Automotive Ancillaries’ Products Market Expected to Reach $28.6 Billion by 2032

According to a new report published by Allied Market Research, titled, “Automotive Ancillaries’ Products Market," 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.

Automotive ancillaries' products refer to a wide range of components and accessories that are used in automobiles. These products complement and support the functioning of vehicles. Automotive ancillaries' products include components such as automotive batteries, filters, wiper blades, belts, hoses, and other consumables & components essential for vehicle maintenance, performance, and functionality.

The global automotive ancillaries’ products market has witnessed significant growth due to increase in global automobile sales, surge in popularity of vehicle electrification & hybridization, and rise in trend toward weight reduction in automobiles. Increase in R&D initiatives in autonomous & connected vehicle technology and surge in demand for sustainable & eco-friendly solutions are likely to create growth opportunity for the industry. Meanwhile, fluctuation in the price of raw materials and stringent regulatory compliance are anticipated to hinder the automotive ancillaries’ products market during the forecast period.

The automotive ancillaries’ products market share is segmented on the basis of component, application and distribution channel, and region. By component, the automotive ancillaries’ products market is divided into engine transmission & suspension components, electrical parts, sheet metal parts & body and chassis, cleaning, maintenance & repair products, and others. On the basis of application, the market is bifurcated into commercial vehicles and passenger vehicles. On the basis of distribution channel, the automotive ancillaries’ products market is classified into OEM and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.

In addition, the automotive ancillaries’ products market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. Market leaders include companies such as Robert Bosch GmbH, Uno Minda, Continental AG, NIPPON, Duncan Engineering Ltd, ZF Friedrichshafen AG, DENSO CORPORATION, Magna International Inc, AISIN CORPORATION, and Lear Corporation

In recent years, there has been growing investment in R&D initiatives toward the development of autonomous and connected vehicle technology. Global OEM manufacturers are focusing on developing autonomous technology to optimize fuel consumption, reduce vehicle emissions, decrease traffic congestion, and reduce driver fatigue. Autonomous driving technology has the potential to reduce accidents, reduce over speeding, and decrease poor judgment while driving. Similarly, autonomous driving is expected to help in eliminating the shortage of drivers in developed countries of North America and Europe.

For instance, in May 2023, Waymo and Uber Technologies Inc. partnered to bring autonomous driving technology to the Uber platform. Uber customers are expected to be able to use Waymo's driverless vehicles for rides and deliveries within a radius of 180 square miles area in Phoenix, Arizona, U.S. The partnership aims to commercialize fully autonomous vehicle technology in the coming years. Thus, a rise in investment is projected to result in an increase in sales of autonomous vehicles and thus help in driving the demand for automotive ancillaries' products market growth.

Similarly, the growing sales of automobiles across the world are anticipated to be the major driving factor for the growth of the automotive ancillaries’ product market. As the demand for new vehicles grows, there is increased demand for automotive ancillaries’ products for its manufacturing and regular maintenance. Similarly, as modern vehicles are equipped with novel technologies such as electric drive trains, ADAS, infotainment systems, and other modern connectivity solutions, they require regular maintenance thus creating increased need for the replacement of automotive ancillaries’ products. The major reason for the rowing automobile sales is due to increasing sales in developing countries, particularly in China, India, Bangladesh, Brazil, Mexico, and others. These countries have seen the strong economic boom and rapid urbanization in recent years, resulting increasing disposable income among consumers and growing demand for the passenger vehicle segment.

KEY FINDINGS OF THE STUDY

• By component, the electrical part segment is anticipated to exhibit significant growth in the automotive ancillaries’ products market size in the near future.
• By application, the passenger vehicle segment is anticipated to exhibit significant growth in the automotive ancillaries’ products market analysis in the near future.
• By distribution channel, the aftermarket segment exhibits significant growth in the automotive ancillaries’ products market size in the near future.
• By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.