Market Revenue Automotive Components Industry forecast | Page 2

car replacement. 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.
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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.