Auto Parts Manufacturing in the US - Industry Market Research Report

October 2021 •
45 pages •
Report ID: 500691 •
Format: PDF

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Open road: Rising demand in the auto industry is expected to increase demand for auto parts as well

Abstract

Auto Parts Manufacturing in the US
The Auto Parts Manufacturing industry has grown over the five years to 2019 as automakers, the industry’s largest customers, have benefited from rising sales. Industry operators manufacture various items, including exhaust systems, airbags and heating, ventilation and air conditioning systems. Higher consumer confidence and increased disposable income have led to increased car sales. Furthermore, stronger demand for new cars triggered increased production from vehicle manufacturers, which supported revenue growth for auto parts manufacturing plants. Low interest rates and unemployment levels have resulted in strengthened consumer confidence during the current period. Equipped with more disposable income and improved confidence in the economy, consumers ramped up spending over the past five years. The recent decline in auto demand is expected to persist over the five years to 2024. In addition, new car sales are expected to increase only slightly during the outlook period. This slight increase will likely be driven by rising interest rates and waning consumer confidence; financing big-ticket purchases will be more expensive for consumers and, as a result, the growth of new car sales and vehicle production will likely be tempered.

Companies in this industry manufacture and rebuild various motor vehicle parts and accessories. These parts include airbags, air conditioners, catalytic converters, exhaust systems, mufflers and resonators, radiators, radiator cores and wheels. Engines, tires, brakes, steering systems, interiors, suspensions, transmissions and automotive electronics are not included in the industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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