Asia-Pacific Automotive Parts and Components Market to Reach USD 61.89 Billion in 2024, Growing at a CAGR of 6.05% | CAGR

According to MarkNtel Advisors study 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.

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Key Findings of the Study: 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.

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.

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Scope of the Report and Asia-Pacific Automotive Parts and Components Market Segmentation:

By Components

• Driveline & Powertrain- Market Size & Forecast 2019-2030F, USD Million
• Interiors & Exteriors- Market Size & Forecast 2019-2030F, USD Million
• Electronics- Market Size & Forecast 2019-2030F, USD Million    
• Bodies & Chassis- Market Size & Forecast 2019-2030F, USD Million
• Braking System- Market Size & Forecast 2019-2030F, USD Million
• Others (Wheel & Tires, Seating, lighting, etc.)- Market Size & Forecast 2019-2030F, USD Million

By Application- Market Size & Forecast 2019-2030F, USD Million

• Original Equipment Manufacturers (OEMs)-  Market Size & Forecast 2019-2030F, USD Million
• Aftermarket- Market Size & Forecast 2019-2030F, USD Million

By Vehicle Type- Market Size & Forecast 2019-2030F, USD Million

• Two-wheelers- Market Size & Forecast 2019-2030F, USD Million
• Three-wheelers- Market Size & Forecast 2019-2030F, USD Million
• Off-the-Road- Market Size & Forecast 2019-2030F, USD Million
• Passenger Cars-  Market Size & Forecast 2019-2030F, USD Million
• Commercial Vehicles- Market Size & Forecast 2019-2030F, USD Million
  • Light Commercial Vehicles (LCVs)- Market Size & Forecast 2019-2030F, USD Million
  • Medium & Heavy Commercial Vehicles (MHCVs)- Market Size & Forecast 2019-2030F, USD Million

The Original equipment manufacturers (OEMs) segment is predicted to grasp the potential share of the Asia-Pacific Automotive Parts and Components Market.

Asia-Pacific Automotive Parts and Components Market 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

Geographical Analysis:

By Country

• China
• Japan
• India
• South Korea
• Australia
• Southeast Asia
• Rest of Asia-Pacific

China to dominate the Asia-Pacific Automotive Parts and Components Market in the forthcoming period.

Note: If you require specific information not covered in the current report, we can provide it through customized option

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