As per the reports published by FMI, the global automotive OEM market is projected to have an average-paced CAGR of 4.17% during the forecast period. The current valuation of the market is US$ 35.16 Billion in 2023. The market value of the automotive OEM market is anticipated to surpass a market valuation of US$ 52.90 Billion by the year 2033. A historical market valuation of US$ 32.4 Billion has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
Automotive OEM (Original Equipment Manufacturer) refers to a company that produces parts and components for vehicles that are then assembled by the automotive manufacturer to create a complete vehicle. OEMs supply a wide range of parts and components, including engines, transmissions, brakes, suspensions, electronics, and more.
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The demand for automotive OEMs is driven by several factors, including:
- Increasing vehicle production: As the demand for vehicles increases globally, automotive OEMs are experiencing growth in demand for their parts and components.
- Technological advancements: Advancements in automotive technology are driving demand for more advanced and sophisticated parts and components. This includes components for electric and hybrid vehicles, advanced driver-assistance systems (ADAS), and other electronic features.
- Outsourcing of manufacturing: Many automotive manufacturers are outsourcing the production of parts and components to third-party suppliers. This trend is expected to continue as manufacturers seek to reduce costs and increase efficiency.
Key Takeaways from the Automotive OEM Market
- The automotive OEM market is estimated to surpass a valuation of US$ 52.90 Billion by the end of the projection period.
- An approximate surge of US$ 2.76 Billion has been witnessed from the base year to the current year in the automotive OEM market.
- The commercial vehicle type segment is projected to advance at a CAGR of 6.8% through the forecast period.
- The powertrain segment by component type category is likely to dominate the automotive OEM market, with a market valuation surpassing US$ 439.67 Billion by 2033.
- The United States automotive OEM market is projected to advance at a moderate pace registering a CAGR of 6.6% during 2023-2033.
“Demand and production of high-performance cars are projected to curate lucrative growth prospects for advancement of the industry through the foreseen years.” – Says an FMI Analyst.
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Competitive Landscape in the Automotive OEM Market
Due to the existence of numerous international and regional companies, the market for automotive OEMs is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the market is projected to register significant growth through the forecast period.
Some of the key companies in the market are
Toyota Motor Corporation., Volkswagen AG., Nissan., Honda Motor Co., Magna International Inc., Continental AG., CIE automotive., Siemens., BMW AG., Exide Industries Limited., Denso Corp., Robert Bosch, GMbH., Valeo, Aptiv, Ford Motor Company., Mitsubishi Motors Corp.
Recent Developments
- Recently, the 3M collision repair application was launched by the 3M company, which is an application tool for mobiles. It is identified to help with the expert technical support provided by the shop technicians and the personnel for distributor sales.
- In July 2021, MasterBeat Corporation announced that its JTEC Autoworld launched the Amazon retail segment of its online automotive parts platform. JTEC has a plan of utilizing Amazon and several other e-commerce platforms for accelerating the sales and marketing of automotive OEM products.
- Two Indian Companies, Mahindra and Mahindra Tata Motors have increased their market share by about 5% in the Indian market, one in every five cars is made by these Indian OEMs, which are sold in India.
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Key Segments in the Automotive OEM Market
By Components:
- Powertrain
- Chassis
- Electronics and Electrical
- External Body
- Car Interiors
By Vehicle Type:
- Commercial vehicles
- Passenger cars
- Electric cars
By Distribution Channel:
- Retailers
- Wholesalers
- Distributors
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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