Automotive Hardware Market is Projected to Bring in US$ 100 Bn by 2029-end | FMI
Posted by Vijay Kundekar on February 25th, 2020
Global automotive hardware market is growing at a moderate rate, owing to the escalating sales of commercial vehicles. It is projected to exceed the US$ 75 Bn mark by the end of 2020. Innovative application of plastic composites and eco-friendly bioplastics will constitute an emerging trend in automotive hardware market, as indicated by a new Future Market Insights (FMI) study. The market growth is further driven by cost-effective innovations, in addition to the environmental & safety standards.
"Manufacturers are taking advantage of innovations in raw materials to achieve two-fold benefits; progressing towards sustainable future and complying with the governmental guidelines for manufacturing and production. Both these factors are collectively driving the automotive hardware market towards a promising future," projects the FMI study.
Key Takeaways of Automotive Hardware Market Study
Automotive Hardware Market - Top Growth Drivers
Automotive Hardware Market - Key Restraints
Competition Landscape of Automotive Hardware Market
Some of the prominent players in global automotive hardware market covered in the FMI study include, but are not limited to, magna International Inc., Smelting Co. Ltd., Aisin Seiki Co. Ltd., Gestamp Automocion and Dorman products. Lightweight materials, making the vehicles highly fuel efficient are employed by market players to develop fuel efficient vehicles in compliance with stringent regulations. Manufacturers are targeting profitable regions like China with cheap labor and operating costs, to expand their manufacturing bases. Innovation is the key component leveraged by automotive hardware manufacturers to create a distinguished brand image in market.
Explore Extensive Coverage of FMI's Automotive & Transportation Landscape
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
Mr. Abhishek Budholiya
Future Market Insights
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About the AuthorVijay Kundekar
Joined: August 22nd, 2019
Articles Posted: 420
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