Global Auto Parts Manufacturing Market to Grow at 3.6% CAGR to Surpass US$ 465 Bn by 2025

A new insightful study titled “Global Market Study on Auto Parts Manufacturing: Underbody Components Segment Estimated to Reach a Significant Valuation in Excess of US$ 115 Bn by 2025 End” has recently been submitted to the database of Market Research Reports Search Engine (MRRSE). According to the report, the global auto parts manufacturing market is projected to grow at a CAGR of 3.6% during the assessment period and surpass US$ 465 Bn by the end of the forecast period.

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According to the report, growth of the automotive industry in Asia Pacific and resurgence in the US is likely to promote the growth of the auto parts manufacturing market. Although there have been significant short-term fluctuations in the passenger car sales in Asia Pacific, the long-term outlook on the market remains positive. It is highly likely that these factors will continue to induce growth in the market during the assessment period.

The report segments the global auto parts manufacturing market into vehicle type, sales channel, component type and region. The vehicle type segment is further sub-segmented into HCV, LCV and PV. The sales channel segment is bifurcated into aftermarket and OEM. The component segment is categorized into electrical components (spark & glow plug, ignition coil and ignition switch), lighting components, engine components (engine, pump, starter and alternator), automotive filter, underbody components (exhaust and brake), cooling system (thermostat, pump, radiator and compressor) and battery. Geographically, the market is divided into key regions globally which are North America, Latin America, Europe, Asia Pacific and Middle East & Africa.

On the basis of component type, engine components accounted for a high revenue share of the market, and it is expected that this segment will continue to dominate throughout the assessment period. During the assessment period, this segment is likely to grow at 3.3% CAGR and rake in US$ 212 Bn by the end of the forecast period. In addition to engine components, demand for automotive filters is likely to grow at the highest pace.

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By region, Asia Pacific is likely to remain the largest market globally, and it is highly likely that demand will remain robust during the assessment period. According to the report, the auto parts manufacturing market in Asia Pacific is likely to reach a valuation of nearly US$ 200 Bn by the end of the forecast period.

The report profiles some of the leading players operating in the market. Some of these players are ACDelco, AKEBONO BRAKE INDUSTRY CO., LTD., Hella KGaA Hueck & Co., Brembo S.p.A., Magneti Marelli SpA, Aisin Seiki Co., Ltd., Faurecia S.A., ZF Friedrichshafen AG, Magna International Inc., Aptiv PLC, Valeo SA, Continental AG, Robert Bosch GmbH and Denso Corporation.

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This release was published on openPR.