July 17, 2019
WELLESLEY, Mass., July 17, 2019– New fuel economy standards and volatility in fuel prices are two factors which drive growth of the automotive components market, according to a report by BCC Research, “Automotive Components: A BCC Research Outlook.”
The market expects to see a compound annual growth rate (CAGR) of 19.7% through 2024, when it could be worth $66.9 billion.
Read the full report here: https://www.bccresearch.com/market-research/manufacturing/automotive-components-market-research-report.html
“The automotive component industry is experiencing a technological revolution,” write BCC analysts. “Global warming, climate change and air quality issues have combined with the dramatic fluctuation of oil prices to deliver an imperative for motor vehicle manufacturers to introduce radically more fuel-efficient vehicles to the market.”
The Impact of New Fuel Standards
The new Corporate Average Fuel Economy (CAFE) standards announced in 2011 set a fleet-wide average mileage target of 54.5 miles per gallon by 2025. The new CAFE standards will force the auto industry to reduce the average weight of its vehicles significantly. The greatest auto weight reduction will be in the Under-The-Hood segment, as the industry has converted most interiors to lighter plastics. There will also be significant weight reductions in exteriors.
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Automotive Components: A BCC Research Outlook( MFG069A )
Publish Date: Jul 2019
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