Unlocking Opportunities in the Auto parts Market: Size and Growth Projection by 2032
Market overview: The Auto parts market was valued at USD 383.15 billion in 2020 and is expected to grow at a CAGR of 4 % from 20 23 to 20 30 , reaching USD 513.86 billion by 20 30 . The primary factor driving market growth is increasing consumer awareness about maintenance and repair to improve the age of vehicles due to an increase in consumer disposable income, the demand for making new vehicles with reduced fuel utilization due to increased government initiatives with more stringent emission norms increases the demand for automotive parts. Vehicles' average lifespan has increased due to advancements in materials and manufacturing techniques used in vehicle production. Vehicles' uncompromising quality has also improved. As vehicles age, the demand for replacement parts, repair, and maintenance drives the Auto parts market 's growth. With the advancement of technology, equipment is now equipped with sensors, and minor wear and tear of vehicle parts will not cause the