China's rise stood out as competition in the global auto parts ecosystem shifts toward electrification and intelligent systems. In Korea, growth was led by companies that have diversified their export markets.
Combined revenue at the world's 100 largest auto parts makers reached $939.6 billion (about 1,245.35 trillion won) last year, up 2.0% from a year earlier, according to a report on the world's top 100 auto parts companies released on the 21st by the Korea Automotive Technology Institute.
China posted the steepest revenue growth of any country. Chinese companies in the top 100 generated combined revenue of $119.3 billion last year, a 16.2% increase from the previous year. Korea recorded $74.9 billion over the same period, up 2.3%. The United States and Germany logged modest gains of 0.9% and 0.8%, respectively, while Japan was the only major country to contract, at minus 1.2%.
The lineup of top 10 companies leading the global parts ecosystem also shifted. Germany's Bosch, with $63 billion, and Japan's Denso, with $47.1 billion, held first and second place for a second straight year after 2024. China's CATL, with $44 billion, posted the strongest growth among the top 10 and climbed to third from fifth. Hyundai Mobis (012330) held sixth place. India's Motherson entered the top 10 for the first time this year, helped by Germany's Continental restructuring its business.
An analysis of the 10 companies with the highest revenue growth rates showed heavy representation from electrification and intelligent systems. Six of the 10 were classified as electrification-related and three as intelligence-related. Seven of the 10 were Chinese companies, underscoring the rapid growth of China's parts ecosystem.
By region, Asia accounted for the largest share of combined revenue among the top 100 parts makers at 39.4%, followed by Europe and North America. Among the 55 companies that moved up in the rankings, Asia accounted for 42.5% of revenue. The report said the figures "show the possibility that expanded automobile production in Asia contributed to the growth of parts companies in the region."
China was the only country to increase its number of companies in the top 100, while other major countries held steady or saw slight declines. China rose to 16 companies from 14, Japan held at 23, while the United States fell to 16 from 17, Germany to 15 from 16 and Korea to nine from 10. Korea's decline reflected the exclusion of SK On, ranked 53rd in 2024, after its merger with SK Enmove made it difficult to estimate revenue tied to automakers.