Global Auto Parts and Accessories Market to Touch $1 Trillion Mark by 2010, According to New Report by Global Industry Analysts, Inc.
World auto parts and accessories market is forecast to maintain a steady growth rate to touch the magical figure of US$1 trillion by 2010. United States continues to be the largest market, accounting for about 30% of the world demand. Europe represents the second largest market, at US$180 billion in 2006. Asia-Pacific is the fastest moving market, projected to register a CAGR of about 9% over the next five years.
San Jose, California (PRWEB) July 17, 2007 -- A new report on auto parts and accessories has been released by Global Industry Analysts, Inc. "Auto Parts and Accessories: A Global Strategic Business Report" provides comprehensive analyses of this mammoth market. The report highlights trends, growth drivers, issues, business opportunities, and challenges. Also included in the report are mergers & acquisitions, alliances, and other strategic industry activities.
Auto parts and accessories market is largely split into original equipment (OE) and aftermarket. Original equipment parts are supplied to the vehicle manufacturers for line-fit while the aftermarket involves parts supplied to the replacement needs of customers. Principal demand driver for the OE market is the number of new vehicles manufactured that is hugely governed by the prevailing economic condition of the market. While a host of factors affect demand for aftermarket parts and accessories, prominent ones include average lifetime of a vehicle/number of miles driven, quality of OEM parts, and climate.
The growing trend of incorporating additional electronic features into the automobiles is portended to peg up the electronic parts and accessories market. Growing at the industry's fastest compounded annual rate, the electronic parts and accessories market is poised to generate revenues of US$240 billion in 2010.
Mechanical auto parts market, the largest in the overall auto parts and accessories market, is projected to reach US$111 billion by 2010.
The relatively mature markets of North America and Western Europe have forced the OEM parts and accessories suppliers to focus on the emerging markets of Asia-Pacific, Latin America, and Eastern Europe. Specific markets that present additional growth opportunities include China, India, Mexico, Brazil, and Eastern European countries.
The modern automobile has been comprehensively overwhelmed by advanced electronics. Electronics find extensive utilization in satellite navigation, engine management, suspension controls and other enhancements such as activation of windscreen wipers. The next step in this ongoing electronics boom is the interconnectivity of computers on the vehicle intranet with minimum wiring. Infotronics is portended to gain rapid momentum linking the Internet to the vehicle intranet, making the vehicle an essential part of the external information system that includes global positioning system, mobile communication and navigation system. 42-volt vehicle systems are likely to usher in the modern drive-by-wire technologies, electromagnetic valvetrain and ride control systems.
Electronics with its all-round superior benefits is expected to grow in usage in the future vehicles. Nearly 30% of the executive class passenger cars value is likely to come from electronics. Mobile multimedia systems are likely to account for half of this with drivetrain and powertrain accounting for more than 30% of total value. Safety systems are likely to account for 10% while the rest will be accounted by miscellaneous items such as air conditioning, keyless entry, and other functions.
Globally, electronic content in automobiles is increasing at a rapid rate, although segmental growth dynamics differ for regional markets. Mature markets such as the US, Japan, and the West European nations are moving towards the next phase of evolution characterized by a rising demand for communications, navigation, and entertainment systems. Niche market segments with best growth prospects include power electronics, advanced navigation and collision avoidance systems, and entertainment electronics. In the developing world however, emphasis is on inclusion of basic electronics packages aimed at improving automotive safety and efficiency.
Leading market participants in the worldwide auto parts and accessories market include Arvinmeritor, Inc., Dana Corp., Delphi Automotive Systems Corp., Denso Corporation, Johnson Controls Inc., Lear Corporation, Magna International Inc., Robert Bosch GmbH, TRW Automotive Holdings Corp., and Visteon Corporation.
For more details about this research report, please visit http://www.strategyr.com/MCP-1008.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Web Site www.StrategyR.com
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