Albany, NY -- (SBWIRE) -- 03/26/2018 -- Worldwide automobile sales were more than 90Mn in the start of 2017 and expected to reach 1Bn by the end of year 2035. Emerging economies such as India, China and Mexico are witnessing robust growth rates of more than 17%. The recent trend shows that the automobile production is shifting to developing economies. Emerging economies started to serve global automotive market due to the rapidly growing regional consumer base, cheap labor and growing cost efficiency in manufacturing.

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Growing worldwide automotive industry at 4% growth rate is the main driver of automotive parts packaging industry market. Rapidly growing infrastructure developments in emerging economies is the other driver of automotive parts packaging industry and automotive components. Furthermore component safety, ease in handling, transportation and storage of automotive and automotive components is anticipated to the major driving factor for the growing demand of Automotive parts packaging industry.

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Rapidly growing per capita disposable income levels in emerging economies is driving the automobile sales in China, Mexico and India, which in turn driving the growth of Automotive parts packaging industry. Increasing and volatile gasoline, petrol and diesel prices is the main restraint for the growth of Automotive parts packaging industry. Geopolitical crisis like Brexit, Grexit and sanctions on Qatar and Iran are also acting as restraints for the growth of automotive parts packaging industry.

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Growing government regulations on emissions of vehicles is the other restraint factor. Environmental protection, global warming concerns and related activities like Paris climate accord are restraining the growth of automotive industry, which in turn slowing the growth of automotive parts packaging industry market. Growing hybrid vehicles market is an opportunity for the growth of automotive parts packaging industry.