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Global Metal Spare Parts Market Expected to Reach USD 541.3 Billion by 2027


Global Metal Spare P

iCrowdNewswire   Jan 12, 2021  10:00 AM ET

53_Global Metal Spare Market By Manufacturer

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Metal Spare Parts Market by certification, metal type, application, distribution channel and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 526.4 Billion in 2019 and is expected to grow at a healthy growth rate of around 4.1 % by the year 2027. Technological advancements in metal spare parts manufacturing and growing adoption of light weight metal for manufacturing spare parts are estimated to create lucrative opportunities in the market in the near future. Increasing demand for maintenance and repairing vehicles by the automotive industry in the market is expected to increase the demand for metal spare parts manufacturing in the next few years. Recent market trends include increasing trend of purchasing from online channels and innovation of technologies for manufacturing of metal spare parts, globally, are expected to boost the market growth.

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The global Metal Spare Parts market has been fragmented based on certification, metal type, application, distribution channel and Region. In terms of certification, the market has been segmented into genuine parts, certified parts, and uncertified parts. On the basis of metal type, the market has been segmented into steel, aluminum, magnesium, iron, others. On the basis of application, the market is segmented into vehicle and equipment. On the basis of distribution channels the market has been segmented into online and offline. Based on region, the global metal spare parts market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region has been further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific has been further segmented into Australia, China, Japan, India, South Korea, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region has been further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.

The effect of COVID-19 is anticipated to be strongly felt in the automotive industry due to high dependency on import and export activities. Moreover, the pandemic situation has led to the closure of several non-essential businesses and shutdown of production factories in the world, which in turn, has resulted in to halt in the automotive manufacturing and equipment manufacturing in year 2020. Since the COVID-19 pandemic is diminishing the automobile demand and repair and maintenance activities across worldwide locations, the demand for metal spare parts is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain disruption has created a slowed down in production due to restrictions on national borders. However, this pandemic has significantly hampered small enterprises who are holding significant position in this market. The market is expected to slowly return to its normal growth in next two years.

As per GMR industry analyst Vidya Jadhav, “The global metal spare parts market is anticipated to witness significant growth during forecast period 2021-2027 driven by strong demand from auto manufacturers in emerging economies, especially China and India. Moreover, acceptance of technologies such as 3D printing technology in the manufacturing process of metal spare parts is anticipated to create lucrative opportunity during forecast period.”

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Key Takeaways from the Study:

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Report Scope:

Report Metric

Details

Market Value in 2019

USD 526.4 Billion

Market Growth Rate (from 2021 to 2027)

4.1 %

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Units Considered

Value (USD Billion)

Market Segments

By Certification, By Metal Type, By Applications, By Distribution Channel

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Germany, France, Italy, U.K, Spain, Russia, Rest of Europe, Australia, China, Japan, South Korea, Rest of Asia Pacific (APAC), Brazil, Mexico, Rest of Latin America, South Africa, Saudi Arabia, UAE Rest of Middle East & Africa

Key Companies Profiled

Jayem Automotives, ANAND Group, AVTEC, Bharat Seats Limited, DENSO CORPORATION, Guru Nanak Auto Enterprises Ltd, HI-TECH TOOLS, JBM Group, JTEKT India Limited, Lucas TVS, Orion Hydrulics Pvt Ltd., Robert Bosch Power Tools GmbH, Sundaram Clayton Limited, UNO Minda

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

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