Light Commercial vehicles
Electronic stability control system market trends are poised to gain immense momentum over the forecast years, owing to rise in fatal car crashes and serious vehicle accidents causing large-scale damage to the masses. Since the last few decades, the automotive industry has shifted its focus towards implementation of more active safety features like traction control system and antilock braking system which reduce the chances of crashes to a large extent during acceleration and in harsh driving conditions. This increasing demand to improve transport efficiency has undeniably impelled the expansion of the electronic stability control system market size.
India electronic stability control system market size, by vehicle type, 2018 & 2025 (USD Million)
Commercial vehicles are consistently becoming the leading mode of road transportation in the Asia Pacific region. As compared with other transportation vehicles, commercial vehicles exhibit greater safety risks and several performance limitations because of their features including unstable roll motion at higher speeds and poor maneuverability at low speeds. With the advent of the electronic stability control in cars, next-gen driver assistance concepts have taken root, and have played a significant role in contributing towards increasing safety on the roads.
A 2018 report by the U.S. National Highway Traffic Safety Administration (NHTSA) suggests that with the introduction of electronic stability control (ESC) systems, there has been a considerable reduction in passenger vehicle crashes by 34% and SUV crashes by 59%. ESC systems also substantially reduce rollover accidents. Nowadays, commercial vehicles are already incorporated with ESC systems and these vehicles are specifically designed to mitigate understeer and oversteer conditions as well as reduce untripped crashes.
The Asia Pacific market is likely to emerge as a strong contender due to increasing implementation of road safety gears and the design and development of vehicles equipped with safety features. According to International Organization of Motor Vehicle Manufacturers, in 2018, India had witnessed 8% growth in automobile production. China is also a prominent automotive market, the expansion of which will augment APAC ESC market outlook in the forecast years.
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Of late, India-based multinational automotive manufacturing companies have been working to launch medium and heavy commercial vehicles with electronic stability control with an aim to make Indian roads safer and more secure. The growing adoption of ESC systems and increasing number of safety innovations in several vehicles will further strengthen the regional ESC industry size.
The robust implementation of the intelligent vehicle systems in the automotive sector has enhanced safety protocols while driving and has created an efficient transportation system for vehicle users. From high-tech sensors to vehicle roll rate sensors – everything is being implemented by the manufacturers in the latest vehicles to maintain the stability of the vehicles and reduce any kind of mishap in the future.
In order to fortify their stance in ESC industry, several companies are adopting different growth strategies to move ahead of their rivals. In June 2019, ZF Friedrichshafen, a German car parts manufacturer and partner 2GetThere had launched autonomous shuttles in the Middle East and Europe. The main aim of the company is to improve vehicle handling, reduce motion sickness and deliver safe, clean transportation options that are competitive and comfortable as well. Innovative launches such as the aforementioned will create a positive influence on the product demand and augment the Europe industry share.
The massive deployment of technological advancements across the automotive industry will have a favorable influence on the ESC market. Moreover, the involvement of prominent companies in designing vehicles with advanced safety features are likely to fuel the industry growth in the ensuing years.
The enforcement of favorable government policies are likely to impact the industry outlook. In 2018, the Ministry of Road Transport & Highways of India had announced that by 2023 all Indian vehicles should be compulsorily equipped with safety breaking features like autonomous braking and ESC. This will further generate lucrative opportunities for automotive players in the ESC industry.
Major companies that have captured a prominent proportion of electronic stability control system market share include ZF Friedrichshafen, General Motors (StabiliTrak), Johnson Electric, Robert Bosch GmbH, Autoliv, IAV Engineering, Denso Corporation and Johnson Electric. Global Market Insights, Inc., estimates electronic stability control system market size to reach US $ 45 billion by 2025.
Author Name : Deeksha Pant
The escalating efforts to promote passenger safety owing to rising number of road accidents will drive automotive seat belts market trends. For decades, seat belts have been one of the most effective safety precautions used in the automotive industry. In fact, a National Highway Traffic Safety Administration (NHTSA) study claims that, between 1960 and 2012, seat belts have helped save more than 329,715 lives compared to all other vehicle safety technologies including airbags, electronic stability control and energy-absorbing steering.
U.S. Automotive Seat Belts Market, By Type, 2018 & 2025, (USD Million)
However, despite potential benefits, passengers are still seen avoiding the use of seat belts which has indirectly led to increasing trends in road accidents. For instance, in 2009, road crashes were reported to kill over 33,000 people and injure another 2.2 million, in which about 53% of drivers and passengers were seen not wearing seat belts. Fatalities caused by drowsy driving have also increased dramatically in the past couple of years.
Meanwhile, unbuckled passengers are reported to be more likely of being ejected through the front, rear or side windows, resulting in fatal repercussion. Factors such as these have underlined the sheer importance of seat belts in the current automotive industry and indirectly added impetus to automotive seat belts industry outlook.
Reportedly, to avoid such accidents in the first place, automakers are implementing enhanced seat belt reminder systems in their vehicles that continuously alert drivers and passengers to use seat belts following vehicle startup. Studies also suggest that lap/shoulder seat belts could significantly reduce the risk of fatal injury to front-seat occupants by 45% and the risk of moderate-to-critical injury by 50%.
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Additionally, primary seat belt enforcement laws and heavy penalties for seat belt law violation are also likely to supplement automotive seat belts market growth. For instance, based on reliable reports, penalty amounts have increased on an average from $39 to $70 in the U.S. while seat belt use has increased by an average of about 9.1% in the country. In addition to stern fines, in 2019, officials in New York have also pushed a bill mandating the use of seat belt in rear passenger seats, cite news reports.
Advancements in seat belt technology coupled with growing investments by OEMs to develop advanced sensor-based seat belts will drive automotive seat belts market growth. Technologies like seat belt tensioners and load limiters have significantly helped improve the seat belt effectiveness whilst lowering impact on travelling passengers. Seat belt reminder (SBR) systems that come with audiovisual aids have also proven to be extremely effective in increasing product traction. In fact, a declining trend in unbelted driving has been recorded while unbelted drivers have reduced by 80% in vehicles with advanced SBR systems.
Meanwhile, automakers are seen promoting the use of seat belts by means of new safety features in last couple of years. For instance, U.S. automaker Chevrolet has recently introduced its ‘Buckle to Drive’ feature, anticipated to come as standard on all 2020 Chevy Traverse, Malibu, and Colorado vehicles, that will actively help prevent teens from driving until they fasten their seat belts. Initiatives such as these are anticipated to foster product use, in turn boosting the automotive seat belts industry size.
Rising cases of road fatalities and surging passenger vehicle sales are expected to foster APAC automotive seat belts market growth. According to reliable reports, in India, a whopping 75% of passenger vehicle drivers do not use seat belts, causing around 15 deaths per day. While the Ministry of Road Transport and Highway report cite that, in 2016, a total of 5,638 people died on road due to non-usage of seat belts. With stringent government regulation and introduction of advanced seat belt reminding technologies, the regional automotive seat belts industry is slated to record significant growth over the forecast period.
Meanwhile, surging passenger vehicle sales in the country will raise the automotive seat belts market growth to new levels. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), the sale of passenger vehicles (PV) rose by 2.70% in April-March 2019 whereas PV sales are projected to grow by 3-5% in FY20. Furthermore, introduction of new vehicle segments equipped with advanced safety features will boost product penetration.
The demand for automotive seat belts is gaining momentum due to rising awareness regarding passenger safety along with new government regulations to minimize road fatalities. The development of advanced seat belt reminding technologies will propel market share. Reports from Global Market Insights, Inc., suggest that the automotive seat belts market size might surpass USD 10 billion by 2025.
Author Name : Mateen Dalal
Unveiling automotive part cleaners & degreasers market with respect to the product terrain: rising vehicle sales worldwide to drive the industry landscape over 2018-2024
The growing prominence of low-emission & high-performance engines is projected to fuel automotive part cleaners & degreasers industry in the forthcoming years, owing to the rising significance imparted to maintenance and servicing operations. The array of products that are available across this domain are frequently used to rid the vehicle’s engine of different contaminants before an oil change in an effort to enhance the vehicle’s fuel efficiency. Moreover, with global vehicle sales growing at an exponential rate owing to improving economic conditions across a number of countries, the automotive part cleaners & degreasers market is expected to accumulate substantial momentum from their maintenance & servicing activities. Furthermore, there has been a growing trend for the sale of vehicle part & repair accessories online as more and more brands are starting to make their products available on global e-commerce platforms.
Automotive Part Cleaners & Degreasers Market Size, By Cleaners, 2017 & 2024, (Million Gallons)
While improving economic conditions have propelled vehicle sales across the world, they have also fueled the sizable boom the construction & e-commerce industries which in turn have driven up the commercial & heavy vehicle demands, further propelling the automotive part cleaners & degreasers industry trends.
Automotive part cleaners & degreasers industry | Impact of growing vehicle demand in the U.S. on engine flush cleaner sales
Defying previous predictions, the sales of vehicles across the United States in 2018 experienced a slight rise in its numbers, highlighting the nation’s strong economy with automobile manufacturers reporting a 0.3% surge to approximately over 17 million vehicles. This rise in sales comes despite a highly-volatile stock market, growing interest rates, and increasing vehicle prices that have pushed some of the prospective buyers out of the automobile market. This tendency for the U.S. vehicle market to draw in growth in the face of adverse market conditions would be responsible for driving the growth of the regional automotive part cleaners & degreasers industry, specifically from the sales of engine flush cleaner, on account of the fact that they impart efficiency and longevity to engines that is crucial for the U.S. auto industry.
As a matter of fact, across the United States, owning a vehicle is extremely critical since vehicles are viewed from a utilitarian perspective. Due to scarce options of public transport, a majority of the nation’s population depends on automobiles to commute to & from work – that is to say, an average U.S. automobile experiences extensive amount of use throughout its tenure. This has driven the demand for engine flush cleaners that help elongate the shelf life of engines, by eliminating deposits, gum, and varnish, and improving fuel performance. Powered by the requirement of a clean lubrication system and the stringent norms governing VOC emissions, the U.S. automotive part cleaners & degreasers industry share from engine flush cleaners is anticipated to register a CAGR of 2.5% over 2018-2024.
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Automotive part cleaners & degreasers industry | Impact of catalytic converter cleaner sales
According to U.S-based non-profit organization, Manufacturers of Emission Controls Association (MECA), catalytic converters have been an extremely important aspect of mobile-source emission control across the world ever since the mid-1970s. Catalytic converters, from the initial two-way oxidation units to the advanced three-way units that are used today, have helped in cutting down air pollution by more than 10-billion-tons across the U.S. alone.
Today, advanced catalytic converters are more crucial than ever due to the increasing need globally to cut down on carbon emissions and manufacture more fuel-efficient & eco-friendly vehicles, which in consequence has surged the demand for catalytic converter cleaners worldwide. These cleaners, while helping to cut down on emissions also help improve fuel-efficiency & ensure vehicle safety by preventing the clogging of catalytic converters. Attributing to these prominent factors, automotive part cleaners & degreasers industry size from catalytic converter cleaners had been pegged at $2.5 billion in 2017.
The industry would also experience momentum due to increasing government regulations concerning the rate of emissions and the rising investments that automakers are making in their respective R&D activities to control emissions.
Automotive part cleaners & degreasers industry | Impact of China’s rising vehicle sales on transmission degreaser sales
China’s rapidly rising standard of living and purchasing power have majorly propelled the region’s automotive industry, consequently driving the demand for maintenance and servicing products. As per reports, the region has observed exceptional sales of transmission degreasers, that are suitably designed to break down varnish deposits and clean internal transmission components. In a bid to ensure passenger safety and prevent damage, auto maintenance and repair establishments are found to be using these degreasers consistently. China automotive part cleaners & degreasers industry size from transmission degreasers apparently, is anticipated to be pegged at $1 billion by 2024.
Transmission degreasers are also known to maintain optimal gearbox conditions and enhance vehicle speed. In order to cater to the consumer demands for excellent vehicle performance, longevity, regular servicing, and leakage elimination, servicing setups are often found using transmission degreasers, that would further augment the industry growth in the region.
The aforementioned trends characterizing the product landscape of the global automotive part cleaners & degreasers market quite discernibly indicate that this business vertical is here to stay. According to a Global Market Insights, Inc., the overall automotive part cleaners & degreasers industry size is slated to surpass the $47.5 billion renumeration mark 2024.]
Author Name : Akshay Kedari
On-board diagnostics (OBD) aftermarket to be driven by a stringent regulatory landscape, global industry to chronicle itself in the billion-dollar business sphere by 2024
Powered by a strict regulatory frame of reference formulated to control vehicular emissions, on-board diagnostics (OBD) aftermarket has emerged as a highly lucrative business sphere over the last few years. Lately, many regulatory bodies have established emission control facility centers to resolve the issues related to the effective working of OBD. In the U.S. specifically, the National Center for Automotive Science & Technology has established the National OBD Clearinghouse for facilitating the understanding of the on-board diagnostics technology, for which U.S. Environmental Protection Agency (EPA) has even provided a grant. In order to comply with the Clean Air Act, EPA has been encouraging people to conduct vehicle maintenance and inspection that will ultimately control the vehicle emission. As of now, a majority of vehicles are incorporated with the OBD technology for meeting the national air quality standards.
Europe On-board Diagnostics (OBD) Aftermarket Share, By Application, 2017
The OBD system is one of the integral parts of the electronic control unit (ECU) and is used for diagnosing and repairing vehicle subsystems and rectifying the malfunctions associated with the systems. The integrity of the emission control unit is maintained with the help of external tools that re-flash and re-configure the vehicle emission parameters. The increasing use of external vehicle diagnostic tools to maintain the shelf life of the vehicle is slated to propel on-board diagnostics (OBD) aftermarket considerably.
Taking into account the strict regulatory norms formulated to curb and monitor vehicle emissions, many diagnostic equipment providers are currently developing new OBD tool facility centers to check problems associated with the engine. For instance, in 2017, the leading suppliers of test equipment and diagnostic reporting for the automotive aftermarket, Innova Electronics Corp launched a modern on-board diagnostic tool line which is totally featured with its newly invented products that will be helpful for excellent diagnostic reporting.
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The advent of a new range of technologies including cloud computing, Internet of Things (IoT), and smartphones have also had a remarkable influence on the on-board diagnostics aftermarket. In line with the recent product launches, many on-board diagnostics (OBD) aftermarket contenders have been developing new product portfolios comprising the modern technology aids. It has become very easy now for the vehicle owners to calibrate their vehicles’ emission control unit. Recently, one of the leading players in on-board diagnostics aftermarket, Verizon has launched a next-generation aftermarket vehicle diagnostic service device that works just by plugging into vehicle’s OBD computer port. As soon as it does, it connects to the OBD system of the vehicle and notifies the driver about any maintenance issue. In addition, Verizon has incorporated a smartphone software application as well as GPS technology that will help to resolve the mechanical issues in case of an emergency.
Though the government has mandated the deployment of vehicle health monitoring facilities, many vehicle owners are disabling and tampering on-board diagnostics and pollution control systems. They have also been tampering with laboratory test results and are bypassing emissions around monitoring devices. In U.S., the criminal office of the Environmental Protection Agency (EPA) and the Department of Justice (DOJ) in fact, had sued the employees of Rockwater Northeast LLC which provides operational services across oil and gas sector. The employees of this hydraulic fracturing firm had modified the OBD system and emission control unit of the company’s heavy-duty diesel trucks. This strict stand taken by the regulatory bodies for the infringement of Clean Air act has depicted the significance regulations have on the North America on-board diagnostics aftermarket industry growth.
The significant benefits associated with the deployment of on-board diagnostics system to improve air quality through vehicle maintenance and inspection is slated to fuel the product demand across the globe. The installation of vehicle health inspection systems ultimately helps the owners to maintain the vehicle before it violates the air quality standard set by the government. In this regard, many vehicle owners have been implementing OBD systems to monitor and maintain their vehicles which will favorably stimulate on-board diagnostics aftermarket industry size over the years ahead. For the record, driven by a strict regulatory frame of reference, the overall on-board diagnostics (OBD) aftermarket will surpass revenue collection of USD 1.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar
With the automotive industry adhering increased importance to the driver’s comfort and convenience, steering wheel switches market size is projected to witness massive growth in the years ahead, in terms of sales and volume. Traditionally, these wheels were designed only with one button for honking. However, with consumers demanding increased functionality in the car such as controls for playing music and handsfree talking on the phone, steering wheels have come to include more switches.
For most part, additional switches help the driver operate different functions without having to get distracted from driving, thus helping to prevent accidents. Steering wheel switches are more prevalent in passenger vehicles and light commercial vehicles, though they are also gaining prominence in heavy commercial vehicles. Owing to the comfort and functionality that these switches provide, automotive industry players are looking forward to incorporating more such switches in the steering wheel with varied styles, which would eventually boost steering wheel switches industry trends.
Increasing technology propagation to augment Europe steering wheel switches market outlook
It is imperative to mention that in the countries where the demand for luxury cars are greater, such as Germany, Italy, UK, and France, steering wheel switches industry giants have designed wheels to accommodate as many as 10 switches. This trend has been followed in mid-range cars as well, with switches like infotainment, phone connectivity and volume control that can keep drivers from operating the distracting touchscreen for any kind of function control.
Many auto manufacturers are also adding a joystick-like push button controller on the left of the steering wheel, which is intuitive and can be operated without the driver having to seek out the touchscreen display first. The rising demand for such easily functional switches will indeed boost the steering wheel switches market share. Many automobile designers and manufacturers are also working to design a uniform steering wheel switch layout so that it is easier for users to operate controls using intuition and feel, thereby propelling the steering wheel switches industry trends further.
The efforts by prominent industry contenders is anticipated to majorly drive Europe steering wheel switches market size, that is projected to surpass USD 1 billion by 2024. In addition, the region is characterized by stringent regulations focusing on bettering driver safety, which would further bolster the industry outlook.
OEMs and aftermarket to emerge as vital distribution channels driving steering wheel switches industry size
Original equipment manufacturers are able to offer unique and customized designs for steering wheel switches that are amply suited to the customer’s specific desires. Also, OEMs have greater capacity for investing heavily in innovation that would lead to better steering wheel designs. As per estimates, steering wheel switches market size from OEMs is anticipated to register a remuneration of more than USD 3 billion by 2024.
OEM segment, as a matter of fact, accounts for the largest steering wheel switches market share. The growth can also be attributed to the increasing disposable incomes that have enabled users to choose the best customization possible for their vehicles.
The high costs associated with steering wheels designed by OEMs will also drive the aftermarket steering wheel switches industry share. Aftermarket steering wheel switches are easier to afford and incorporate into the existing design of the vehicle. The consumer also gets a wider choice of what to incorporate and what to avoid when steering wheel switches are purchased and installed through the aftermarket. Widespread presence of the e-commerce industry and easy availability of the product in online auto stores will further drive the aftermarket steering wheel switches industry.
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Rising automobile production to drive APAC steering wheel switches industry share
Considering the fact that they ensure driver’s safety, steering wheel switches might be made mandatory in the near future. The ease of operation the product provides is also a reason for the rising popularity and demand of steering wheel switches. Automotive manufacturers in the rapidly developing region of Asia Pacific have duly acknowledged this growing demand.
Driven by the massive increase in automotive manufacturing and sales in this region, APAC will contribute over 40% toward steering wheel switches industry share by 2024.
Though the growth prospects of steering wheel switches market are indeed impressive, it is expected that the emergence of autonomous vehicles technology and innovative cars that may come without steering wheels may hinder the steering wheel switches market progress. Nonetheless, it has been forecast that driverless cars would take a while to go mainstream, on the grounds of which it is justified to state that steering wheel switches market would continue to experience an exponential growth graph in the ensuing years.
Author Name : Paroma Bhattacharya
APAC automotive air intake manifold market to accrue heavy gains over 2017-2024, driven by the rising automobile production
Hydrogen Engine Center’s recent launched intake manifold technology has marked a quantum leap in automotive air intake manifold market. This new design will apparently overcome the air & fuel imbalance in all the V8 engines, leading to reduced power and operational inefficiency. In addition, the technology is designed to improve the overall power output between 4% to 8% on almost all the internal combustion engines and can work on any type of combustion engine with four or more number of cylinders. The fact that this design will halt the backfiring of V8 engines with the usage of hydrogen as a fuel would certainly impel automotive air intake manifold market in the years to come.
U.S. Automotive Air Intake Manifold Market Size, By Vehicle, 2013 – 2024 (USD Million)
Recently, Ford India unleashed the 1.5-liter Ti-VCT, a three-cylinder petrol engine, that would open new growth avenues in India automotive air intake manifold industry. The manufacturing unit of the firm based in Sanand, Gujarat will manufacture this innovative petrol engine that will fulfill the demands of both the regional and global automobile sector, as it offers enhanced fuel efficiency and helps reduce the carbon emissions in the environment.
Key automobile manufacturers have been striving to expand their production base lately, given the intense competition and product demand. Holley Performance Products Incorporation, for instance, has established a manufacturing unit at Franklin in the U.S, which is likely to augment the vehicle production and increase the number of jobs across the automotive sector. The numerous developments underlining the automotive domain and automotive aftermarket have led experts to predict that automotive air intake manifold market will indeed experience lucrative growth prospects over 2017-2024.
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The substantial rise in the demand for vehicles across Indonesia, China, and India has led to an improvement in the vehicle production capacity, which would certainly augment APAC automotive air intake manifold industry. Furthermore, APAC has been predicted to contribute over 45% toward global automotive air intake manifold market revenue by 2024, driven by the ever-expanding automotive sector in the region.
Germany on the other hand, houses some of largest automobile manufacturing firms such as Volkswagen, Audi, Mercedes Benz, and BMW, which would considerably stimulate Germany automotive air intake manifold market. In addition, escalating demand for passenger cars across the region, resulting in an increase in the vehicle production will further augment the regional growth.
Reputed players such as MAHLE Gmbh, Aisin Seiki Company Limited, Keihin Corporation, Röchling Group, Mikuni Corporation, and Sogefi S.p.A partaking in automotive air intake manifold industry share have been focusing on expanding their consumer base and brand visibility across myriad geographies. Citing an instance, in the second quarter of 2017, Rochling Group commissioned its first automobile manufacturing plant in Mexico.
Favorable trade policies and the prevalence of effective product distribution channels have also considerably augmented this business space. Manufacturers have lately been adopting just-in-time strategies that has resulted in high product penetration across the automotive sector, thereby stimulating automotive air intake manifold industry. As per Global Market Insights, Inc., automotive air intake manifold market will cross a targeted revenue margin of USD 51 billion by 2024.
Author Name : Dhananjay Punekar
Global automotive wheel market to register itself in the much-coveted 100-billion-dollar business space by 2024, shifting trends toward lightweight vehicles to boost the product demand
The escalating development of global automotive sector will generate lucrative growth avenues for automotive wheel market. Automobile producers have been adopting new manufacturing techniques to comply with emission control regulatory norms. Researchers have also been implementing novel product designs and improvised concepts to increase the fuel efficiency of vehicles, which in turn, will boost automotive wheel industry size. Rising spending capabilities of consumers across the globe is also fueling the product demand. Of late, consumers have been prioritizing comfort, durability, and product design, which will provide a significant impetus to global automotive wheel industry. In fact, estimates claim automotive wheel market to surpass USD 100 billion in terms of revenue by the end of the year 2024.
U.S. Automotive Wheel Market, By Material, 2017 & 2024 (USD Million)
Major automotive manufacturers across North America and Europe are treading towards the production of lightweight vehicles, owing to the increasing concerns over environmental pollution. Aluminum is one of many materials that is used to construct these light weight vehicles, and has also been gaining popularity pertaining to the benefits it provides such as low weight, improved design, and excellent performance. The aluminum-based automotive wheel market will also experience commendable growth in the ensuing years pertaining to enhanced car handling and riding comfort, in tandem with the reduction of unsprung mass.
Surging innovations in product design has generated lucrative opportunities for various OEMs to penetrate automotive wheel market. In fact, OEMs dominated the automotive wheel market in 2017 and the segment is anticipated to retain its dominant position over 2018-2024 as well. The growth in the demand for OEMs in this industry can be appropriately credited to the extended durability, robust performance irrespective of weather, and reduced replacement rates.
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It is prudent to mention that OEMs have also benefitted from supportive manufacturing policies implemented by numerous Asian countries. The Asian zone, as a matter of fact, is anticipated to garner substantial returns in automotive wheel market, particularly on account of the expanding automotive industry in the region and the extensive automobile production across the economies of China and India. Indeed, APAC is known to have been a dominant regional contender and is expected to continue its leadership streak in the global automotive wheel market over 2018-2024. The regional growth can also be credited to the hefty demand for aluminum wheels in passenger cars in tandem with the requirement for aftermarket customization.
Rapid urbanization trends across the globe have changed the consumer standards of living, on account of which consumers across the globe have been giving preferences to passenger cars. Driven by rising passenger cars sales subject to increasing disposable income and high demand for mobility, automotive wheel industry size from passenger cars is likely to depict an incline in the years ahead. In 2018 alone, the European Automobile Manufacturers’ Association (ACEA) observed registrations of about 12 million passenger cars, with a growth rate of 2.5% between January-September 2018. Even in China, in 2016, passenger car production was recorded at more than 24 million units. It is thus rather overt from these statistics that the commercialization scale of the global automotive wheel market will experience quite an upsurge from the worldwide demand and supply of passenger cars alone.
OEMs, in recent times, have been making strategic agreements with suppliers to expand the business space. Innovations in product design and manufacturing processes will create numerous growth opportunities for industry players in automotive wheel market. Mergers & acquisitions and joint ventures will continue to remain the key growth strategies that major companies will adopt, in order to stay ahead of their rivals in automotive wheel market.
Author Name : Saipriya Iyer