Irving, Texas (PRWEB) August 02, 2012
The global auto component industry experienced moderate growth over the last five years and is expected to continue its growth momentum reaching approximately $730.8billion in 2017 with a CAGR of 3.2% over next five years (2012-2017).APAC is anticipated to emerge as the leading growth market over the forecast period due to high demand and low-cost manufacturing practices in the region.
Lucintel, a leading global management consulting and market research firm, has analyzed the global auto component industry and presents its findings in “Global Auto Component Industry 2012-2017 Trend, Profit, and Forecast Analysis.”
The global auto component industry is a highly diversified sector that involves engine and auto component manufacturers, including aftermarket parts manufacturers, suppliers, dealers, and retailers. The manufacturing of auto 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 auto component market.The growing importance of electronics and functional integration of green components and sustainable products will drive growth in the industry.
Lucintel’s research indicates that the industry witnessed strong growth during 2010-2011, as there was an increase in automobile sales and production coupled with demand for hybrid vehicles. Industry players rapidly added capacity to meet growing demand from automobile manufacturers. The industry is transforming and the boost in demand is expected to give rise to several new players in the industry.
As per the study, searching qualified employees, managing rising costs while staying competitive on price, and expanding product portfolios are the biggest challenges for the industry. Substantial investment in capacity expansion, increasing after-market demand, and sales and revival in global auto production with strong recovery in vehicle sales are anticipated to expand the industry’s footprint.
The report tracks one market segment for four regions; thus, it tracks four segments of the global auto component industry.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel(dot)com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency.