The automotive parts and accessories manufacturing industry has been through a comprehensive remodelling stage, which has resulted in the introduction of a highly competitive industry. Surging disposable income, especially in developing nations and approval of FDI present the automotive industry lucrative growth opportunities. Rising regional demand, government incentives, and easy availability of raw materials are likely to spur the growth of light duty vehicles, which has further expected to promote the auto parts and accessories market across the globe.
The automotive industry showcases a dynamic business environment, with advanced technologies being included in the market almost in a regular basis. To sustain the competitiveness in a dynamic world, manufacturers are aligning their strategies with current trends. For instance, with the launch of the latest technologies in automotive engine radiators, the market for auto parts and accessories is anticipated to gain significant momentum in the coming few years. Moreover, leading companies in the market are gearing up for lightweight auto parts to manufacture parts which are lighter than their predecessors. These new designs will result in increased floor space and also reduce the overall weight of the specific vehicle.
Surging scrapping rates of engines and motor vehicles are likely to augment the demand for OEMs. Scrap rates are higher, especially in developing economies due to strict environmental mandates, thus replacement of motor vehicles and engines is frequent compared to the developing economy. Uptake of latest technologies and innovations in engines is prevalent in developed nations. The production demand for latest vehicles with minimum fuel consumption is triggered by the growing support from the government, which has further increased the demand for auto parts. These factors are estimated to bolster the auto parts and accessories market in the coming years.
Key Company Coverage (Sales Revenue, Price, Gross Margin, Main Products etc.):
Robert Bosch, Denso Corp., Magna International, Continental, ZF Friedrichshafen, Hyundai Mobis, Aisin Seiki, Faurecia, Lear Corp., Valeo, Delphi Automotive, Yazaki Corp., Sumitomo Electric, JTEKT Corp., Thyssenkrupp, Mahle GmbH, Yanfeng Automotive, BASF, Calsonic Kansei Corp., Toyota Boshoku Corp., Schaeffler, Panasonic Automotive, Toyoda Gosei, Autoliv, Hitachi Automotive, Gestamp, BorgWarner Inc., Hyundai-WIA Corp., Magneti Marelli, Samvardhana Motherson
The global auto parts and accessories market has been segmented on the basis of type and application.
By type, the auto parts and accessories market is segmented into interiors & exteriors, driveline & powertrain, bodies & chassis, electronics, lighting, seating, wheel & tires, and others.
The application segment of auto parts and accessories market comprises aftermarkets and OEMs.
Geographically, the auto parts and accessories market spans across Asia Pacific, South America, North America, Europe, and the Middle East & Africa.
Considering the global scenario, North America acquired the maximum share of the global market due to utilization of advanced technologies in the fabrication of automotive parts. Digitalization of automotive component delivery services and growing passenger and consumer automobile production and sales are some of the chief factors likely to spur the growth of the auto parts and accessories market in the region.
R&D organizations are extensively working on augmenting the operational efficiencies and cost of these critical automotive components, targeted towards limiting the prices and cost of the final end product. This is estimated to showcase better results in the market.
Components suppliers are thus producing products which are environment-friendly and highly efficient. Emerging countries across the world including India, China, and Brazil have validated insistent developments, which are likely to bring growth prospects to the overall market during the forecast period.
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