Persistence Market Research (PMR) has released a new market study on the auto parts manufacturing market that includes the global industry analysis for 2014–2018 and a forecast for 2019–2029. The report on auto parts manufacturing summarises macroeconomic factors that could assist and influence the growth of the market and forecast factors.
The market for auto parts manufacturing was estimated at USD 363 billion in 2018 and is anticipated to reach a value of approx. USD 532 billion by the end of 2029, influenced by the cyclic trend of the automotive industry and new product launches. The auto parts manufacturing market is expected to grow at a moderate CAGR of approximately 3% during the assessment period.
Carbon Emission Dictating Auto Parts Manufacturing Strategies
Apart from updating and enhancing existing product standards, auto manufacturers are developing and experimenting with innovative technologies that will help improve vehicle performance, braking, fuel injection, aesthetics, adjunct functioning, and transmission. Thus, the demand for custom-made automotive products such as pumps has increased significantly in the last decade. To respond to the customised needs of OEMs, pump manufacturers, such as Denso, KSPG AG, and Delphi, are working with OEMs to deliver superior products that are compatible with their existing and new models.
‘Lightweight’ Auto Parts Continue to Trend
A major factor driving the growth of the global auto parts manufacturing market in the present scenario is the increasing vehicle production in prominent regions. Furthermore, due to the growing demand for lightweight automotive vehicles, the automotive industry is also trying to adapt this feature in the auto parts manufacturing market. Moreover, the automotive component industry must adhere to multiple guidelines issued by regulating authorities. Such regulations are compelling manufacturers to develop products compatible with the regulations. Manufacturers are focused on consolidating the market through long-term contracts with major automobile producers and aftermarket sales through on-spot service and online sales.