The global auto parts industry plays an essential role in supporting and facilitating the growth of the global automotive sector, while the top 10 auto parts manufacturers in the US and around the world have been dominating the market and remained as some of the largest contributors for the industry revenue. With the ongoing rapid development in the automotive technologies such as electric vehicles, connected cars and autonomous driving systems, the demand in the global auto parts industry 鈥� both OEM (Original Equipment Manufacturer) and aftermarket products 鈥� is expected to growth further over the near future.
This industry fact sheet is to assist industry professionals, investors, and people in general that are interested in gaining insights into the global auto parts manufacturing industry including:
- What is the global auto parts market size?
- What are the driving factors for the global auto parts industry growth?
- Who are the top 10 largest auto parts manufacturers in the US?
- What are the auto parts industry trends for future?
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Global Auto Parts Industry Overview 2020
Auto parts refer to all the components used in automobile vehicles, which mainly includes products for Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies & Chassis, Seating, Lighting, Wheel & Tires, etc. According to the latest market report listed on Report Linker, the global auto parts market size is projected to reach $810.5 billion by 2025, representing a strong CAGR of over 4.3% during the five-year period. Factors such as rising demand for electric vehicles with high density lithium batteries, increasing automotive production, and higher purchase power of consumers around the world are boosting the growth of the global auto parts manufacturing market over the recent years.
Based on the end-user sectors, the global auto parts market can be segmented into OEM and aftermarkets. OEM currently remains as the largest auto parts segment, accounting for more than 67% of the market share, while the aftermarket segment is showing a faster growth rate over the years, mainly driven by the rising automotive ownership around the world. China is the largest auto parts market in the world, representing over 25% of the auto parts consumptions worldwide. This is mainly due to the rapidly growing automotive industry in China. Following China, USA and Europe are also some of the biggest auto parts markets in the world.
Auto parts manufacturers in the US have witnessed significant growth over the recent years, thanks to the fact that the聽US remains one of the world鈥檚 largest contributors to the global automotive market.聽 According to recent figures obtained by 91制片厂, the overall auto parts market in the US has surpassed US$75 billion in revenue since 2018. 70% of auto parts production was for OEM (Original Equipment Manufacturer) products and the remaining 30% is for aftermarket car parts. Many leading auto parts manufacturers and suppliers in the US have really benefited from great success because of these recent trends 鈥� especially聽US tire manufacturers, whose exports value was worth over $5 billion in 2019. Here is a list of the top 10 automobile parts manufacturing companies in the US.
Top 10 Auto Parts Manufacturers in the US
Dana Inc.
Dana Incorporated聽is one of the largest American worldwide suppliers of drivetrain, sealing, and thermal-management technologies for auto industry. Founded in 1904 and headquartered in Maumee, Ohio, the company employs more than 23,000 people in 25 countries. Dana Incorporated products have helped to drive history鈥檚 greatest vehicles 鈥� from the Model T and the World War II-era Jeep庐, to London taxicabs, 18-wheel rigs, giant earth-moving machines, and every car on the NASCAR庐 racing circuit.
Lear
Lear Corporation聽is ranked #151 on the Fortune 500 with world-class products designed, engineered and manufactured by a diverse team of talented employees. As a leading supplier of automotive seating and electrical, Lear serves its customers with global capabilities while maintaining individual commitment. With headquarters in Southfield, Michigan, Lear maintains 257 locations in 38 countries around the globe and employs approximately 156,000 employees.
Tenneco
Tenneco聽is one of the world鈥檚 leading auto parts manufacturers and distributors of Clean Air and Ride Performance products and technology solutions for diversified markets, including light vehicle, commercial truck, off-highway equipment and the aftermarket. Headquartered in Lake Forest, Illinois, Tenneco has 31,000 employees working in 91 manufacturing facilities and 15 engineering and technical centres around the world.
BorgWarner
BorgWarner Inc.聽is one of the largest components and parts suppliers in the global automotive industry. It is primarily known for its automotive powertrain products for light vehicles, medium & heavy-duty vehicles, off-Highway, and aftermarket. BorgWarner has now over 27,000 employees working in its 62 facilities in 17 countries.
Visteon
Visteon Corporation聽is a leading global automotive supplier that designs, engineers and manufactures innovative electronic products, especially automotive cockpit electronics for vehicle manufacturers. Visteon supplies its products to many world鈥檚 largest car brands, including Ford, Renault/Nissan, Mazda, BMW, GM, Honda, PSA, JLR, VW, Daimler and others.
American Axle & Manufacturing
American Axle & Manufacturing聽is one of the top global leaders in designing, engineering, validation and manufacturing of automobile driveline, drivetrain components and systems for automotive, commercial and industrial markets. AAM has over 25,000 associates operating at more than 90 facilities in 17 countries.
Goodyear Tire and Rubber Company
The Goodyaar Tire & Rubber Company聽is one the world鈥檚 largest tire manufacturing companies, founded in 1898 and based in Akron, Ohio. In addition to Goodyear-brand tires, the company also produces other well-respected international brand names, including Dunlop, Kelly, Fulda, Sava and Debica, and its non-tire business provides rubber products and polymers for a variety of markets.
Cooper Tire & Rubber Company
Cooper Tire & Rubber Company聽is one of the largest American auto tire companies that specializes in the design, manufacture, marketing and sales of replacement automobile and truck tires for passenger car, medium truck, motorcycle and racing cars.
Standard Motor Products
Established in 1919 and traded on the NYSE,聽Standard Motor Products, Inc., is a leading independent manufacturer, distributor, and marketer of replacement parts for motor vehicles in the automotive aftermarket industry, with an increasing focus on the original equipment and original equipment service markets.
Accuride Corporation
Accuride Corporation, headquartered in Evansville, Indiana, is a leading manufacturer and supplier of wheels and wheel-end components to the North American and European commercial vehicle markets. Its products include steel and aluminum commercial vehicle wheels and wheel-end components and assemblies.
Global Auto Parts Market Trends for Future
The growing shift of auto parts sales towards e-commerce platforms has become one of the major auto parts market trends in the US and rest of the world. E-commerce websites often provide easier and more useful assistance for customers to study, research, and compare auto parts and specifications, thereby aiding the buyers in making an informed choice. Over the recent years, more and more car owners and commercial traders prefer to buy auto parts through e-commerce platforms, and the online sales of auto parts has outpaced traditional brick and mortar sales over the recent years. This has resulted the e-commerce sales of auto parts to become the fastest growing distribution channel for the global auto parts market in the past five years, and this trend is expected to continue through 2020.
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