Automotive Components Market Driving Factors, Product Type and Top Manufacturers Till 2022

The global automotive components market size is a highly diversified sector that involves engine and auto component manufacturers; including aftermarket parts manufacturers, suppliers, dealers, and retailers. The term automotive was created from Greek autos (self) and Latin motivus (of motion) to represent any form of self-powered vehicle. The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles.

The automotive components industry accounts for a significant share of the total production of the manufacturing industry. The industry is very diverse; covering goods used to supply Original Equipment Manufacturers (OEMs), also known as automakers and supplying the aftermarket or used car replacement.

Browse Details of Automotive Components Market at:
https://www.millioninsights.com/industry-reports/automotive-components-market

The key factors driving the growth of the automotive components industry include growing complexities and demand with respect to automobile industry, growing importance of suppliers and their recognition as partners, and increase in opportunities for turnkey suppliers. However, the expansion of the industry is clipped off by higher competitiveness of tier 1 supplier over tier 2 and tier 3 suppliers along with emergence of tier 1.5 suppliers.

The manufacturing of automotive components is gradually shifting toward Asian countries such as China, India and others because of higher market potential and the low-cost manufacturing options available. In China and India, OEMs are focused on helping the suppliers improve and grow their businesses. Strong growth in the industry has attracted a pool of companies, including major foreign companies, to operate in China’s automotive components market.

The growing importance of electronics and functional integration of green components and sustainable products will drive growth in the industry. The key target audience for automotive components market are manufacturers of automotive components, experts from the automotive industry, and raw material suppliers for automotive components, dealers and distributors of automotive components, automotive OEMs, the automobile industry and related end-user industries. The automotive components market is segmented on the basis of product type, vehicle type and geography.

Request Free Sample Copy of Automotive Components Market at:
https://www.millioninsights.com/industry-reports/automotive-components-market/request-sample

On the basis of product type, the automotive components market is segmented into autonomous driving, electrical/ electronics, chassis, exterior, HMI, infotainment, interior, powertrain, thermal and so on. On the basis of vehicle type, the automotive components market is segmented into passenger cars (PC), commercial vehicles (CV) and so on. On the basis of geography, the automotive components market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa.

The North America region is the largest automotive components industry, closely followed by the Asia Pacific region, in terms of value. The growing end-use industries are driving the demand for automotive components in the Asia Pacific region. The key players of automotive components industry are BMW, Volkswagen Group, Toyota, Hyundai, General Motors, Tesla, Renault, Tata (incl. JLR), Nissan, Ford, Honda, Daimler, Chery, FCA, Mitsubishi, Avtovaz, Suzuki, Mahindra Group, BAIC and SAIC.