World Auto Parts and Accessories Market to Reach US$1.4 Trillion by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Auto Parts and Accessories markets. Although the depressed automotive industry and economic activity restricted growth opportunities for auto parts, re-emphasis on product innovations, government subsidies and stimulus packages doled out is expected revive the battered automotive industry and in the process the market for auto parts and accessories, which remains a critical component in the automotive supply value chain. In light of anticipated economy recovery in the medium term coupled with recovery in automotive production, and rebound in sales, global market for auto parts and accessories is projected to reach US$1.4 trillion by 2015.

Auto Parts and Accessories: A Global Strategic Business Report

The automobile industry has been one of the worst hit industries by the recession. Demand for cars witnessed hurting declines exacerbating the already existing woes of excess production capacities. With vehicle sales nose-diving and resulting in plant shutdowns, shockwaves that ripped through the automobile industry was faithfully transmitted to the auto parts and accessories sector. The value and volume sales of auto parts decreased steeper than total vehicle sales as consumers traded down from high-content SUVs and trucks to low-content passenger cars. Global Tier-1 auto parts manufacturers faced challenging business environment in 2009 as the credit crunch and financing shortfalls drove several companies into bankruptcy. Production cuts, continuous trimming of manufacturing capacities, and elimination of value added features to produce low-cost vehicles, have all been popular short-term strategies to cope with the recession. Governments also extended economic stimulus packages to keep automotive industry afloat. While the number of bankruptcies in the auto parts industry may stabilize in the year 2010, the next two-three years will continue to remain difficult. Given the still prevailing uncertainty over the expected time frame for recovery, a slow, and gradual recovery is forecasted.

Europe and Asia-Pacific together accounts for a major share of the world market, as stated by the new market research report on Auto Parts and Accessories. Stabilizing global oil prices and incentives offered by governments like scrappage schemes i.e. Cash-for-Clunkers, for replacing old cars with new, will help increase car sales and revive the auto parts sector. Also, scheduled development and roll out of new vehicle models, including alternative vehicles, will create a need to replenish inventories. Future strategies to emerge above the turbulence will essentially be skewed towards focus on making higher-end auto parts for luxury cars in order to enhance technologies and widen product mix.

Segment wise, Mechanical auto parts will continue to remain the largest market worldwide. Globally, electronic content in automobiles is increasing at a rapid rate, although the 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. The growing trend of incorporating additional electronic features into the automobiles will continue to peg up sales of electronic auto parts and accessories in the post recession period.

Major players in the marketplace include ArvinMeritor, Inc., Dana Holding Corp., Delphi Corp., Denso Corporation, Johnson Controls Inc., Lear Corporation, Magna International Inc., Robert Bosch GmbH, TRW Automotive Holdings Corp., and Visteon Corporation.

The research report titled "Auto Parts and Accessories: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$) for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, Thailand, and Rest of Asia-Pacific), Latin America (Argentina, Brazil, Mexico, and Rest of Latin America), and Rest of World. Product segments analyzed include Mechanical, Electrical, Electronic and Exterior and Structural Markets.

For more details about this comprehensive market research report, please visit –

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 over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of 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
Email press(at)StrategyR(dot)com
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