The automotive assembly market includes processes related to the assembly of various automotive components and parts into finished automotive. This includes assembly of vehicle frames, drive-train, suspension, brakes, interior and exterior parts. The increasing demand for electric vehicles worldwide due to stringent emission norms and government policies promoting adoption of EVs is driving the growth of the automotive assembly market.
Key Takeaways
Key players operating in the automotive assembly market are Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Abbexa Limited, Bioserv Diagnostics Gmbh, Epitope Diagnostics, Inc., LifeSpan BioSciences, Inc., RayBiotech, Inc., ALPCO. Key players are focusing on developing innovative and advanced automotive assembly solutions to gain a competitive edge in the market.
The Automotive Assembly Market Insights aims to assemble thousands of components accurately and efficiently to deliver high quality finished vehicles. The growing demand for electric vehicles worldwide due to stringent emission norms represents a major opportunity for players in the automotive assembly market. Automakers are anticipated to increase EV production significantly to meet the rising demand creating opportunities for assembly market players.
The automotive assembly market is witnessing increasing global expansion with players enhancing their international footprint especially in emerging markets of Asia Pacific and Latin America. Collaborations with regional automakers and setting up of local manufacturing plants are helping players tap into high growth regional markets.
Market drivers
The main driver for the growth of the automotive assembly market regional analysis is the rising demand for electric vehicles globally. Stringent emission norms worldwide and government policies promoting electric mobility are fueling electric vehicle sales. This is translating to increased demand for automotive assembly, especially of EV components. Growing EV component localisation requirements by regulatory authorities in nations will further drive automotive assembly market growth over the forecast period.
PEST Analysis
Political: Automotive Assembly Market Regional Analysis is regulated by federal standards for Vehicle miles per gallon ratings and emission levels. Changes in these standards impact the design of vehicles and technologies used.
Economic: Changes in Gross domestic product, interest rates, oil prices influence consumer demand and spending patterns which directly impact sales of vehicles assembled. A strong economy increases new vehicle sales.
Social: Population demographics and urbanization trends shape the types of vehicles preferred. Younger consumers demand more sustainable and technology focused vehicles while older consumers prioritize comfort, accessibility and safety features.
Technological: Advancements in electric powertrains, connectivity, autonomous driving and lightweight vehicle components are being incorporated in newer vehicle models. Digital transformation is also changing how manufacturers design, produce and distribute vehicles.
Geographical concentration of market
North America and Europe account for over 60% of the global automotive assembly market in terms of value currently led by the US, Germany, Japan and China. This is attributed to the large scale manufacturing capabilities and established automotive industries in these regions. However the market share of Asia Pacific and Central and South America regions is growing at a faster pace.
Fastest growing region
Asia Pacific region excluding Japan is projected to witness the highest CAGR during the forecast period owing to increasing disposable incomes, rising automobile ownership and expansion of local manufacturing plants especially in China and India. Government initiatives to promote local production will further boost the market in Asia Pacific region making it the fastest growing for automotive assembly globally.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
