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Major Transformation In Future of Mobility- Auto Parts & Accessories Market 2020

The global Auto Parts and Accessories Market size it is expected to reach USD 2568170 million by the end of 2026, with a CAGR of 2.9% during 2021-2026.

Major leading players in the Global auto parts and Accessories market includes Robert Bosch, Denso Corp, Mange International, Continental, ZF Friedrichshafen, Hyundai Mobis, Aisin Seiki, Faurecia, Lear corp  and Valeo.

      Bosch showcases a range of personalized connected solutions to transform the future of mobility. Bosch has the technological know-how and offers intelligent solutions for BS VI compliant vehicles. They actualize electrification with electric powertrains designed to be more efficient, economical and dynamic. It interlinks smart cars to smart homes and infrastructures through various Connected Mobility solutions and services. With its focus on clean energy, efficiency and safety, Bosch’s vision for the future of mobility revolves around the technological developments in automation, electrification, connectivity and safety. Bosch offers a comprehensive range of engine management systems’ technologies specifically designed for two-wheelers. These include innovation in components for fuel injection and supply, air management, ignition and exhaust-gas treatment, and engine control units.

    DENSO Corporation has developed a new generation battery-monitoring integrated circuit (IC) for lithium-ion batteries. The IC increases the efficiency with which electric and a hybrid vehicle use their batteries, improves fuel efficiency and extends driving range. It is the world’s first IC that can accurately detect battery voltage while monitoring multiple cells, a new capability compared to conventional ICs. This product is used in the Toyota Yaris, released in February 2020, and will be featured in future electric vehicles equipped with lithium-ion batteries

     Technology improvements in propulsion mean more opportunities for the aftermarket. Even though gas engines remain in the lead, electric and diesel are gaining ground. The Aftermarket Industry must develop new injection systems and new breeds of turbochargers to reinforce these powerplants. Intriguing technologies are coming from Delphi Technologies in their Dynamic Skip Fire On-Demand Cylinder Deactivation. Boria Exhausts has designed cat-back exhausts specifically for cylinder deactivation models.

    Auto Parts and Accessories is widely used in OEM and Aftermarkets. The former account for market share more than 67%, while the latter account for the rest. For frequently replaced parts and components, the price in Aftermarket generally lower. Many Americans have used ecommerce to indulge in their hobbies during the coronavirus pandemic, leading to sizeable increases in online sales of things like  baking and  craft supplies. Hedges suspects a similar dynamic is at work in the online auto parts business. By 2022, digital influence on parts and accessory sales will increase to over $160 billion in parts and accessory sales. This includes auto parts sold through chain retail stores, automobile dealers, big box retailers, local independent brick & mortar retailers and jobbers.

     Market segmentation of market depends upon their type and application. Based On type it has been Driveline and Powertrain, Interiors and Exteriors, Electronics, Bodies and Chassis, Seating, Lighting, Wheel and Tires and Others. Major Applications are OEMs and Aftermarket. The US automobile parts retail industry includes about 37,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $90 billion. The US automotive aftermarket is expected to grow at a compound annual rate of 3.4% through 2021, Accessories market will register a 4.6% CAGR in terms of revenue, and the global market size will reach USD 2544708 million by 2024, from USD 1969150 million in 2020. 

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