Pune, Maharashtra -- (SBWIRE) -- 09/05/2023 -- HTF MI introduces new research on Auto Parts and Accessories covering the micro level of analysis by competitors and key business segments (2023-2029). The Auto Parts and Accessories explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled in the study are Bosch GmbH (Germany), Magna International (Canada), Continental AG (Germany), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Aisin Seiki Co., Ltd (Germany), Valeo SA (France), Faurecia SA (France), Aptiv PLC (Ireland), Lear Corporation (United States).
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According to HTF Market Intelligence, the Global Auto Parts and Accessories market is segmented by Type (Engine Components, Electrical and Electronic Components, Interior and Exterior Accessories, Others) by Distribution Channel (OEMs, Aftermarket) and by Geography (North America, South America, Europe, Asia Pacific, MEA).
Definition:
Auto parts including internal and external consists of wheel, tires, lighting, electronic parts, body and chassis. Whereas the most important parts include the engine, gearbox parts, drive axle, steering and suspension, and brakes. These are manufactured with precision and advanced technological methods. This industry of auto parts and accessories provides services for the repair and maintenance of the vehicle. Moreover, the technological advancements in the automobile industry are increasing the demand for advanced features which is fueling the market growth. According to Automotive Aftermarket, in the United States, the Aftermarket industry in 2018 was valued at USD 296 billion and projected to reach USD 433 billion by 2021. This includes individual businesses including manufacturers, repair shops, distributors, marketers, and retailers. Also, According to IBEF, the auto component industry in India has grown by 10.6% to reach USD 56.2 billion in 2019.
Market Trends:
- Use of Recycled Parts to Prevent the Use of Raw Materials
- Advancements in the Manufacturing Processes
Market Drivers:
- Growing working population coupled with expanding middle class
- Increasing usage of Additional Features like Bluetooth Touch Screens and safety features
Market Opportunities:
- Inappropriate Road Conditions Leading To Replacements of Parts
- Increasing number of automobile manufacturers
Highlighted Auto Parts and Accessories Market Segments and Sub-segments:
Auto Parts and Accessories Market by Key Players: Bosch GmbH (Germany), Magna International Inc (Canada), Continental AG (Germany), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Aisin Seiki Co., Ltd (Germany), Valeo SA (France), Faurecia SA (France), Aptiv PLC (Ireland), Lear Corporation (United States)
Auto Parts and Accessories Market by Types: Engine Components, Electrical and Electronic Components, Interior and Exterior Accessories, Others
Auto Parts and Accessories Market by Geographical Analysis:
- APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (U.S., Canada, and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, UAE, South Africa)
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The study is a source of reliable data on Market segments and sub-segments, Market trends and dynamics Supply and demand Market size Current trends/opportunities/challenges Competitive landscape Technological innovations Value chain, and investor analysis.
Interpretative Tools in the Market: The report integrates the entirely examined and evaluated information of the prominent players and their position in the market by methods for various descriptive tools. The methodical tools including SWOT analysis, Porter's five forces analysis, and investment return examination were used while breaking down the development of the key players performing in the market.
Key Growths in the Market: This section of the report incorporates the essential enhancements of the marker that contain assertions, coordinated efforts, R&D, new item dispatch, joint ventures, and associations of leading participants working in the market.
Key Points in the Market: The key features of this Auto Parts and Accessories market report include production, production rate, revenue, price, cost, market share, capacity, capacity utilization rate, import/export, supply/demand, and gross margin. Key market dynamics plus market segments and sub-segments are covered.
Research Objectives:
- Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).
- To analyze the with respect to individual future prospects, growth trends and their involvement to the total market.
- To analyze reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
- To deliberately profile the key players and systematically examine their growth strategies.
FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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