Asia Pacific Automotive Parts Packaging Market to 2027 - Regional Analysis and Forecasts by Product Type; Packaging Type; and Component
NEW YORK, Nov. 14, 2019 /PRNewswire/ -- The Asia Pacific automotive parts packaging market accounted for US$ 961.0 Mn in 2018 and is expected to grow at a CAGR of 5.0% over the forecast period 2019-2027, to account for US$ 1,484.3 Mn in 2027. The demand for aftermarket automotive parts is propelling the growth of the automotive parts packaging market. Moreover, the emergence of several new carmakers in the electric vehicle market is expected to boost the automotive parts packaging market growth in the forecast period. The Asia Pacific automotive industry has experienced the emergence of several new carmakers over the years. The automotive giants are constantly eyeballing on electric vehicle manufacturing as the section has attracted several customers globally. Major players catalyzing the market for electric vehicles worldwide include Tesla, BMW, Nissan, Ford, and Volkswagen, among others. As per the International Energy Agency, the global fleet of electric vehicles grew to 3.1 Mn in 2017, marking a 54% growth over the last year. The electrification of automobiles is ushering the automotive industry and the industries associated with it to a greater extent. With the rising electric vehicle production, the requirement for a large and diversified number automotive parts and components is increasing. Geographically, China and the US is witnessing the adoption of electric vehicles, and the growth is soaring at a rapid rate year on year. The automotive parts packaging market players are focusing on various initiatives to enhance their capabilities and boost its position in the market.
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The automotive parts packaging market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years.In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the automotive parts packaging market further.
For instance, the governments of most of the countries in the Asia Pacific region are focusing on the manufacturing of vehicles and auto parts in their country itself.Through Made in China 2025, the government of China is backing the local companies to compete with foreign carmakers and to compete globally.
Further, the major initiative by the Indian government, Make in India, focuses on the manufacturing of products in the country.Furthermore, India's Automotive Mission Plan 2016-26, emphasizes on providing government support to the country's growing automotive and its components manufacturing industry.
This is anticipated to influence the automotive parts packaging market during the forecast period. These initiative provide various benefits to the automotive parts packaging based companies located in the region, thus, increasing the growth of the automotive parts packaging market.
On the basis of component, the electrical segment is leading the automotive parts packaging market with the second highest market share and is expected to continue its growth during the forecast period.A vehicle comprises of several electrical and electronic parts such as infotainment system, back-up warning, digital displays, and navigation systems among others.
Apart from the mentioned common systems, there are several hidden electronic systems in a vehicle including, electric power steering, anti-lock brakes, engine control, and electronic throttle control, among others.These automotive parts are fragile and require product-specific packaging.
Moreover, Advanced Driver Assist Systems, an emerging trend in the automotive industry, has resulted in the deployment of new safety features, which in turn has led to the adoption of various electronic systems in a vehicle.The new safety features require cameras, radar, LiDAR, and other such components.
Thus, the rising demand for electrical components is expected to boost the automotive parts packaging market.
The overall automotive parts packaging market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the automotive parts packaging market.
It also provides an overview and forecast for the automotive parts packaging market based on all the segmentation provided for the Asia Pacific region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the automotive parts packaging market. Some of the players present in automotive parts packaging market are DS Smith Plc, CMTP Packaging Pty Ltd., The Nefab Group, Sealed Air Corp., Smurfit Kappa, Sonoco Products Co., Mondi Group, Schoeller Allibert, Ckdpack Packaging Inc. and Signode Packaging Systems among others.
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