Global auto parts market is a large and constantly growing field, covering a range of key automotive components from engine components, transmission systems, braking systems to electrical and electronic components. According to relevant data, the size of the global automotive parts and accessories market in 2023 is $697.84 billion and is expected to reach $1087.32 billion by 2031.
In recent years, electrification and intelligence have become the two main trends driving the development of the auto parts market. With the rapid development of new energy vehicles and intelligent connected vehicles, the demand for electrified accessories such as batteries, motors, and electronic controls, as well as intelligent accessories such as sensors, lidar, and cameras, continues to grow. At the same time, the trend towards lightweighting and environmental protection is becoming increasingly evident, requiring the automotive parts industry to continuously improve its technological level to meet corresponding energy efficiency requirements.
With the continuous increase of global car ownership, as well as the steady rise of car sales in emerging markets, the demand for global auto parts market continues to be strong, showing a diversified development trend, providing broad development space and market opportunities for enterprises in the industry.