The global automotive parts and components
market size is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 2.7 percent till 2025. With the latest technologies being introduced in the market every day, the automotive industry has a dynamic business environment.
Therefore, to remain competitive in such a dynamic environment, auto parts manufacturing companies are aligning their strategies with extensive trends. For instance, the auto parts manufacturing market is predicted to gain momentum in the next few years with the launch of the latest technologies in automotive engine radiators.
Also, leading organizations are already getting ready for manufacturing lightweight auto parts that are more fuel-efficient but much lighter compared to their predecessors since such new designs might increase the floor space but reduce the overall weight of the vehicle. Automotive parts and components are segmented based on their type and applications.