The term automotive was created from Greek autos (self) and Latin motivus (of motion) to represent any form of self-powered vehicle. The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. The automotive components industry accounts for a significant share of the total production of the global manufacturing industry. The industry is very diverse; covering goods used to supply Original Equipment Manufacturers (OEMs), also known as automakers and supplying the aftermarket or used car replacement.
The key factors driving the growth of the automotive components industry are growing complexities and demand in automobile industry, growing importance of suppliers and their recognition as partners as well as increase in opportunities for mega suppliers. Some of the noteworthy trend and developments of this industry are shifting focus on R&D, increasing M&A deals within the industry and emergence of online sales trend in the industry. However, the expansion of the industry is hindered by higher competitiveness of tier 1 supplier over tier 2 and tier 3 suppliers along with emergence of tier 1.5 suppliers.
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The global automotive component market size is a highly diversified sector that involves engine and auto component manufacturers; including aftermarket parts manufacturers, suppliers, dealers, and retailers. The manufacturing of automotive components is gradually shifting toward Asian countries such as China, India and others because of higher market potential and the low-cost manufacturing options available. In China and India, OEMs are focused on helping the suppliers improve and grow their businesses. Strong growth in the industry has attracted a pool of companies, including major foreign companies, to operate in China’s automotive component market.
The growing importance of electronics and functional integration of green components and sustainable products will drive growth in the industry. The key target audiences for global automotive components market are manufacturers of automotive components, experts from the automotive industry, and raw material suppliers for automotive components, dealers and distributors of automotive components, automotive OEMs, the automobile industry and related end-user industries. The global automotive components market is segmented on the basis of product type, vehicle type and geography.
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On the basis of product type, the global automotive components market is segmented into autonomous driving, electrical/ electronics, chassis, exterior, HMI, infotainment, interior, powertrain, thermal and so on. On the basis of vehicle type, the global automotive components market is segmented into passenger cars (PC), commercial vehicles (CV) and so on. On the basis of geography, the global automotive components market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa.
The North America region is the largest global automotive components market, closely followed by the Asia Pacific region, in terms of value. The growing end-use industries are driving the demand for automotive components in the Asia Pacific region. The key players of global automotive components market are BMW, Volkswagen Group, Toyota, Hyundai, General Motors, Tesla, Renault, Tata (incl. JLR), Nissan, Ford, Honda, Daimler, Chery, FCA, Mitsubishi, Avtovaz, Suzuki, Mahindra Group, BAIC and SAIC.
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