Market Size For Automotive component In The USA, By Company, Application, And Region, Forecast To 2032
Market overview: The Automotive component industry was valued at USD 383.15 billion in 2020 and is expected to grow at a CAGR of 4 % from 20 23 to 20 30 , reaching USD 513.86 billion by 20 30 . The primary factor driving market growth is increasing consumer awareness about maintenance and repair to improve the age of vehicles due to an increase in consumer disposable income, the demand for making new vehicles with reduced fuel utilization due to increased government initiatives with more stringent emission norms increases the demand for automotive parts. Vehicles' average lifespan has increased due to advancements in materials and manufacturing techniques used in vehicle production. Vehicles' uncompromising quality has also improved. Market segmentation: The worldwide Automotive component industry is segmented based on Distribution channels and Parts. By distribution channels: · Wholesale and Distribution · Retailer By Parts: · Filters · Battery · Tire · Body Parts