Global Automotive Aftermarket Industry Report, 2021

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For instance, in May 2019, GM introduced its funding of USD million for growing manufacturing of GMC Sierra 1500 and Chevrolet Silverado 1500 pickup vans at its Fort Wayne Assembly Plant in Indiana, U.S. Commercial vehicles are expected to register a rapid progress fee over the forecast period owing to the surge in transportation and construction actions. As a result, automotive manufacturers are compelled to increase their production so as to cater to the rising demand. For occasion, in October 2019, VE Commercial Vehicles Ltd introduced its investment in its new 150-acre plant in Bhopal, Madhya Pradesh, India, in line with the BS-VI norms.

This progress is attributed to the event of the automotive manufacturing sector, particularly in nations corresponding to China and India owing to rising government initiatives regarding motorcar laws. In phrases of market measurement, the genuine elements segment dominated the market with a share of 52.2% in 2020. The genuine elements section is anticipated to dominate the aftermarket enviornment when it comes to size by 2028. The uncertified segment would witness comparatively quick progress when it comes to revenue from 2021 to 2028. Counterfeit components are unlawful, are not examined or certified, and don’t have any warranty. Genuine parts are manufactured by car manufacturers or by the OEMs, also called subcontractors.

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In 2006, the European Investment Bank loaned TofaÅŸ €175 million to collectively develop and produce with PSA Peugeot Citroën and Fiat Auto small business automobiles for the European market. The loan, half-financing for total investments estimated at €400 million, was meant to end in an essential enlargement of the corporate’s production capabilities and create round 5,000 new jobs. The automobiles might be produced on the manufacturing plant of TofaÅŸ in Bursa with an additional, preliminary, annual capacity of 135.000 cars, due to roll off the meeting line in late 2007. North America is anticipated to register the very best development fee by way of income over the forecast interval. The area has been witnessing an increase within the sale and production of business vehicles, which would subsequently drive the demand for automotive glass.

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In terms of revenue, windscreen dominated the market in 2019 and this trend is anticipated to continue via the forecast interval. Windscreen carries vital importance in a car construction; therefore, each automotive and glass manufacturers are engaged in growing new applied sciences for enhancing its appearance and features. For occasion, introduction of new kinds of windshields with self-cleaning glass is anticipated to drive the phase growth over the forecast interval.