The increase in global automobile sales, rise in popularity of vehicle electrification & hybridization, and surge in trend toward weight reduction in automobiles drive the growth of the global automotive ancillaries’ products market. 

Wilmington, Delaware, May 22, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Automotive Ancillaries’ Products Market by Component (Engine Transmission & Suspension Components; Electrical Parts; Sheet Metal Parts and Body & Chassis; Cleaning, Maintenance & Repair Products; and Others), Application (Commercial Vehicle and Passenger Vehicle), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the automotive ancillaries’ products market” was valued at $15,380 million in 2022, and is estimated to reach $28,583 million by 2032, growing at a CAGR of 6.6% from 2023 to 2032. 

Prime determinants of growth 

The global automotive ancillaries’ products market has experienced significant growth and transformation driven by a combination of an increase in global automobile sales, surge in popularity of vehicle electrification & hybridization, and an upsurge in trend toward weight reduction in automobiles. Moreover, increase in R&D in autonomous and connected vehicle technology and surge in demand for sustainable & eco-friendly solutions, are likely to shape the industry’s future.  

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The Engine Transmission and Suspension Components segment to maintain its leadership status throughout the forecast period 

By component, the engine transmission and suspension components segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period as these components are a crucial part of overall vehicle safety and functionality. Likewise, these components consist of several moving parts, such as pistons, crankshafts, valves, and others, which are most prone to wear and tear and thus require regular maintenance and replacement. However, the electrical parts segment is projected to obvious the highest CAGR of 8.0% from 2023 to 2032, owing to increase use of electrical system in modern automobiles and increase utilization in enhancing vehicle safety features and driver assistance systems. Technologies such as advanced driver assistance systems (ADAS), adaptive cruise control, lane-keeping assist, and automatic emergency braking rely heavily on sensors, cameras, and actuators to detect and respond to potential hazards on the road. This system requires sophisticated electrical parts and are extensively used in modern automobiles.    

The passenger vehicle segment to maintain its leadership status throughout the forecast period 

By application, the passenger vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the passenger vehicle segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032, owing to increasing disposable income among consumers in the developing economy and a growing inclination toward personally owned vehicles. Moreover, rapid urbanization and the growing population in cities have resulted in consumers spending more on owning a passenger vehicle for daily commute. Moreover, with the growth in electric and hybrid vehicle technology, the demand for the passenger vehicle segment is anticipated to continue to grow during the forecast period.   

The aftermarket segment to maintain its lead position during the forecast period 

By distribution channel, the aftermarket segment accounted for the largest share in 2022. Similarly, the aftermarket segment is expected to portray the fastest CAGR of 6.7% from 2023 to 2032 due to the widespread availability of aftermarket products at lower prices in the market. Similarly, aftermarket products offer more customization options and can be designed to enhance the aesthetic and overall performance of a vehicle.  

Asia-Pacific to maintain its dominance by 2032 

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, and the fastest CAGR of 7.8% from 2023 to 2032, and is estimated to maintain its leadership status throughout the forecast period, due to the higher adoption rates of smart mobility solutions such as EV and hybrid vehicle due to increasing in disposable income. Moreover, the region has witnessed an increase in sales of passenger vehicles, due to increasing disposable income among consumers and a growing inclination towards personally owned vehicles. Furthermore, rapid urbanization in the Asia-Pacific region and a growing population in cities have resulted in consumers spending more on owning a passenger vehicle for their daily commute. 

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Leading Market Players: 

• Robert Bosch GmbH 
• Uno Minda 
• Continental AG 
• NIPPON 
• Duncan Engineering Ltd 
• ZF Friedrichshafen AG 
• DENSO CORPORATION 
• Magna International Inc 
• AISIN CORPORATION 
• Lear Corporation  

The report provides a detailed analysis of these key players in the global automotive ancillaries’ products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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