Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Auto Parts Manufacturing Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The market for auto parts manufacturing is expected to grow at a CAGR of 3.5% during the forecast period of 2022 to 2030
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
This is due to the rapid advancement of technology. Demand for new technologies in the automobiles industry resulted in the rapid expansion of the automotive sector, which in turn increased the demand for technically superior auto components leading to the expansion of the automotive components manufacturing sector.
For instance, the introduction of the most recent technology in vehicle engine radiators is anticipated to contribute to an increase in demand for the manufacturing of automobile parts during the next few years. To make components that are much lighter and much more fuel-efficient than their predecessors, leading industries are currently intending to manufacture lightweight automotive parts.
These components will be significantly more fuel-efficient than their predecessors. In industrialised countries, the amount of scrap is far larger than in the developing world. This is because more stringent environmental restrictions have led to replacements in motor automobiles and the engines that power them.
Also, industrialised countries have a greater propensity than developing countries to make use of cutting-edge technologies and advancements in motors, such as hybrid motors. Increasing government assistance coupled with somewhat stronger emission requirements has led to an increase in the demand for automotive parts, which in turn has led to an increase in the demand for the production of new vehicles that have a lower consumption of fuel. It is anticipated that these factors will lend support to the expansion of the global market for the manufacturing of auto components.
Companies in this sector are manufacturing variety of automobile components, such as motor vehicle seating, transmission and power train components, engines and engine parts, body parts and trim, electronics, braking systems, steering and suspension components, and engine and engine parts.
Economic growth in growing economies all over the world is expected to fuel robust growth in the car manufacturing sector over the next several years, which should boost demand for auto components. This growth is projected to take place in both developed and developing countries.
The manufacturing business for automotive parts and accessories has been going through a significant transformation over the course of the past few years, which is ultimately leading to the development of an industry that is extremely competitive. Both the replacement market and new car sales are major drivers of the demand for auto parts.
Focus on Innovation to Provide a Competitive Edge
The increased focus on innovation in automotive parts, which is driving up demand for SLI batteries, as well as the rising demand for filters from diesel engine vehicles, continues to have an effect on the attitudes of manufacturers. In terms of the structure of the industry, the manufacturing market for auto parts has been exhibiting a dynamic competitive scenario.
In this scenario, the leading players primarily strategize on novel product portfolios in order to maintain their positions as market leaders. Automobile producers are also seen to be focusing on high performance automobiles, which are capable of efficiently sustaining themselves in any environment, regardless of the terrain or the weather conditions.
In the industry of automobile component manufacturing, there has been a discernible rise in the number of mergers and acquisitions, as well as expansions, that have taken place during the course of the last five years. Following a period of overall economic stagnation, sales of automobiles in Asia and the Pacific Rim have begun to show signs of improvement.
The ever-increasing demand for automobiles has had a beneficial impact on original equipment manufacturer (OEM) sales of radiators in the global automotive market. This demand has prompted automobile manufacturers to boost production output in order to accommodate growth.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Auto Parts Manufacturing market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Auto Parts Manufacturing market?
- Which is the largest regional market for Auto Parts Manufacturing market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Auto Parts Manufacturing market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Auto Parts Manufacturing market worldwide?
Companies Mentioned
- Robert Bosch GmbH
- Denso Corporation
- Valeo SA
- Continental AG
- Delphi Automotive PLC
- ZF Friedrichshafen AG.
- Magna International Inc.
- Faurecia SA
- Magneti Marelli SpA
- Aisin Seiki Co. Ltd.
- Brembo SpA
- Akebono Brake Corporation
- Hella KGaA Hueck & Co.
- ACDelco
Market Segmentation
Auto Parts
- Battery
- Cooling system
- Compressor
- Radiator
- Pump
- Thermostat
- Underbody components
- Brake
- Exhaust
- Automotive filter
- Engine components
- Starter
- Pump
- Engine
- Alternator
- Lighting components
- Electrical components
- Ignition Coil
- Ignition Switch
- Spark & Glow Plug
Distribution Channels
- Retailers
- Wholesalers & Distributors
Vehicles
- Passenger Cars (PC)
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
For more information about this report visit https://www.researchandmarkets.com/r/fq2bkx
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