Automobile Components Market 2022
The market for auto parts manufacturing was estimated at ~US$ 363 Bn in 2018 and is anticipated to reach a value of ~US$ 532 Bn by the end of 2029, influenced by the cyclic trend of the automotive industry and new product launches. The auto parts manufacturing market is expected to grow at a moderate CAGR of ~3% during the assessment period.
Persistence Market Research (PMR) has released a new market study on the auto parts manufacturing market that includes the global industry analysis for 2014–2018 and forecast for 2019–2029. The report on auto parts manufacturing summarizes macroeconomic factors that could assist and influence the growth of the market and forecast factors.
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Prominent automotive parts and components including battery, cooling system, engine & drive train components, underbody components, lighting components, and electrical components are considered in the report. OEM and aftermarket sales channels are considered in the auto parts manufacturing market. Additionally, the report offers a thorough analysis of the auto parts manufacturing market for the coming ten years.
Key Companies-
- Robert Bosch GmbH
- Denso Corporation
- Valeo SA
- Continental AG
- Aptiv PLC
- ZF Friedrichshafen AG
- Magna International Inc.
- Faurecia S.A.
- Magneti Marelli SpA
- Aisin Seiki Co., Ltd.
- Brembo S.p.A.
- AKEBONO BRAKE INDUSTRY CO., LTD.
- Hella KGaA Hueck & Co.
- ACDelco
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Carbon Emission Dictating Auto Parts Manufacturing Strategies
Apart from updating and enhancing existing product standards, auto manufacturers are developing and experimenting with innovative technologies that will help enhance vehicle performance?braking, fuel injection, aesthetics, adjunct functioning, and transmission. Thus, the demand for custom-made automotive products such as pumps has increased significantly in the last decade. In order to respond to customized needs of OEMs, pump manufacturers, such as Denso, KSPG AG, and Delphi, are working with OEMs to deliver superior products that are compatible with their existing and new models.
Automotive manufacturers are focusing on reducing the weight of vehicle parts and making them more compact to enhance vehicle performance. In line with this, battery manufacturers are developing batteries with higher functionality and more compact designs for use in vehicles. Analyzing the impact of carbon emissions from automobiles, various governments and regulatory authorities are imposing stringent regulations on automobile manufacturers. As a result of these stringent norms, manufacturers are compelled to design lightweight, compact, and fuel-efficient vehicles. The effective cooling of engine can significantly reduce fuel consumption and hence the emissions.
In order to provide decent cooling, manufactures are improvising the designs of radiators by using lightweight metals and compact sizes. Various auto part manufacturers have successfully expanded to other regions and formed alliances with others to improve their share in the auto parts manufacturing market, develop new products through knowledge sharing, and enhance brand value.
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Key Questions Answered in PMR’s Automobile Components Market Report
- Which region is anticipated to hold a prominent market share over the forecast period?
- What will be the key driving factors prompting the demand for Automobile Components during the forecast period?
- How current trends will impact the Automobile Components market?
- Who are the significant market participants in the Automobile Components market?
- What are the crucial strategies of prominent players in the Automobile Components market to upscale their positions in this landscape?
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