As per current published report by Markntel Advisors the Asia-Pacific Automotive Parts and Components Market is estimated to grow at a CAGR of around 6.05% during the forecast period, i.e., 2024-30. A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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Asia-Pacific Automotive Parts and Components Market Driver:
Increasing Automobile Production Contributing to Sustained Demand for Automotive Parts & Components – Automobile production in the APAC region is increasing due to government support for the automotive industry. The regional countries, including China, India, and Japan, have the highest production rate of automobiles as the country has improved its industrial capabilities by absorbing advanced foreign technologies & management practices. In addition, international automobile manufacturers are entering the Chinese market due to lower labor costs & government support.
In a country like India, the government supports the growth of the automotive industry by introducing the Production Linked Incentive (PLI) Scheme for the automobile sector to increase manufacturing capability. Also, the government of Japan supports the growth of the automotive industry, increasing global demand for environmentally friendly production, and higher safety standards have led to a boom across the country. Thereby, contributing to driving the Asia-Pacific Automotive Parts and Components Market growth.
The Asia-Pacific Automotive Parts and Components Market has segmented the market into the following categories:
By Components
(Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies & Chassis, Braking System, Others),
By Application
(OEMs, Aftermarket),
By Vehicle Type
(Two-wheelers, Three-wheelers, Off-the-Road, Passenger Cars)
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By Region
– China
– Japan
– India
– South Korea
– Australia
– Southeast Asia
– Rest of Asia-Pacific
Competitive Environment Featuring Key Players:
Denso Corporation, Robert Bosch GmbH, HELLA GmbH & Co. KgaA, ZF Friedrichshafen AG, Nidec Corporation, Aisin Corporation, Marelli Holdings Co., Ltd, Continental AG, Mitsubishi Electric Corporation, Magna International Inc., Others
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-The present and projected market outlook in light of recent changes, which include growth prospects and drivers as well as obstacles and constraints in both developed and emerging regions
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