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(Construction.IndustryNews247.Com, May 01, 2019 ) The global automotive parts packaging market accounted to US$ 2.18 Bn in 2018 and is expected to grow at a CAGR of 4.1% during the forecast period 2019 - 2027, to account to US$ 3.12 Bn by 2027.
APAC is expected to be the fastest growing region for the usage of automotive parts packaging. The major reason for this is the huge automotive hub in China. As China is the largest automotive hub in the world, highest market growth as well as market share is anticipated to be exhibited in this country. The new market initiatives and strategic partnerships are expected to continue during the forecast period, contributing to high growth of automotive parts packaging market in the region. Further, major IT hubs housed in the European continents, huge automotive industry in Germany spread across the European continent have contributed towards the growth of automotive parts packaging market in European region. Apart from APAC and Europe, North America remains the third largest geographic segment, which accounted for 19.0% of the total market share in 2018.
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• To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Automotive Parts Packaging Market
• To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
Increasing demand for aftermarket automotive parts
The aftermarket or replacement market plays an important role in automotive parts packaging market. With the increasing awareness of preventive maintenance as well as scheduled servicing of vehicles, consumers today are focusing in maximizing the lifespan value of their existing vehicles. This has significantly bolster the growth of aftermarket parts and services demand globally and has generated new revenue opportunities for an extensive number of players operating in the automotive aftermarket industry. Moreover, increasing spending capacity of people to pay for comfort and luxury is propelling the demand for head-up displays, better audio and video system, lights, comfortable seats, and decorative interiors and exteriors among others. Further, the demand for replacement of vehicle tires over a period of time due to safety reasons is bolstering the aftermarket growth. The overall increase in the sales of aftermarket automotive parts is bolstering the automotive parts packaging market growth.
GLOBAL AUTOMOTIVE PARTS PACKAGING – MARKET SEGMENTATION
By Product Type
Bags & Pouches
By Packaging Type
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
Rest of MEA
South America (SAM)
Rest of MEA
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