Manufacturers of spare parts 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 /EINPresswire.com/ — According to McKinsey & Company, the market for automotive products will continue to change in 2022, influenced by the growth of electric vehicles and the use of many devices at once with the car.
It is expected that by 2035 the market for spare parts for internal combustion engines will shrink to $ 17 billion, compared to $ 73 billion in 2019. And spare parts for transmissions – from 93 to 25 billion dollars. Nevertheless, as wrote Philipp Bachowski at Carfixbook.com, customers bought a long list of products, which an author tried to structurize as automotive bestsellers this 2022 year.
As you know, if you do not invest in development, then you will quickly lag behind competitors. But automotive manufacturers are also affected by other processes, including import duties and falling demand for cars due to higher fuel prices. As a result, the demand for automotive parts is expected to fall. For example, experts predict that over the next five years, demand for transmissions and axles will fall from 6 to 10%. But the winners will be 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.