PUBLISHER: Grand View Research | PRODUCT CODE: 1493263
PUBLISHER: Grand View Research | PRODUCT CODE: 1493263
The North America automotive thermoformed plastics parts packaging market size is expected to reach USD 2.92 billion by 2030, expanding at a CAGR of 3.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing number of road vehicles running on North American roads are poised to drive the requirement for automotive aftermarket parts during service and maintenance, thus positively influencing the market growth.
North American governments are focusing on improving the local automotive supply chain, which can boost the production of automotive spares in the region. For instance, in January 2024, the Minister for the Federal Economic Development Agency for Southern Ontario announced an investment of USD 2.0 million for a leading automotive component manufacturer, Amino North America Corp. (Amino).
There has been a growing Do-it-Yourself (DIY) culture among vehicle enthusiasts and vehicle owners who want to gain hands-on experience of servicing and maintaining their vehicles. This has driven emergence of self-serve auto shops in North America. Some of the self-serve auto shops operating in the region are Stew's Self-Service Garage, DIY Performance Automotive, and Gearhead among others. Such emerging trends are expected to drive the demand for automotive aftermarket parts and simultaneously influence the market in North America.
The industry players are adopting several strategic initiatives such as partnership agreements expansions, joint ventures, mergers & acquisitions, and new product launches to increase the individual market share. For instance, in November 2023, Dai Nippon Printing Co., Ltd. announced to acquire land in Linwood, Davidson County, U.S. This company planned to construct a factory for production of pouches for lithium-ion electric vehicle battery encasing pouches, on the land.