Introduce the market status and development trend of automotive parts

The current situation of the auto parts market presents the characteristics of market scale growth, new energy-related parts and components demand is strong, the future will be towards electrification, intelligent and other directions, the following is a specific introduction:
Market status
Market scale continues to expand: the global auto parts market is huge and showing growth. According to Business Research Insights, the global auto parts market will be $2.33 trillion in 2023 and reach $2.41 trillion in 2024, a year-on-year growth of 3.43%. China's market is also expanding. In 2022, China's auto parts market reached about 4.9 trillion yuan, up 6.2% year-on-year, accounting for 31.4% of the global market share, and it is expected that the market size of China's auto parts market will reach about 5 trillion yuan in 2025.
New energy auto parts demand surge: the rapid development of new energy vehicles for the parts market to bring new growth points. 2024, the domestic sales of new energy vehicles reached 12.25 million units, the penetration rate of 45%. This makes the battery, motor, electronic control and other core parts demand increased significantly, but also led to such as the line control chassis and other new energy vehicles intelligent parts related to the development.
Intense market competition and low concentration: the global auto parts industry presents a giant effect, Bosch, Denso, Continental and other enterprises to master most of the number of trade, but the overall market concentration is still low, the market share of major enterprises is generally less than 3%, there are many enterprises in the market, business type is rich, and competition is intense.
Domestic market concentration: The domestic auto parts industry chain presents the characteristics of concentration to the head and regional concentration. As the market share of BYD, Ideal and other head of new energy vehicle enterprises grows, parts and components suppliers gather to them, forming industrial clusters, improving production efficiency and reducing logistics costs.
Overseas market space is vast: Europe and the United States passenger car market accounted for about 28% of the world, overseas car companies urgent need to reduce costs, and domestic car companies to build factories overseas to bring the demand for nearby supporting. Domestic parts and components enterprises with efficient management, low cost and other advantages, is expected to obtain a higher share in the overseas market.