PRN: Germany $58 Billion Automotive Components Market Competition Forecast and Opportunities, 2021 - Research and Markets
Germany $58 Billion Automotive Components Market Competition Forecast and Opportunities, 2021 - Research and Markets
DUBLIN, Apr 20, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Germany Automotive Components Market By Vehicle Type, By Demand Category, By Component Type, Competition Forecast and Opportunities, 2011-2021" report to their offering.
The automotive components market in Germany is forecast to generate revenues of USD58 billion by 2021. In 2015, passenger car segment accounted for the lion's share in the country's automotive components market.
In 2015, automotive industry contributed around 20% to Germany's total industrial output. As per Organisation Internationale des Constructeurs d'Automobiles (OICA), motorization rate (includes passenger cars and commercial vehicles) in Germany stood at 578 per 1,000 inhabitants in 2014.
Rising demand for auto components in Germany can be attributed to growing production of passenger cars that grew at a Y-o-Y of 3% in 2015. Increasing sales of automobiles, expanding vehicle fleet size and rising R&D investments by auto component manufacturers in the country are expected to drive Germany automotive components market during the forecast period. Presence of leading automotive OEMs in the country is anticipated to augur well for automotive components market in Germany through 2021.
The segment is anticipated to maintain its dominance over the next five years as well, owing to expanding passenger car fleet size, anticipated growth in passenger car sales and strong economic growth prospects.
Presence of leading global automobile OEMs such as Volkswagen, BMW, Mercedes, Ford, Opel, Audi, etc., is a huge positive for the auto components market in Germany.
Moreover, major global auto component manufacturers such as Bosch, Continental, ZF Friedrichshafen, Mahle GmbH and Schaeffler AG have their headquarters and manufacturing plants in the country.
Key Topics Covered:
5. Germany Passenger Car Components Market Outlook
For more information about this report visit http://www.researchandmarkets.com/research/p7dwtf/germany
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