Industry Background:
Auto component includes internal and some of the external parts that is engine parts, drive transmission & steering parts, body and chassis, suspension and braking parts, equipment, electrical parts and others such as fan belts, die-casting and sheet metal parts. Auto component market can be broadly classified into organised and unorganised sectors. The organised sector caters to original equipment manufacturers (OEMs) and consist of high-value precision instruments while the unorganised sector comprises low-valued products and caters mostly to the aftermarket category. These components are manufactured with precision and advanced technological methods. This industry of auto component provides services for repair and maintenance of the vehicle. Moreover, the technological advancements in automobile industry is increasing the demand in advanced features which is fuelling the market growth.This growth is primarily driven by Growing Working Population is Driving Vehicle Production
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Auto Parts & Equipment sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Robert Bosch Gmbh (Germany), Denso (Japan), Valeo (France), Continental (Germany), Tata Group (India), Aptiv (Ireland), ZF Friedrichshafen (Germany), Magna International (Canada), Faurecia S.A. (France) and Aisin Seiki (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2020, Tata AutoComp Systems entered a joint venture (JV) with Beijing-based Prestolite Electric to enter the electric vehicle (EV) components market.
In the field of electric mobility Continental and Vitesco Technologies are demonstrating the possibilities of clean mobility by developing innovative solutions for gasoline and diesel engine which is forming the basis for increasingly efficient and low-emission vehiclesThe global auto component market is witnessing rise in competitiveness among the players. In terms of market share, the major players are currently dominating. However, some of the companies are increasing the market presence by securing new contracts and tapping new markets. The manufacturers are trying to achieve competitive advantage by lowering the manufacturing costs and adopting cost effective techniques.
Influencing Trend:
Use of Recycled Parts to Prevent the Use of Raw Materials and Advancements in the Manufacturing Processes
Market Growth Drivers:
Growing Working Population is Driving Vehicle Production and Increasing Usage of Additional Accessories Include Additional Component
Challenges:
Lack of availability of Skilled Labours is affecting the market growth. COVID 19 outbreak has affected the automotive sector as 78% of the companies are not having enough staff to run the production line. Also, 80% of the world auto supply chain is connected to China. Therefore, According to China Passenger Car Association, the sales in first two months have declined by 40% as compared to same period in 2019 which is having negative impact on the industry.
Restraints:
Limited Availability of Resources Such As Metal and Others, Issues Related to Labour Costs and Government Regulations Related to Environment Protection
Opportunities:
Inappropriate Road Conditions Leading To Replacements of Components and Increasing Number of Automobile Manufacturers
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Auto Component Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Auto Component Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Auto Component players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Auto Component Study Sheds Light on
The Auto Component Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Auto Component industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Auto Component industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.