South Korea Auto Parts and Accessories Market Introduction and Overview
According to SPER Market Research, the South Korea Auto Parts and Accessories Market is estimated to reach USD XX billion by 2033 with a CAGR XX%.
The report includes an in-depth analysis of the South Korea Auto Parts and Accessories Market, including market size and trends, product mix, distribution channels, and supplier analysis. Auto parts are essential to cars and include a variety of pieces like the chassis, interiors, engines, electronics, and more, all of which work together to provide the best possible driving experience. The interiors, drivetrain, electronics, bodywork, lights, and wheels are some of the categories into which these pieces are divided. Each of these parts is essential to the vehicle's appearance and functionality. On the other hand, auto accessories are add-ons made to improve a vehicle's comfort, appearance, or functionality.
Market Opportunities and Challenges
Opportunities: South Korea's strong automotive sector and technical improvements have created significant prospects for the country's car parts and accessories market. South Korea, which leads the world in auto production, has a sophisticated automotive industry with big names like Hyundai, Kia, and Genesis driving innovation. The nation's rising emphasis on electric cars (EVs) and smart automotive technology is driving up demand for auto parts and accessories, opening doors for suppliers that specialize in EV components, autonomous driving systems, and connected car technologies.
Challenges: Many challenges could hinder the expansion and profitability of the South Korean vehicle parts and accessories sector. A significant obstacle in the market is the fierce rivalry among local and foreign suppliers as well as manufacturers. Because South Korean automakers are renowned for their efficiency and inventiveness, they frequently choose sourcing parts from reputable local suppliers, which makes it challenging for new competitors to establish a presence. Furthermore, the quick speed at which technology is developing automobile components means that ongoing research and development expenditures are necessary, which can be very expensive.
Market Competitive Landscape
The Auto Parts and Accessories market in South Korea is moderately fragmented. Some of the market key players are Hyundai Mobis, Kia Parts, Daeji Electronics, Mando Corporation, LG Electronics, Hanon Systems, Woongjin Coway, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Vehicle Type, By Type, By Application
|
| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region.
|
| Companies Covered | Hyundai Mobis, Kia Parts, Daeji Electronics, Mando Corporation, LG Electronics, Hanon Systems, Woongjin Coway and Others.
|
COVID-19 Impact on South Korea Auto Parts and Accessories Market
The COVID-19 epidemic affected the South Korean market for vehicle parts and accessories in a number of ways. At first, the pandemic caused supply chain disruptions on a worldwide scale, which resulted in shortages of components and raw materials needed for the production of automobiles. Due to its heavy reliance on foreign suppliers and just-in-time production methods, South Korea experienced severe delays and even stopped production. This was made worse by a decrease in consumer demand as a result of the pandemic's effects on economic instability and car sales. Positively, the pandemic sped up the car parts industry's transition to digital transformation and e-commerce.
Key Target Audience:
- Automobile Manufacturers
- Aftermarket Retailers
- Independent Repair Shops
- Fleet Operators
- Vehicle Owners
- Original Equipment Manufacturers (OEMs)
- Distributors and Wholesalers
- E-commerce Platforms
Our in-depth analysis of the South Korea Auto Parts and Accessories Market includes the following segments:
| By Product: | Engine PartsElectrical PartsDrive and Transmission Steering PartsSuspension and Braking Parts EquipmentOthers |
| By Vehicle Type: | PassengerCommercialLight Commercial VehicleSports VehiclesOthers |
| By Type: | Driveline and PowertrainInteriors and ExteriorsElectronicsSeatingLightingOther |
| By Application: | OEMAftermarket |
Key Topics Covered in the Report:
- South Korea Auto Parts and Accessories Market Size (FY’2024-FY’2033)
- Overview of South Korea Auto Parts and Accessories Market
- Segmentation of South Korea Auto Parts and Accessories Market By Product (Engine Parts, Electrical Parts, Drive and Transmission Steering Parts, Suspension and Braking Parts Equipment, Others)
- Segmentation of South Korea Auto Parts and Accessories Market By Vehicle Type (Passenger, Commercial, Light Commercial Vehicle, Sports Vehicles, Others)
- Segmentation of South Korea Auto Parts and Accessories Market By Type (Driveline and Powertrain, Interiors and Exteriors, Electronics, Seating, Lighting, Other)
- Segmentation of South Korea Auto Parts and Accessories Market By Application (OEM, Aftermarket)
- Expansion Analysis of South Korea Auto Parts and Accessories Market
- Problems and Obstacles in South Korea Auto Parts and Accessories Market
- Competitive Landscape in the South Korea Auto Parts and Accessories Market
- Impact of COVID-19 and Demonetization on South Korea Auto Parts and Accessories Market
- Details on Current Investment in South Korea Auto Parts and Accessories Market
- Competitive Analysis of South Korea Auto Parts and Accessories Market
- Prominent Players in the South Korea Auto Parts and Accessories Market
- SWOT Analysis of South Korea Auto Parts and Accessories Market
- South Korea Auto Parts and Accessories Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Auto Parts and Accessories Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Auto Parts and Accessories Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Auto Parts and Accessories Market
7. South Korea Auto Parts and Accessories Market, By Product (USD Million) 2020-2033
7.1. South Korea Auto Parts and Accessories Market Size, Share and Forecast, By Product, 2020-2026
7.2. South Korea Auto Parts and Accessories Market Size, Share and Forecast, By Product, 2027-2033
7.3. Engine Parts
7.4. Electrical Parts
7.5. Drive and Transmission Steering Parts
7.6. Suspension and Braking Parts Equipment
7.7. Others
8. South Korea Auto Parts and Accessories Market, By Vehicle Type (USD Million) 2020-2033
8.1. South Korea Auto Parts and Accessories Market Size, Share and Forecast, By Vehicle Type, 2020-2026
8.2. South Korea Auto Parts and Accessories Market Size, Share and Forecast, By Vehicle Type, 2027-2033
8.3. Passenger
8.4. Commercial
8.5. Light Commercial Vehicle
8.6. Sports Vehicles
8.7. Others
9. South Korea Auto Parts and Accessories Market, By Type (USD Million) 2020-2033
9.1. South Korea Auto Parts and Accessories Market Size, Share and Forecast, By Type, 2020-2026
9.2. South Korea Auto Parts and Accessories Market Size, Share and Forecast, Type, 2027-2033
9.3. Driveline and Powertrain
9.4. Interiors and Exteriors
9.5. Electronics
9.6. Seating
9.7. Lighting
9.8. Other
10. South Korea Auto Parts and Accessories Market, By Application (USD Million) 2020-2033
10.1. South Korea Auto Parts and Accessories Market Size, Share and Forecast, By Application, 2020-2026
10.2. South Korea Auto Parts and Accessories Market Size, Share and Forecast, Application, 2027-2033
10.3. OEM
10.4. Aftermarket
11. South Korea Auto Parts and Accessories Market Forecast, 2020-2033 (USD Million)
11.1. South Korea Auto Parts and Accessories Market Size and Market Share
12. South Korea Auto Parts and Accessories Market, By Region, 2020-2033 (USD Million)
12.1. South Korea Auto Parts and Accessories Market Size and Market Share By Region (2020-2026)
12.2. South Korea Auto Parts and Accessories Market Size and Market Share By Region (2027-2033)
12.3. Eastern Region
12.4. Western Region
12.5. Northern Region
12.6. Southern Region
13. Company Profile
13.1. Hyundai Mobis
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Kia Parts
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Daeji Electronics
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Mando Corporation
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. LG Electronics
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Hanon Systems
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Woongjin Coway
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Others
14. Conclusion
15. Reference Links
16. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
