Global Auto Component Market Overview:
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. Some of the players profiled in the study are 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).
On the basis of geography, the market of Auto Component 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). If we see Market by Sales Channel, the sub-segment i.e. OEMs will boost the Auto Component market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Certification, the sub-segment i.e. Genuine Parts will boost the Auto Component market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Growing Working Population is Driving Vehicle Production
- Increasing Usage of Additional Accessories Include Additional Component
- Use of Recycled Parts to Prevent the Use of Raw Materials
- Advancements in the Manufacturing Processes
- Limited Availability of Resources Such As Metal and Others
- Issues Related to Labour Costs
- Government Regulations Related to Environment Protection
- Inappropriate Road Conditions Leading To Replacements of Components
- Increasing Number of Automobile Manufacturers
- 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.
Key Market Developments:
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 vehicles
The 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.
Auto Component Manufacturers, Auto Component Raw material suppliers, Automobile Enterprises, Research Institutes, Suppliers and Distributors and Government Associations
Major Objectives Focused through this Study
To define, describe, and forecast the Global Auto Component market on the basis of product [Flywheel, Pressure Plate, Clutch and Other] , application [Passenger Cars (PC), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Auto Component market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Auto Component industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are Brembo (Italy), Akebono Brake Industry (Japan), Hella Kgaa Hueck (Germany) and Acdelco (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Auto Component market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. 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.