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Global Auto Parts Manufacturing Market: Dynamics Influencing Revenue Growth 2017-2025
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Global Auto Parts Manufacturing Market: Dynamics Influencing Revenue Growth
There are several aspects that impact the growth of the global auto parts manufacturing market. Factors such as rising demand for high energy density batteries, manufacturing of brake pads with reduced level of copper and heavy metals, growing inclination towards technologically advanced products, wider scope for pumps as technology gains high traction, expansion and collaboration among manufacturers to increase market reach, increasing automotive production, increasing demand for lithium batteries and rising automotive production and vehicle parc are boosting the growth of the global auto parts manufacturing market. However, aspects like low replacement rate and aftermarket potential for automotive pumps, increasing demand for electric vehicles, higher import taxes, threats from substitutes and alternatives, and mushrooming counterfeit auto parts have posed threats to the growth of the global market.
Global Auto Parts Manufacturing Market: Forecast Analysis
The research report on the auto parts manufacturing market indicates that the global market is expected to grow at a 3.6% value CAGR and is estimated to reach a value slightly higher than US$ 350 Bn in 2017. The global auto parts manufacturing market is anticipated to touch a market valuation of around US$ 466 Bn by the end of the period of assessment.
Global Auto Parts Manufacturing Market: Segmental Snapshot
The global auto parts manufacturing market is segmented by component, by sales channel, by vehicle type and by region.
By component, the engine component segment is the largest with a high market valuation and is expected to dominate the global market in the coming years. The underbody component segment is the second largest in terms of value and is expected to significantly contribute to the growth of the parent segment.
By sales channel, the OEM segment is the most lucrative and is poised to grow at a comparatively higher CAGR than the aftermarket segment. The OEM segment also holds a high market share and is likely to lead the global market during the forecast period.
By vehicle type, the passenger cars segment is estimated to reach a value of around US$ 348 Bn and is projected to grow at a significant CAGR throughout the period of assessment. The LCV segment is the second largest segment with a noteworthy market valuation, thus contributing to the growth of the overall market.
By region, Asia Pacific is expected to show high market attractiveness in the coming years. This region currently reflects high growth potential and scope for the auto parts manufacturing market owing to a favorable environment and presents various growth opportunities to the manufacturers operating in this market. The auto parts manufacturing market in Asia Pacific is projected to grow at a moderate CAGR to reach a valuation of just under US$ 200 Bn by the end of the period of assessment.
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Global Auto Parts Manufacturing Market: Competitive Assessment
The global auto parts manufacturing market research report has analyzed some of the key players in the auto parts manufacturing market. Few of these players profiled in the report include 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., and ACDelco.
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