It is estimated that the European market accounts for more than one-third of all portions of automotive functionality sold worldwide. The expansion of the automotive market is expected to be bolstered by the expansion of the industry and the presence of leading companies. The production of automotive factors complex technology, the expansion of the production and sales of vehicles for customers and passengers, as well as a digitalized component delivery service will boost car sales in the European market.
The automotive functionality components market is expected to continue to grow globally during the forecast period as the number of owned cars is expected to increase in parallel with the demand for passenger cars. Technological advancements and immediate logistical innovations have enabled brands to sell high-quality parts around the world faster and more efficiently. The increase in exports and imports of automotive components will lead to an increase in the demand for functional automotive components in the market over the next few years.
Major players in the automotive functional components market are expected to invest significant sums in online portals that promote functional components in the aftermarket and digitize component sales and deliveries in the market. In addition, as strict regulations are followed to combat greenhouse fuel emissions and ensure the protection of automotive functionality parts, automotive functionality parts are expected to contribute greatly to sales of those products.
The increasing availability of manpower, studies and development activities, government subsidies, and the government are highly likely to contribute to the expansion of the automotive functional components market in the coming years. With a developing market for torque converters, new products are being developed and developed. Technical inventions are being developed, increasing their quality and efficiency. Cars with automatic transmission are increasingly in demand in developed countries due to the growing demand.
Key takeaways
● The global torque converter market will witness an expansion of 5. 8% during the forecast period.
Competitive Landscape
It is worth mentioning the tendency of the main market players to differentiate their products through tradition. Reacting to those trends, brands are creating a variety of slices of traditional functionality for automotive applications, whether designed for operational benefits or to comply with government regulations. .
● With the highest diversity of starters and alternators among European refurbinders, BORG Automotive added 113 reference units to its diversity of starters and alternators. As a result, the two product categories account for around 95 percent of the total European market. A number of new types of spare parts have been added to the catalogue, adding spare parts for the Renegade, Ford Transit, Jeep and Volkswagen T-Roc cars. Under the brands Elstock, DRI, TMI and Lucas, the restorer offers 68 alternators and forty-five starting points for suppliers and workshops. For more than 2 million European vehicles, remanufactured opportunities of equivalent quality to original parts are now on the aftermarket.
The major players in the automotive performance parts market are
Tenneco Inc. , Robert Bosch GmbH, Continental AG, BorgWarner Inc. , Mahle GmbH, Donaldson Company Inc. , Holley Performance Products, Mitsubishi Heavy Industries, Ltd. , Honeywell International Inc. , EXEDY Corporation, Denso Corporation, AISIN SEIKI Co. , Ltd. , Hitachi Astemo, Ltd. , The NGK Spark Plug Co. , Ltd. , Cummins Inc. , ZF Friedrichshafen AG, Valeo, TREMEC, Hyundai Mobis.
Key Segments
By product type:
By vehicle type:
By Channel:
Author
Nikhil Kaitwade (Associate Vice President of Future Market Insights, Inc. ) has more than a decade of experience in market research and business consulting. It has effectively completed more than 1,500 visitor assignments, primarily in the automotive, chemical, commercial equipment, oil, and gas and service industries.
Its core competencies come with the progression of a research methodology, the creation of a unique analytical framework, statistical knowledge models for value analysis, competitor mapping, and market feasibility analysis. His experience also extends beyond analysis, advising clients on identifying expansion prospects in established companies. and niche market segments, investment/divestment decisions, and market access decision-making.
Nikhil holds an MBA in Marketing and Computer Science and a bachelor’s degree in Mechanical Engineering. Nikhil is the author of several publications and quoted in magazines such as EMS Now, EPR Magazine and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner, and member of the New York Chamber of Commerce) offers an in-depth look at the driving points driving demands in the marketplace. FMI is the world’s leading provider of market services. Intelligence, advisory, advisory, and event facilities for the packaging, food and beverage, consumer, technology, healthcare, commercial, and chemical markets. With an extensive team of more than 400 analysts worldwide, FMI provides global, regional, and local space and industry expertise. Trends in more than 110 countries.
Contact us:
Nandini Singh Sawlani
The Associate Vice President of Future Market Insights is deeply committed to uncovering actionable insights for customers and food and beverage stakeholders. It brings a combination of analytics, industry trends, and customer habits to put knowledge into perspective.
What he does with the knowledge makes for a gripping read. She is a reviewer and contributor to publications such as Process Industry Informer and Spinal Surgery News as she understands the pulse of the market and the conversion of customer preferences.
He likes to invite experts to a roundtable to assess the effect of a trend on an industry. Read their discussion on the effect of AI on packaging.