Manufacture of automobile parts
Automotive Parts Manufacturing Market to be Driven by New Innovations in Forecast Period 2023-2028
30 NORTH GOULD STREET, WYOMING, UNITED STATES, May 17, 2023/einpresswire.com / — Expert Market Research’s new report titled “Global Auto Parts Manufacturing Market Size, Share, Outlook, Report of industry, forecast 2023-2028”, provides an in-depth analysis of the global automotive parts manufacturing market, assessing the market based on its segments such as component types, sales channel, vehicle type and main regions
The report tracks the latest industry trends and studies their impact on the global market. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on SWOT models and Porter’s five forces.
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Highlights of the report include:
Market Overview (2018-2028)
Historic Market Size (2022): $2.265.9 billion
Forecast CAGR (2023-2028): 3.2%
Projected Market Size (2028): $2,737,280 Billion
The global automotive parts manufacturing market experienced a decent growth in the historical period, due to the growing need for automobiles, driven by the growing demand for aftermarket repairs and maintenance activities involving changes in components of car Asia Pacific is an important market for auto parts manufacturing. The area is also expected to be a prominent global market during the forecast period, with a solid growth rate.
New technological applications in the auto parts manufacturing sector are expected to improve regional auto sales. The regional market is driven by increased production and sales of vehicles and passenger cars, as well as digitization of automotive component delivery systems.
Definition of the auto parts manufacturing industry and major segments
Key players manufacture auto parts such as transmission and powertrain components, engines and engine components, body parts and trims, electronic and braking systems, and steering and suspension components, which are then used in the production of automobiles.
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Based on the type of component, the market can be classified into the following:
battery
Cooling system
Lower bodywork components
Engine components
Car filter
Lighting components
Electrical components
others
The market can be divided into two segments according to the sales channel:
OEM
Aftermarket
The market can be divided into segments according to the type of vehicle:
Passenger cars
Light commercial vehicles
Heavy commercial vehicles
others
The regional auto parts manufacturing market includes:
North America
europe
Asia Pacific
Latin America
Middle East and Africa
Trends in the automotive parts manufacturing market
The automotive sector is expanding rapidly due to new technologies, which are driving the growth of the automotive component manufacturing industry. As a result, prominent players are aligning their tactics to existing trends to remain competitive in such a volatile environment.
Trends like introducing the latest technology in car engine radiators, manufacturing lightweight car parts to produce components to create lightweight and fuel efficient cars. The amount of scrap metal in industrialized countries is greater than in developing countries due to stricter environmental standards that require car and engine replacements.
Similarly, the use of new technologies and improvements in engines, such as hybrid engines, is more common in rich countries than in underdeveloped countries. The desire for new vehicles with lower fuel consumption is stimulated by increased government support with comparatively stronger emission standards, resulting in higher demand for auto parts. These factors are expected to contribute to the growth of the global automotive parts manufacturing market.
Key market players
The major players in the global market are Robert Bosch GmbH, Denso Corporation, General Motors Company, Valeo SA, Continental AG, Schaeffler AG, and Marelli Holdings Co., Ltd., among others. The report covers market shares, capacities, plant changes, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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