Automakers around the world are receiving strong demand for passenger vehicles and light and heavy commercial vehicles. The increase in the disposable income and the purchasing power capacity of the population considerably stimulates the purchase of automobiles. Additionally, the constant pressure on automakers to deliver a large number of vehicles based on consumer demands is also driving vehicle production statistics. In 2017, the total production of passenger cars in Europe was 19,595,025 units. The manufacturing and subsequent assembly work of automotive parts often takes place in different plant facilities, which requires proper packaging and delivery materials.
According to research by The Insight Partners, the global automotive parts packaging market was worth US$2,182.6 million in 2018 and is projected to reach US$3,124.9 million by 2027 to grow at a CAGR of 4.1% from 2019 to 2027. Rising vehicle production across the globe and growing demand for aftermarket auto parts are the potential factors driving the market boom.
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The major players dominating the global automotive parts packaging market are CMTP Packaging PTY LTD; DS Smith Plc; Encase Ltd; Just-in-time packaging; Nefab Group; Pacific Packaging Products Inc; Pratt Industries, Inc.; Sealed Air Corporation; Smurfit Kappa Group Plc; and Sonoco Products Company, among others.
• In July 2018, CMTP Packaging presented its new asparagus box robot. This new product can respond to more fragile products with small protective shells. He took advantage of the company’s mass production capacity, increased production and reduced waste.
• In June 2018, DS Smith developed a polypropylene packing box system to transport and protect automotive car lighting units to the final factory assembly line. In July 2018, the company received a contract from Toyota Automotive Parts to design returnable trays with dunnage to handle and transport delicate parts to the factory.
• In February 2019, Nefab Americas acquired Pacific Coast Packaging, a company specializing in the design and manufacture of custom wood, foam and corrugated packaging products. The acquisition is expected to strengthen the company’s product offerings and expand its business in the Southern California market.
• In August 2018, Sealed Air Corporation acquired AFP Inc to expand its capabilities in design, development, testing, manufacturing, warehousing and just-in-time delivery services.
The aftermarket or replacement market plays a vital role in the automotive parts packaging industry. With preventative maintenance and timely servicing, customers try to maximize the life of their vehicles. This has fueled the growth of aftermarket parts and services globally and generated revenue opportunities for many players. Additionally, companies are now offering auto parts online to reach more customers globally. Another aftermarket trend is the availability of DIY (do it yourself) products, which allow customers to purchase and install the parts in their vehicles themselves. Additionally, people today pay a premium for comfort and luxury by incorporating head-up displays, audio systems, lights, replaceable seats, and decorative interiors and exteriors, thereby boosting the global packaging market automotive parts.
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Despite the driving forces, the lack of global regulation is hampering the growth of the global automotive parts packaging market.
On the basis of product type, the market is divided into pallets, cases, cartons, bags & pouches, trays, and others. The checkout segment occupied a market share of 28.3% in 2018. It earned US$618.7 million in 2018 and is expected to raise US$863.1 million by 2027 to grow at a CAGR of 3.8% in 2019-2027.
Based on packaging type, the automotive parts packaging market sphere is divided into reusable and disposable. The former held 66.6% market share in 2018, generating US$1,453.6 million. It is expected to gross US$2,129.0 million by 2027 to grow at a CAGR of 4.4% during the forecast period.
Based on components, the global automotive parts packaging market is segmented into battery, cooling system, lighting component, engine component, electrical and others. With a 35.3% share of the business, the others segment dominated the market in 2018. It was valued at US$770.9 million in 2018 and is expected to be worth US$1,057.4 million. by 2027 to exhibit a CAGR of 3.6% throughout the forecast period. .
From a regional benchmark, the Asia-Pacific market held 44.0% domain share in 2018. It was valued at US$961.0 million in 2018 and is projected to reach US$1,484.3 million by 2027 to register the highest CAGR at 5.0% over the forecast period.
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The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.
This press release was published on openPR.