Automotive Parts Industry: Changes in the Eight Major Markets Over the Past Five Years and Representative Enterprises in Each Region

      Between 2019 and 2024, the global auto parts industry underwent profound changes and development, entering a critical transformation period. The market size continued to grow, rising from approximately US$1.4 trillion in 2019 to about US$1.7 trillion in 2024, representing a compound annual growth rate of around 4%. In terms of sales volume, it increased from roughly 5 billion units in 2019 to nearly 5.5 billion units in 2024. Behind this growth are the continuous rise in the global number of motor vehicles and the rapid innovation of automotive technology. The emergence of new energy vehicles and intelligent connected vehicles has driven a sharp increase in demand for related components, such as the market demand for core parts including batteries, electric motors, and electronic control systems, as well as the development of intelligent connected components like sensors and intelligent cockpit equipment.

      Against the backdrop of the overall landscape of the global auto parts market, various segmented product sectors are also undergoing their own unique development trajectories. As key components of a vehicle’s core powertrain system, engine electrical parts saw their market size expand from approximately 150 billion US dollars in 2019 to around 180 billion US dollars in 2024, representing a compound annual growth rate of roughly 3.5%. The market size of traditional parts such as spark plug wires, generators, and starters has maintained steady growth, mainly driven by replacement demand arising from the increase in car parc. Meanwhile, as engine technology evolves toward higher efficiency and energy conservation, the market size of critical components such as ignition modules has grown even more significantly.

      As a major global automotive market, the United States has a well-developed and large-scale auto parts industry. From 2019 to 2024, the scale of the U.S. auto parts market continued to expand, growing from approximately $380 billion in 2019 to around $450 billion in 2024, representing a compound annual growth rate of roughly 3.5%. Driven by trends such as electrification transformation and supply chain localization, the U.S. auto parts market has exhibited a distinctive development momentum. In terms of electrification transformation, the U.S. government has actively promoted the development of new energy vehicles, creating new business opportunities for local parts manufacturers. Amid the process of supply chain localization, federal incentives under the U.S. Inflation Reduction Act and the Bipartisan Infrastructure Law have encouraged some automakers to further localize their supply chains.

      The scale of the European auto parts market is also considerable, maintaining a steady development momentum from 2019 to 2024. Against the backdrop of the development of new energy vehicles and increasingly stringent environmental regulations, the European auto parts industry is undergoing profound changes. European countries are actively promoting the development of new energy vehicles and setting strict carbon emission targets, prompting automakers to accelerate their transition to new energy. At the same time, stricter environmental regulations have put forward higher requirements for vehicle exhaust emissions and the environmental friendliness of materials, driving auto parts to develop in an environmentally friendly and efficient direction.

       The scale of Russia’s auto parts market experienced certain fluctuations from 2019 to 2024. Affected by factors such as geopolitical and economic conditions, the market developed amid fluctuations. Meanwhile, sanctions disrupted the supply of imported parts, prompting Russia to step up the development of its local auto parts industry. The government introduced a series of policies to support local enterprises, enhance the production capacity of domestic parts, and reduce reliance on imported components.

          The automotive parts market in Japan and South Korea exhibited a steady growth trend from 2019 to 2024The region’s highly developed domestic automotive industry, coupled with globally competitive brands such as Toyota, Honda, Hyundai-Kia, and others, provided robust support for the growth of the local automotive ts sector.

          The Southeast Asian automotive parts market demonstrated significant growth potential during the 2019-2024 period, characterized by sustained rapid expansion. Driven by gion’s rapid economic development, large population, and increasing vehicle ownership, the market has been afforded substantial room for growth.

         The South American automotive parts market experienced fluctuations rom 2019 to 2024. Economic disparities across the region, coupled with slow growth and high inflation in certain countries, posed challenges to the industry. Conversely, some nations have implemented econ reforms and introduced policies to promote the automotive sector, thereby creating opportunities for the parts industry.

         The Middle Eastern automotive parts market maintained a stable development trajectory fom 2019 to 2024. Benefiting from the region’s developed energy economy and abundant oil resources, consumers possess strong purchasing power. Consequently, the automotive market is dominated by high-es, resulting in a significant demand for premium automotive parts. Currently,the African automotive parts market remains relatively small but holds immense potential for growth. Ongoing infrastructure development and increasing vehicle penetration ng favorable conditions for the expansion of the automotive parts industry.

        In addition, the global automotive parts industry has seen the emergence of many renowned associations and enterprises, such as the National Automotive Parts Association (NAPA), the Europeansociation of Automotive Suppliers (CLEPA), the Russian Automotive Business Association, the Korea Auto Parts Industry Association (KAPIA), the ASEAN Automotive Federation, the Mexican National Association oanufacturers and Distributors (INA), the Iran Auto Parts Manufacturers Association (IAPMA), and the National Association of Automobile Manufacturers of South Africa (NAAMSA). These assoc have played a significant role in promoting the development of the automotive parts industry, strengthening cooperation among enterprises, and formulating industry standards.