Automotive Parts Packaging Market Share Worth USD 3.12 Billion with 4.1% of CAGR by 2027

Automobile manufacturers worldwide are receiving heavy demand for passenger vehicles and light & heavy commercial vehicles. Higher disposable income and purchasing power capacity among the people significantly propels automobile procurement. Besides, the constant pressure on automakers to deliver a large number of vehicles according to consumer's requirements is also catalyzing the vehicle production statistics. In 2017, the total production of passenger cars in Europe was 19,595,025 units. Manufacturing and later assembly work of automobile parts often take place at different facilities of the plant, which requires proper packaging and delivery material.

According to The Insight Partners' research, the global automotive parts packaging market accounted for US$ 2,182.6 million in 2018 and is expected to hit US$ 3,124.9 million by 2027 to rise at a CAGR of 4.1% from 2019 to 2027. The increasing production of vehicles worldwide and rising demand for aftermarket automotive parts are the potential factors surging the market.

Get Sample PDF at https://www.theinsightpartners.com/sample/TIPAT00002684?utm_source=OpenPR&utm_medium=10051

Strategic Insights:
Key players dominating the global automotive parts packaging market are CMTP Packaging PTY LTD; DS Smith Plc; Encase Ltd; JIT Packaging; Nefab Group; Pacific Packaging Products Inc; Pratt Industries, Inc; Sealed Air Corporation; Smurfit Kappa Group Plc; and Sonoco Products Company, among others.
• In July 2018, CMTP Packaging introduced its new asparagus box robot. This new product can cater to more fragile products with small protective casings. It leveraged the mass production capacity of the company, increased the output, and reduced the waste material.
• In June 2018, DS Smith developed a polypropylene packaging box system to transport and protect automotive car lamp units to the final assembly line of the plant. In July 2018, the company received a contract from Toyota Automotive Parts to design returnable trays with dunnage to handle and transport delicate parts to the plant.
• In February 2019, Nefab Americas acquired Pacific Coast Packaging, a company specialized in the design & manufacturing of custom wood, foam, and corrugated packaging products. The acquisition is expected to strengthen the product offerings of the company and expand its business in Southern California market.
• In August 2018, Sealed Air Corporation acquired AFP Inc to expand its capabilities in design, development, testing, fabrication, warehousing, and just-in-time delivery services.

The aftermarket or replacement market plays a vital role in automotive parts packaging industry. With preventive maintenance and timely servicing, customers try to optimize the lifespan value of their vehicles. This fueled the growth of aftermarket parts and services globally and generated revenue opportunities for many players. Moreover, companies are now offering automotive parts online to reach a larger chunk of customers worldwide. Another aftermarket trend is the availability of DIY (do it yourself) products, which allows customers to buy and install the parts in their vehicles by themselves. Additionally, people nowadays pay a surplus for comfort and luxury by incorporating head-up displays, audio systems, lights, replaceable seats, and decorative interiors & exteriors, thereby bolstering the global automotive parts packaging market.

Schedule a pre-sale discussion with the author team in a slot that you prefer to address queries on scope of the report, customization, introduction to methodology, assistance on technologies, and market definitions - https://www.theinsightpartners.com/inquiry/TIPAT00002684?utm_source=OpenPR&utm_medium=10051

Despite the driving elements, the lack of global regulations hurdles the growth of global automotive parts packaging market.

On the basis of product type, the market is split into pallets, crates, cartons, bags & pouches, trays, and others. The crates segment occupied 28.3% market share in 2018. It garnered US$ 618.7 million in 2018 and is anticipated to amass US$ 863.1 million by 2027 to expand at a CAGR of 3.8% during 2019-2027.

According to packaging type, the automotive parts packaging market sphere is arrayed into reusable and disposable. The former held 66.6% market share in 2018 generating US$ 1,453.6 million. It is projected to accrue US$ 2,129.0 million by 2027 to grow at 4.4% CAGR along the forecast period.

As per component, the global automotive parts packaging market is segmented into battery, cooling system, lighting component, engine component, electrical, and others. With 35.3% share of the business, the others segment led the market in 2018. It was valued at US$ 770.9 million in 2018 and is slated to be worth US$ 1,057.4 million by 2027 to feature a CAGR of 3.6% throughout the forecast period.

From regional point of reference, the Asia Pacific market held 44.0% share of the domain in 2018. It was evaluated at US$ 961.0 million in 2018 and is likely to reach US$ 1,484.3 million by 2027 to register the highest CAGR at 5.0% over the forecast period.

Immediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods - https://www.theinsightpartners.com/buy/TIPAT00002684?utm_source=OpenPR&utm_medium=10051

Email: sales@theinsightpartners.com
Phone : +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.