Global Automobile Ancillary Market is expected to grow to a US$ 452 Bn by 2024 from US$ 352 Bn Dollar in 2016 at a CAGR of 3.65%.
Global Automobile Ancillary Market
The global auto ancillary market has been segmented into Component, sales channel, vehicle Class, and geography. On the basis of the component market is segmented into Engine and engine parts, Transmission & steering parts, Suspension & braking parts, Equipment, Electrical parts, Sheet metal parts Body and chassis, Fan belts, Pressure die castings, Hydraulic pneumatic instruments. Based on sales channel market is divided by Distributors, Foreign Distributors, Affiliate Sales, Outsourced Sales, Value-Added Resellers (VARs), Catalogue. According to vehicle Class, market is segmented into By off Passenger Cars (PC), Light Commercial Vehicle (LCV), Lorries, Trucks, Buses, Agriculture Vehicle, Construction Vehicle, Fuel Cell Electric Vehicle (FCEV), Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV), and Plug-In Hybrid Electric Vehicle (PHEV). Geographically market is spread by North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
There are several factors that impact the growth of the global auto ancillary market. Factors such as growing demand for high energy density batteries, production of brake pads with low level of copper and heavy metals, growing to drive towards technologically advanced products, wider range of applications for pumps as technology get strong foothold, expansion collaboration mergers and acquisitions among manufacturers to increase market reach, increasing automobile production, rising demand for lithium batteries are boosting the growth of the global auto parts manufacturing market. However, low replacement rate and aftermarket potential for automotive pumps, increasing demand for the hybrid electric vehicle, import taxes, danger to business from substitutes and alternatives, and rising counterfeit auto parts have posed threats to the growth of the global market.
Geographically the Asia Pacific is expected to show high market penetration in the coming years. This region currently presents high growth potential and scope for the auto parts manufacturing market owing to a favorable environment and presents various growth opportunities to the manufacturers in this market. The auto parts manufacturing market in the Asia Pacific is estimated to grow at a moderate CAGR to reach a valuation of just under US$ 210 Billion by the end of the period of assessment.
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Key players operated in the market include Motherson Sumi, Bosch, Minda India, ZF Steering Gear, GNA Axles, FIEM, Nippon India, Duncan Engg, Bharat gears, Bharat seats, Rajratan Global.
The scope of Global Automobile Ancillary Market:
Global Automobile Ancillary Market by Component:
• Engine and engine parts
• Transmission & steering parts
• Suspension & braking parts
• Electrical parts
• Sheet metal parts Body and chassis
• Fan belts
• Pressure die castings
• Hydraulic pneumatic instruments
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