Automotive Ancillaries' Products Market Surges to $28,583 Million by 2032, Driven by 6.6% CAGR : Allied Market Research

OREGAON, PORTLAND, UNITED STATES , July 2, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Automotive Ancillaries’ Products Market by Component (Engine Transmission & Suspension Components; Electrical Parts; Sheet Metal Parts and Body & Chassis; Cleaning, Maintenance & Repair Products; and Others), Application (Commercial Vehicle and Passenger Vehicle), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the automotive ancillaries’ products market" was valued at $15,380 million in 2022, and is estimated to reach $28,583 million by 2032, growing at a CAGR of 6.6% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 - https://www.alliedmarketresearch.com/request-sample/A185104

Automotive ancillaries' products refer to a wide range of components and accessories that are used in automobiles. These products complement and support the functioning of vehicles. Automotive ancillaries' products include components such as automotive batteries, filters, wiper blades, belts, hoses, and other consumables & components essential for vehicle maintenance, performance, and functionality.

The global automotive ancillaries’ products market has witnessed significant growth due to increase in global automobile sales, surge in popularity of vehicle electrification & hybridization, and rise in trend toward weight reduction in automobiles. Increase in R&D initiatives in autonomous & connected vehicle technology and surge in demand for sustainable & eco-friendly solutions are likely to create growth opportunity for the industry. Meanwhile, fluctuation in the price of raw materials and stringent regulatory compliance are anticipated to hinder the automotive ancillaries’ products market during the forecast period.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Robert Bosch GmbH
Uno Minda
Continental AG
NIPPON
Duncan Engineering Ltd
ZF Friedrichshafen AG
DENSO CORPORATION
Magna International Inc
AISIN CORPORATION
Lear Corporation

𝐓𝐡𝐞 𝐄𝐧𝐠𝐢𝐧𝐞 𝐓𝐫𝐚𝐧𝐬𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐒𝐮𝐬𝐩𝐞𝐧𝐬𝐢𝐨𝐧 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

By component, the engine transmission and suspension components segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period as these components are a crucial part of overall vehicle safety and functionality. Likewise, these components consist of several moving parts, such as pistons, crankshafts, valves, and others, which are most prone to wear and tear and thus require regular maintenance and replacement. However, the electrical parts segment is projected to obvious the highest CAGR of 8.0% from 2023 to 2032, owing to increase use of electrical system in modern automobiles and increase utilization in enhancing vehicle safety features and driver assistance systems. Technologies such as advanced driver assistance systems (ADAS), adaptive cruise control, lane-keeping assist, and automatic emergency braking rely heavily on sensors, cameras, and actuators to detect and respond to potential hazards on the road. This system requires sophisticated electrical parts and are extensively used in modern automobiles.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/automotive-ancillaries-products-market/purchase-options

𝐓𝐡𝐞 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

By application, the passenger vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the passenger vehicle segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032, owing to increasing disposable income among consumers in the developing economy and a growing inclination toward personally owned vehicles. Moreover, rapid urbanization and the growing population in cities have resulted in consumers spending more on owning a passenger vehicle for daily commute. Moreover, with the growth in electric and hybrid vehicle technology, the demand for the passenger vehicle segment is anticipated to continue to grow during the forecast period.

𝐓𝐡𝐞 𝐚𝐟𝐭𝐞𝐫𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

By distribution channel, the aftermarket segment accounted for the largest share in 2022. Similarly, the aftermarket segment is expected to portray the fastest CAGR of 6.7% from 2023 to 2032 due to the widespread availability of aftermarket products at lower prices in the market. Similarly, aftermarket products offer more customization options and can be designed to enhance the aesthetic and overall performance of a vehicle.

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, and the fastest CAGR of 7.8% from 2023 to 2032, and is estimated to maintain its leadership status throughout the forecast period, due to the higher adoption rates of smart mobility solutions such as EV and hybrid vehicle due to increasing in disposable income. Moreover, the region has witnessed an increase in sales of passenger vehicles, due to increasing disposable income among consumers and a growing inclination towards personally owned vehicles. Furthermore, rapid urbanization in the Asia-Pacific region and a growing population in cities have resulted in consumers spending more on owning a passenger vehicle for their daily commute.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A185104

Similarly, the growing sales of automobiles across the world are anticipated to be the major driving factor for the growth of the automotive ancillaries’ product market. As the demand for new vehicles grows, there is increased demand for automotive ancillaries’ products for its manufacturing and regular maintenance. Similarly, as modern vehicles are equipped with novel technologies such as electric drive trains, ADAS, infotainment systems, and other modern connectivity solutions, they require regular maintenance thus creating increased need for the replacement of automotive ancillaries’ products. The major reason for the rowing automobile sales is due to increasing sales in developing countries, particularly in China, India, Bangladesh, Brazil, Mexico, and others. These countries have seen the strong economic boom and rapid urbanization in recent years, resulting increasing disposable income among consumers and growing demand for the passenger vehicle segment.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬

https://www.alliedmarketresearch.com/keyless-vehicle-access-control-systems-market-A10135 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/asia-pacific-automotive-keyless-entry-system-market-A217208 - Opportunity Analysis and Industry Forecast, 2022-2032

https://www.alliedmarketresearch.com/autonomous-forklift-market-A09607 - Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/autonomous-mobile-robot-market-A16218 - Global Opportunity Analysis and Industry Forecast, 2022-2032

David Correa
Allied Market Research
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