Automotive Distribution Boxes are gaining prominence owing to high demand for car models with advanced features and customized designs: Persistence Market Research
NEW YORK CITY, NEW YORK, USA, September 15, 2022 /EINPresswire.com/ — Global “sale of automotive timing covers” are estimated to be worth US$18.8 billion in 2022, with stable long-term market projections, according to the latest insights from Persistence Market Research. The report estimates that the market will grow at a CAGR of 4.2% from 2022 to 2032. During the forecast period, it is expected that increasing end-user disposal revenue and increasing demand for vehicles across the world will drive the demand for automotive distribution covers. .
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Manufacturers are using lightweight materials to meet automakers’ demand for lightweight, durable covers. This is done in response to the growing trend of vehicle customization. For example, the main raw materials used today to manufacture automotive accessories are lightweight materials such as high-strength steel and polycarbonate.
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Key insights from market research
By vehicle type, the passenger vehicle segment is expected to experience demand growth of 3.9% CAGR in volume through 2032.
Based on material type, the metals and alloys segment is expected to grow at a CAGR of 4.2%.
By region, East Asia is expected to experience substantial growth in the automotive timing cover market. Automotive timing cover sales in China are expected to grow at a CAGR of 3.8% in terms of volume.
By sales channel, the OEM segment is expected to hold a large volume share of 65.6% in 2022.
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“The automotive timing cover market is being driven by increasing disposable income and shifting customer preferences towards state-of-the-art goods and appliances. Manufacturers are developing lightweight materials for use in the production of automotive timing covers in response to the need to develop fuel-efficient and lightweight vehicles,” says an analyst from Persistence Market Research.
Major automotive timing cover manufacturers include NITTO PERFORMANCE ENGINEERING PTY LTD, PROFORM, Specter Performance, Holley Performance Products INC, Cloyes, Dorman Products, Pioneer Automotive Industries, Aisin Group, KC Auto Products (Kilkenny Castings (Harrop Casting Technologies)), ICT Billet, COMP Cams, Moroso and Ichiban Engineering.
To gain a competitive edge in the industry, leading manufacturers are developing innovative automotive timing cover products. Market players are also investing heavily in expansion, mergers, acquisitions, and strategic partnerships to extend their global footprint.
Explore PMR’s extensive coverage of industrial automation – https://www.globenewswire.com/news-release/2022/08/18/2500925/0/en/Automotive-Timing-Cover-Market-reach-a-growth-of-US-28-6-Bn- by-the-end-2032-Persistence-Market-Research.html
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