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22-08-2024
In 2023, global spending on imported automotive parts and accessories reached an estimated $454.6 billion.
This figure represents a significant 13.7% increase over the past five years, compared to $399.7 billion in 2019. On a year-over-year basis, the total value of automotive parts imports worldwide grew by 7.1%, up from $424.5 billion in 2022.
The top 5 importers in 2023 were the United States, Germany, Mexico, mainland China, and Canada. Collectively, these countries accounted for 45.9% of the global expenditures on imported automotive parts and accessories.
Looking at the data by region, Europe led the way with $206.4 billion spent on automotive parts in 2023, making up 45.4% of the global total. North America followed with 30.9% of global imports, while Asian nations accounted for 18%. The remaining shares were distributed among Latin America (3.4%), excluding Mexico but including the Caribbean, Africa (1.7%), and Oceania (0.7%), with Australia and New Zealand leading the latter.
For classification purposes, automotive parts and accessories fall under the Harmonized Tariff System code 8708.
Leading Countries by Automotive Parts Imports
Here are the top 15 countries by automotive parts import spending in 2023:
1. United States: $87.8 billion (19.3% of global imports)
2. Germany: $46.9 billion (10.3%)
3. Mexico: $32.4 billion (7.1%)
4. Mainland China: $21.5 billion (4.7%)
5. Canada: $20.2 billion (4.4%)
6. France: $19.3 billion (4.3%)
7. Spain: $15.61 billion (3.4%)
8. Slovakia: $15.57 billion (3.4%)
9. United Kingdom: $13.2 billion (2.9%)
10. Czech Republic: $12.8 billion (2.8%)
11. Poland: $11.5 billion (2.5%)
12. Italy: $10.7 billion (2.4%)
13. Belgium: $10.1 billion (2.2%)
14. Japan: $8.4 billion (1.8%)
15. Hungary: $7.9 billion (1.7%)
These 15 nations combined to purchase 73.4% of all automotive parts and accessories imported globally in 2023.
The fastest-growing markets among these were Poland (up 27.5%), Slovakia (up 23.8%), Canada (up 19.4%), and Hungary (up 18.2%) from 2022 to 2023. On the other hand, imports into mainland China and Spain declined by 14.9% and 2.9%, respectively.
Automotive Parts Imports by Companies
The following are the leading companies in automotive parts imports:
1. Volkswagen India Private Limited: 36.98%, $612.93 million
2. JSW MG Motor India Private Limited: 14.37%, $238.15 million
3. Isuzu Motors India Private Limited: 10.92%, $181.08 million
4. Mitsubishi Electric Automotive India Pvt Ltd: 4.13%, $68.46 million
5. Tjahja Sakti Motor: 3.78%, $62.62 million
6. Advics South India Private Limited: 2.59%, $42.9 million
7. Continental Automotive Components India Pvt Ltd: 2.19%, $36.32 million
8. Mahindra and Mahindra Ltd: 1.34%, $22.19 million
9. ZF India Private Limited: 1.33%, $22.08 million
10. Yanfeng India Automotive Interior Systems Pvt Ltd: 1.12%, $18.64 million
These companies represent a significant share of the automotive parts import market, reflecting the global demand and distribution of these critical components.
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