International. A new report from Fact.MR reveals that the global auto parts and accessories manufacturing industry will grow at a rapid pace, reaching a value of $3.879 billion in 2034, from $1997.45 billion recorded in 2024.
This growth will be driven by the growing trend towards vehicle customization, the rise in popularity of electric vehicles (EVs), and stricter emissions regulations.
Automotive customization, from aesthetic enhancements to high-performance components, has led to an increase in demand for aftermarket products. Accessories such as spoilers, custom wheels, and exhaust systems are among the preferred by consumers looking for unique driving experiences.
North America stands out as a key market, with a growth projection from $579 billion in 2024 to $1085 billion in 2034. Meanwhile, East Asia, driven by the productive capacity of China and Japan, will generate significant revenues estimated at $735 billion in 2024.
The report also points to outstanding growth in South Korea, with a projected increase of 7.9% annually until 2034. Meanwhile, the United States will lead the North American region, reaching a market valued at $946 billion by the end of the analysis period.
The report highlights a high demand for gearboxes, clutches and parts due to their crucial role in vehicle safety and performance. These components, essential to the car's power transfer and handling, are increasingly being replaced by consumers who prioritize reliability and performance.
Innovation and strategies in the industry
Leading manufacturers such as Robert Bosch GmbH, Magna International and Denso Corporation are expanding their product ranges to meet changing consumer preferences and new technological demands, such as specialized EV parts.
In addition, the industry has been marked by strategic moves. For example, The Goodyear Tire & Rubber Company announced in June 2024 the renewal of its alliance with Assurance Intl Limited, while HCI Equity Partners launched Driven Distribution Group, a secondary market distribution network that seeks to consolidate operations in North America.
With a projected annual growth of 6.9% between 2024 and 2034, the auto parts and accessories market is positioned as one of the most dynamic sectors of the global automotive industry, driven by constant innovation and focus on consumer needs.
