What is Automotive Machining Market?
Automotive machining is available in various types such as honing machines, grinding machines, electrical discharge machines and others. Honing, robotic and transfer line automation, grinding, gear manufacturing, five-axis machining, reverse engineering, and prototype are some of the major examples of automotive machining. Rising income and a large young population and greater availability of credit and financing options are some of the major factors which affect the growth of the market.
Highlights from Automotive Machining Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Bosch (Germany), Panasonic (Japan), Continental (Germany), ThyssenKrupp (Germany), Denso (Japan), ZF Friedrichshafen (Germany), Honeywell International (United States), Mitsubishi Electric (Japan), Magna International (Canada) and Aisin Seiki (Japan) |
Research Analyst at AMA predicts that Germany Vendors will contribute to the maximum growth of Global Automotive Machining market throughout the forecasted period.
Bosch (Germany), Panasonic (Japan), Continental (Germany), ThyssenKrupp (Germany), Denso (Japan), ZF Friedrichshafen (Germany), Honeywell International (United States), Mitsubishi Electric (Japan), Magna International (Canada) and Aisin Seiki (Japan) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Sumitomo Electric Industries (Japan), Faurecia (France), Weichai Power (China), Valeo Group (France), HUAYU Automotive Systems (China), Cummins (United States), Eaton (United States), Toyota Industries (Japan) and Schaeffler (Germany). Automotive Machining Market Segmentation:
Scope | Sub-Segments |
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Type | Honing Machines, Grinding Machines, Electrical Discharge Machines and Others |
Vehicle Type | Passenger Cars,Commercial Vehicles |
Automation Type | CNC Machine Tools,Conventional Machine Tools |
On the basis of geography, the market of Automotive Machining has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technology Advancement in Automotive Machining
Market Growth Drivers:
Demand for automotive machining has increased, due to the increasing production of passenger vehicles. For instance, according to India Brand Equity Foundation, from 2013 to 2018, domestic passenger vehicle production saw a compounded annual growth rate of more than 4.42%. Therefore, it will drive the automotive machining sensors market.
Challenges:
One of the major issues facing the automotive industry is the environmental change resulting from rising CO2 emissions, which could be challenges for market growth.
Restraints:
Some of the major factors such as intense governmental pressure on pollution may act as restrain for market growth.
Opportunities:
Increase in Demand for Autonomous Vehicles, Demand for Commercial Vehicles Increasing owing to High Level of Activity in Infrastructure Sector and Advent of Concept Cars and Electric Vehicles in the Automotive Industry
Key Target Audience
Automotive Machining Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
Market Leaders & Development Strategies
As per an article published by India Brand Equity Foundation, in 2019, the Government of India has approved the FAME-II scheme with a fund requirement of USD 1.39 billion for FY20-22. Therefore, it will enhance market growth.