Automobile Parts Manufacturing Industry Profile

Companies in this industry manufacture automobile parts, including transmission and power train components, engines and engine parts, body parts and trim, electronics, braking systems, steering and suspension components, as well as motor vehicle seating. Major companies include American Axle & Manufacturing, BorgWarner, Dana Incorporated, Lear Corporation, and Tenneco (all based in the US); along with Adient and Aptiv (Ireland), Aisin Corporation and DENSO (both based in Japan), Bosch and ZF Group (both based in Germany), Forvia (France), and Magna International (Canada).

The global auto parts manufacturing market is forecast to reach about $2.7 trillion by 2032, with a compound annual growth rate (CAGR) of nearly 2.4% during 2024-2032, according to IMARC Group. Economic expansion in emerging markets worldwide is expected to drive healthy growth in the auto manufacturing sector over the next several years, which should bolster demand for auto parts.

The US auto parts manufacturing industry consists of about 5,000 companies with combined annual revenue of about $300 billion.

COMPETITIVE LANDSCAPE

As the automotive industry adapts to a future that includes electric drivetrains, autonomous technology, connectivity, and mobility options outside traditional car ownership, suppliers must evolve to meet these new challenges. Technology content is increasing its share of overall vehicle value, while hard auto parts are expected to become more commoditized. New industry entrants including tech firms and consumer electronics companies also present challenges to established suppliers. To remain competitive, automotive suppliers ...