Spare parts manufacturers are facing a steady increase in the cost of raw materials. This affects the cost of the final product – cars
NEW YORK, NEW YORK, USA, June 15, 2022 /ENDdresswire.com/ — According to McKinsey & Company, the automotive market will continue to change in 2022, driven by the growth of electric vehicles and the use of many devices in the car at the same time.
The market for internal combustion engine spare parts is expected to shrink to $17 billion by 2035, compared to $73 billion in 2019. And transmission spare parts – from $93 to 25 billion. Nevertheless, as Philipp Bachowski wrote in Carfixbook.comcustomers bought a long list of products, which an author tried to structure as: car bestsellers this 2022 year.
As you know, if you don’t invest in development, you will quickly lag behind competitors. But automakers are also dealing with other processes, including tariffs and declining demand for cars due to higher fuel prices. As a result, the demand for auto parts is expected to decline. For example, experts predict that the demand for transmissions and axles will fall from 6 to 10% in the next five years. But the winners are companies that produce components, especially electric motors and batteries, for electric vehicles, as well as the development and production of autonomous driving systems and driver assistance systems.