About Automotive Components
Automotive components include engine parts, electrical parts, and others such as fan belts, suspension and braking parts, drive transmission & steering parts etc. The automotive components are designed to help enhance the performance of finished products and factory operations. The automotive components sector embraced robotic technology as a means to achieving the quality and flexibility required by their customers, the automotive original equipment manufacturers. There are many plastic parts required for a vehicle, including both interior parts, such as dash panels and trim, and exterior parts, such as bumpers, door handles, and spoilers. The robot applications used to produce these parts include injection mold unloading, routing, water jet cutting and painting. Automotive components sectors rise rapidly over the years due to globalization and industrialization.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The market for Automotive Components is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as product innovation and using various marketing strategies to gain a higher market share. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Automotive Components market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Lear corporation (United states), Tenneco (United states), BorgWarner (United States), Visteon (united states), American Axle (United states), Standard Motor Products Inc. (United states), Continental AG(Germany), Benteler International (Germany), Nissan motor co. ltd (Japan) and Toyota motor corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are WABCO (France), Bosch Ltd (Germany), SAIC Motor (China), GAC group Co ltd (China), Endurance Technologies Ltd. (India) and Varroc Engineering Ltd (India).
Segmentation Overview
AMA Research has segmented the market of Global Automotive Components market by Type (Engine Mountings, Tire, Battery, Brake Parts, Wheels, Lighting And Electronic Component and Other), Application (Mechanical Testing, Ultrasonic Inspection, Data Logging, Component Testing, Anti-Clock Breaking and Other) and Region.
On the basis of geography, the market of Automotive Components has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Offline (Retailers, Original Equipment Manufacturers) will boost the Automotive Components market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End use, the sub-segment i.e. Commercial Vehicles will boost the Automotive Components market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 28 February 2022, A Global Automotive Technology Leader in Seating and E-Systems, Announced It Has Completed the Acquisition of Substantially All of Kongsberg Automotive’s Interior Comfort Systems (ICS) Business Unit. The Acquisition Will Further Advance Lear’s Seat Component Capabilities and Expand Product Offerings in Increasingly Popular Thermal and Comfort Seating Solutions, Such as Seat Heating and Ventilation, And Massage and Lumbar Support. “Lear Is Leading an Era of Unprecedented Evolution and Growth in Automotive Seating Innovation. As Automakers Look for Greater Product Differentiation, Increased Efficiency, And Improved Performance – Especially in The Luxury, SUV, And Electric Vehicle Segments – Lear Is Offering Seating with More Integrated Thermal and Premium Features,” Said Ray Scott, Lear President And CEO.
On 26 May 2022, Standard Motor Products, Inc. (SMP) Announced the Addition Of 146 New Part Numbers to Its Standard, Blue Streak, And Standard Import Lines. SMP’s New Part Number Release for May 2022 Spans 55 Different Product Categories and Includes 38-Part Numbers For 2021 And 2022 Model Year Vehicles, The Company Says. SMP Says It Continues to Expand Its ADAS (Advanced Driver Assist Systems) Program with The Introduction Of 17 New Park Assist Cameras, Covering More Than 8 million Vehicles. New Blind Spot Detection Sensors Are Now Available for Popular Ford Trucks and SUVs, Including The 2013-2011 Explorer, 2012-2011 Edge, 2021-2020 Super Duty and the 2021-2020 Explorer. Additional ADAS (Advanced Driver Assist Systems) Products Including ABS Speed Sensors and Lane Departure System Cameras Are Also Included in The Release.
At The Federal Level, Automobiles and Auto Parts Are Regulated by Two Agencies: The National Highway Traffic Safety Administration (NHTSA) And the U.S. Environmental Protection Agency (EPA). NHTSA Oversees Vehicle-Safety Issues. The EPA Regulates Vehicle Emissions. States And Local Jurisdictions Are Permitted to Establish Their Own Safety Laws and Regulations as Long as They Do Not Conflict with A Federal Standard. The California Air Resources Board (CARB) Has the Authority to Establish Tougher Vehicle Emissions Standards, Which Other States May Then Adopt.
Market Drivers
- Demand Of Consumers in Car and Motor Vehicles
- Globalization And Global Industry Influence Automotive Components Industry
- Technological Innovations
Opportunities
- Huge Domestic Market and Fast-Growing Infrastructure
- Fully Digitalizing Manufacturing and Non-Manufacturing Operations In The Coming Years
Restraints
- Bad Quality Automotive Components Threat to Safety
- Duplicate Quality Automotive Components Cause Collateral Damage
- Some Components Have Lack of Regulations
Challenges
- Limited Knowledge of Product Liability and Offshore Warranty Handling
- Limited Domestic Market for Various Component Inhibiting Capacity Creation
- Poor Infrastructure of Supply Chain and Export for Automotive Components
Key Target Audience
Automotive Component Manufacturers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.