Automotive Parts Packaging Market Size & CAGR (2023-2031)
The automotive parts packaging Market size is projected to reach US$ 12.40 billion by 2031 from US$ 8.53 billion in 2023. The market is expected to register a CAGR of 4.8% in 2022–2031. Increasing sales of automotive production and sale drives the automotive parts packaging market growth. The automotive parts packaging market is driven by rapidly increasing urbanization and a surge in the global population. Also, the rising demand for automotive parts manufacturing, such as batteries, cooling systems, transmission systems, and engine components, drives the market growth. The significant shifting of consumers towards sustainable bio-packaging materials owing to increasing concern for environmental protection drives the automotive parts packaging market growth during the forecast period.
Automotive Parts Packaging Market Analysis
Automotive parts packaging play’s significant role in the automotive components industry owing to increasing vehicle sales and production. According to the International Energy Agency, global electric vehicle sales reached 14 million in 2022 increase of 18% compared to 2021. Such growth in electric vehicles and rapid adoption of sustainable materials for automotive components across the globe is expected to create ample opportunity for the automotive parts packaging market growth during the forecast period.
Automotive Parts Packaging Market Overview
Increased demand for protective sustainable packaging across the globe is expected to drive the automotive parts packaging market growth during the forecast period. The growing demand for sustainable reusable packaging drives the automotive parts packaging market. Also, increasing demand and requirement of automobile spare packaging drives the market growth.
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Automotive Parts Packaging Market: Strategic Insights
Market Size Value in US$ 2,182.6 Million in 2018 Market Size Value by US$ 3,124.9 Million by 2027 Growth rate CAGR of 4.1% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Automotive Parts Packaging Market: Strategic Insights
| Market Size Value in | US$ 2,182.6 Million in 2018 |
| Market Size Value by | US$ 3,124.9 Million by 2027 |
| Growth rate | CAGR of 4.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Automotive Parts Packaging Market Drivers and Opportunities
Increasing automotive production and sales is expected to be the Prime Driver for The Automotive Parts Packaging Market.
Increased demand for protective packaging across the automotive components manufacturing industry drives the automotive parts packaging market growth during the forecast period. The major driving factor for the global automotive parts packaging market is the growing adoption of reusable packaging and the increased adoption of automotive components. Increased demand for automobile component aftersales drives the market growth. Increasing electric vehicle sales and growth in the adoption of passenger cars and commercial vehicles drive the market growth. According to the India Brand Equity Foundations, the global electric vehicles market was around US$ 250 billion in 2021 and is expected to grow by US$ 1,318 billion by 2028. The increased demand for electric passenger cars and rising automotive production drive the market growth.
Increasing Adoption of the Sustainable Material for Packaging Automotive Components to Boost the Market Growth
Sustainable packaging solutions in the automotive industry refer to the use of materials and processes that minimize waste and reduce the industry's carbon footprint. This includes everything from the materials used to package automotive parts and components to the logistics and transportation of those materials. In August 2022, The BMW Group launched sustainable packaging for the folding large load carriers. The company used folding plastic alternatives, which were made from 90% recycled sustainable material. This packaging reduces CO2 emissions by 3,000 tons annually.
Such, adoption of the sustainable material by the leading automotive OEMs is expected to create ample opportunity for the automotive parts packaging market growth during the forecast period.
Automotive Parts Packaging Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive parts packaging market analysis are type, platform, application, and end-user.
- Based on product type, the automotive parts packaging market has been divided into pallets, crates, cartons, bulk containers and cases, corrugated products, bags & pouches, trays, and others.
- Based on packaging type, the reusable and disposable.
- Based on components, the market is divided into battery, lighting components, cooling systems, engine components, electrical, and others.
Automotive Parts Packaging Market Share Analysis by Geography
The geographic scope of the Automotive Parts Packaging Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific will dominate the automotive parts packaging market in 2023. This is owing to the increasing number of automotive manufacturers, growing automotive sales, and production in countries such as India, China, Japan, and South Korea. India is growing at a rapid pace for the automotive parts packaging market during the forecast period. India’s passenger cars market was valued at US$ 32.72 billion in 2021, and it is projected to grow to US$ 54.85 billion by 2027, growing with a CAGR of more than 9.0% between 2022-2027.
North America is also growing at a rapid pace, followed by Europe and South America. This is owing to increasing automotive sales and production across the US and Canada drives the market growth. According to the Bureau of Transportation Statistics, new vehicle sales in the US reached 1,259,770 units in February 2024, representing an increase of 16.4% compared to January 2024. Such growth in new vehicle sales across the US has created massive demand for the automotive parts packaging market growth.
Automotive Parts Packaging Market Report Scope
Automotive Parts Packaging Market News and Recent Developments
The automotive parts packaging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Automotive Parts Packaging market and strategies:
- In June 2023, - Spadel, in collaboration with DS Smith, launched new sustainable 5-litre packaging for the automotive industry. The packaging is designed to ensure flexible plastic bags that can store 5 liters of liquid. (Source: Flyability, Press Release/Company Website/Newsletter)
- In March 2024, DS Smith, a sustainable packaging company, launched shop.able carriers reusable and sustainable boxes designed for the automotive and transportation of groceries. The new packaging boxes are eco-friendly and made with the company’s patented Greencoat coating technology.
Automotive Parts Packaging Market Report Coverage and Deliverables
The “Automotive Parts Packaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Packaging Type ; and Component
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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