Over the past few years, the automotive parts and accessories manufacturing industry has gone through a comprehensive remodelling, which is leading to the advent of a highly competitive industry. According to the market estimates, the global auto parts manufacturing market is projected to reach ~US$ 532 Bn by the end of the forecast period, registering a CAGR of ~3%. Rising disposable incomes in developing countries, especially in Asia, and approval of 100% FDI in countries such as India present the automotive sector lucrative growth opportunities in the region. Government incentives, growing regional demand, and easy availability of raw materials are expected to be key drivers for the growth of light duty vehicles in the region, which in turn, is expected to drive the demand for auto parts manufacturing during the forecast period.
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