increasing global demand for environmentally friendly production, and higher safety standards have led to a boom across the country. Thereby, contributing to driving the Asia-Pacific Automotive Parts and Components Market growth.

Asia-Pacific Automotive Parts and Components Market Challenge:

Semiconductor Shortages to Impedes the Market Growth – The semiconductor shortage is one of the complex issues across the automotive industry, which is also negatively affecting the Asia-Pacific Automotive Parts and Components Market as well. The shortage of semiconductors causes manufacturing units to halt the production of the components, thus leading to widespread production cuts in the APAC region, becoming one of the key challenges across the regional industry.

Asia-Pacific Automotive Parts and Components Market Trend:

Rising Adoption of Electric Vehicles Accelerating the Market Growth – Consumer demand for Electric Vehicles has risen significantly over the past few years. The shift to EVs is forecasted to accelerate due to improvements in battery technology, an expanding network of charging infrastructure, supportive government policies, increasing consumer awareness, and rising consumer demand. Various countries in APAC, including China, India, and Japan, have implemented policy assistance programs to promote the adoption of EVs. The EV adoption augments the demand for automotive parts and components, such as batteries, drivetrains, electronics, and others, hence becoming a trend in the Asia-Pacific Automotive Parts and Components Market growth.   

Asia-Pacific Automotive Parts and Components Market (2024-30): Segmentation Analysis

The Asia-Pacific Automotive Parts and Components Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024-2030 at the regional levels. In accordance to the analysis, the market has been further classified as:

Based on Component:

  • Driveline & Powertrain
  • Interiors & Exteriors
  • Electronics
  • Bodies & Chassis
  • Braking System
  • Others (Wheels & Tires, Seating, Lighting, etc.)

The Braking System is anticipated to account for a substantial share of the Asia-Pacific Automotive Parts and Components Market in the forecast years. The increasing number of accidents & loss of lives is driving the need for this component as consumers are looking for advanced braking systems such as ABS and advanced driver-assistance systems (ADAS). Moreover, the advancement of the braking system in the region is aided by the government and regulatory bodies’ safety rules as well as rising public awareness of road safety.

Based on Application:

  • Original Equipment Manufacturers (OEMs)
  • Aftermarket

The Original equipment manufacturers (OEMs) segment is predicted to grasp the potential share of the Asia-Pacific Automotive Parts and Components Market. The increasing production of automobile vehicles in the APAC region due to lower labor costs and government support & schemes to promote the production of automobile vehicles are the prominent factors making this application one of the dominant segments across the regional market.

Furthermore, numerous international automotive OEMs have established a strong presence in the Asia-Pacific region, with extensive manufacturing facilities and supply chains spanning multiple countries in the region. Meanwhile, the automotive industry is undergoing profound technological shifts characterized by the shift to electric vehicles (EVs), advancements in autonomous driving, and the incorporation of connectivity features. OEMs in the Asia-Pacific region are proactively investing in research and development to maintain their competitiveness in these evolving domains, thus influencing market growth.  

Asia-Pacific Automotive Parts and Components Market (2024-30): Regional Projection

Geographically, the Asia-Pacific Automotive Parts and Components Market expands across:

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Southeast Asia

China to dominate the Asia-Pacific Automotive Parts and Components Market in the forthcoming period. The country produces one-third of the world’s automobiles and is one of the largest automotive parts & components markets across the region. The country has a strong infrastructure, a large pool of skilled labor, and significant technological investments, making it an ideal location for the manufacture of automotive parts and components. The Chinese government has been actively supporting the automotive industry through policies and incentives.

Furthermore, China has made significant investments in research and development, resulting in technological advances in automotive manufacturing. This has allowed Chinese companies to produce high-quality automotive parts and components, allowing them to compete on a global scale. Also, with a growing emphasis on environmentally friendly and sustainable transportation, the China Automotive Parts and Components Market is poised to thrive.

Asia-Pacific Automotive Parts and Components Industry Recent Development:

  • 2023: Marelli Holdings Co. Ltd launched an automotive front lighting, the h-Digi® microLED module based on new type of intelligent multipixel LED enables fully adaptive, dynamic headlight operation and image projection.
  • 2022: Continental AG opened a sales and hose line competence center for powertrain technologies in Japan. The company is strengthening its presence in the country to work more closely with local powertrain technology leaders.

Gain a Competitive Edge with Our Asia-Pacific Automotive Parts and Components Market Report

  • Asia-Pacific Automotive Parts and Components Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • Asia-Pacific Automotive Parts and Components Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Asia-Pacific Automotive Parts and Components Market is expected to grow at a compound annual growth rate (CAGR) of around 6.05% from 2024 to 2030.

   A. The increasing automobile production is expected to drive the Asia-Pacific Automotive Parts and Components.

   A. Denso Corporation, Robert Bosch GmbH, HELLA GmbH & Co. KgaA, ZF Friedrichshafen AG, Nidec Corporation, Aisin Corporation, Marelli Holdings Co., Ltd, Continental AG, Mitsubishi Electric Corporation, Magna International Inc., Others, are the top companies in the Asia-Pacific Automotive Parts and Components Market.

   A. The Braking System held the largest share of the Asia-Pacific Automotive Parts and Components Market.

   A. China would present growth prospects in the Asia-Pacific Automotive Parts and Components Market during 2024-30.

   A. The rising adoption of electric vehicles is the key trend shaping the growth of the Asia-Pacific Automotive Parts and Components market.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Asia-Pacific Automotive Parts and Components Import & Export
  5. Asia-Pacific Automotive Parts and Components Market Trends & Insights
  6. Asia-Pacific Automotive Parts and Components Market Supply Chain Analysis
  7. Asia-Pacific Automotive Parts and Components Market Dynamics
    1. Drivers
    2. Challenges
  8. Asia-Pacific Automotive Parts and Components Market Regulations & Policies
  9. Asia-Pacific Automotive Parts and Components Market Hotspot & Opportunities
  10. Asia-Pacific Automotive Parts and Components Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Components
        1. Driveline & Powertrain- Market Size & Forecast 2019-2030F, USD Million
        2. Interiors & Exteriors- Market Size & Forecast 2019-2030F, USD Million
        3. Electronics- Market Size & Forecast 2019-2030F, USD Million    
        4. Bodies & Chassis- Market Size & Forecast 2019-2030F, USD Million
        5. Braking System- Market Size & Forecast 2019-2030F, USD Million
        6. Others (Wheel & Tires, Seating, lighting, etc.)- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
        1. Original Equipment Manufacturers (OEMs)-  Market Size & Forecast 2019-2030F, USD Million
        2. Aftermarket- Market Size & Forecast 2019-2030F, USD Million
      3. By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million
        1. Two-wheelers- Market Size & Forecast 2019-2030F, USD Million
        2. Three-wheelers- Market Size & Forecast 2019-2030F, USD Million
        3. Off-the-Road- Market Size & Forecast 2019-2030F, USD Million
        4. Passenger Cars-  Market Size & Forecast 2019-2030F, USD Million
        5. Commercial Vehicles- Market Size & Forecast 2019-2030F, USD Million
          1.  Light Commercial Vehicles (LCVs)- Market Size & Forecast 2019-2030F, USD Million
          2. Medium & Heavy Commercial Vehicles (MHCVs)- Market Size & Forecast 2019-2030F, USD Million
      4. By Country
        1. China
        2. Japan
        3. India
        4. South Korea
        5. Australia
        6. Southeast Asia
        7. Rest of Asia-Pacific
      5. By Competition
        1. Market Share of Top Companies
        2. Competition Characteristics
  11. China Automotive Parts and Components Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Components- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million
  12. Japan Automotive Parts and Components Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million
  13. India Automotive Parts and Components Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million
  14. South Korea Automotive Parts and Components Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million
  15. Australia Automotive Parts and Components Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million
  16. Southeast Asia Automotive Parts and Components Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Component- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million
  17. Asia-Pacific Automotive Parts and Components Market Key Strategic Imperatives for Growth & Success
  18. Competition Outlook
    1. Company Profiles
      1. Denso Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Robert Bosch GmbH
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. HELLA GmbH & Co. KGaA
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. ZF Friedrichshafen AG
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Nidec Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Aisin Corporation          
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Marelli Holdings Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Continental AG
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Mitsubishi Electric Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Magna International Inc.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Others
  19. Disclaimer


Asia-Pacific Automotive Parts and Components Market Segmentation