Spike in demand for Automotives to drive the Auto Parts Manufacturing Market
With the developing countries witnessing an increasing demand for automotives coupled with countries like India going for 100% approval of FDI, the auto parts manufacturing market is expected to witness geometric progression in the upcoming period.
Plus, incentives from the governments and easy access to raw materials are the other factors expected to boost the auto parts manufacturing market in the near future.
The entire automotive vertical does have a reverberating business environment, that too, with advanced technologies in the offing almost every single day. To strengthen the foothold amidst fierce competition, the OEMs are continuously on the toes regarding coping up with the technological turbulence.
One of the trends pertaining to advancements in technology is that of the key players going for production of lightweight auto parts without compromising on efficiency. The new-fangled designs are expected to expand floor space and curtail vehicle’s weight on the whole.
Also, it has been observed that engines’ and motor vehicles’ scrapping rates are increasing at an alarming rate. The developed economies are witnessing a higher scrapping rate due to stern environmental regulations. The developing economies are yet to pick up space herein.
The developed countries also have hybrid engines in place. The governments are supporting demand pertaining to production of hybrid vehicles. Persistence Market Research has sketched the facts along with future steps to be taken in its latest market study entitled “Auto Parts Manufacturing Market”.
What’s with Auto Parts Manufacturing Market segregation?
The global auto parts manufacturing market, by type of materials, spans battery, cooling system (compressors, radiators, pumps, thermostats), underbody component (brake components, exhaust components), automotive filter, engine component (starters, pumps, engines, and alternators), lighting components, electrical components (ignition coils, ignition switches, and spark & glow plugs). By application, it’s aftermarket and OEMs. By end-use, it’s HCVs (Heavy Commercial Vehicles), LCVs (Light Commercial Vehicles), and PC (passenger cars).
Out of these, battery holds the largest market share. Application-wise, aftermarket is expected to rule the roost, especially in the developing economies in the near future. Persistence Market Research has entailed these findings along with insights in its latest market study entitled “Auto Parts Manufacturing Market”.
North America and Europe are at the saturated stage with respect to auto parts manufacturing market. However, the Asia-Pacific is bound to gain traction in the auto parts manufacturing market in the upcoming period. SLI batteries are witnessing an exorbitant demand due to growing emphasis on novelty in the automotive parts along with growing demand from various vehicles running on diesel engines. Persistence Market Research has gauged through these findings along with probable courses of action in its latest market study entitled “Auto Parts Manufacturing Market”.
The Competitive Stint
Persistence Market Research has profiled the key players in auto parts manufacturing market as Robert Bosch GmbH, Denso Corporation, Valeo SA, Continental AG, Aptiv plc, ZF Friedrichshafen AG, Magna International Inc.,Faurecia SA, Magneti Marelli SpA, Aisin Seiki Co., Ltd., Brembo S.p.A., AKEBONO BRAKE INDUSTRY CO., LTD., Hella KGaA Hueck & Co., and ACDelco. It has mentioned further that the players mentioned above are engaging into organic as well as inorganic mode of expansion to keep the market going.
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