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According to the latest report by IMARC Group, titled “Automotive Parts Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global automotive parts packaging market size reached US$ 5.99 Billion in 2021. Packaging is the process that provides protection to a product against damage and dust. Automotive parts packaging is a specialized form of packaging that covers and protects the parts used in automobiles. These parts include numerous electrical and electronic components that are more prone to damage during transit, loading, and unloading. Apart from damage and dust, these packaging solutions also safeguard the automotive parts from moisture, wind, and weather, thereby extending their shelf life. The increasing production of automotive parts is significantly affecting the sales of automotive parts packaging across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Parts Packaging Market Trends:
The market is primarily driven by considerable growth in the automotive sector. Apart from this, the growing preference for flexible and sustainable packaging solutions is acting as one of the key growth-inducing factors. In line with this, the rising incorporation of reusable packaging for packing heavy components, such as engine components, underbody components and cooling systems, is also providing a boost to the market growth. Apart from this, the widespread integration of telematics and advanced driver assistance systems (ADAS) with vehicles is also propelling the market growth. The market is further driven by the advent of eco-friendly, molded pulp packaging across the globe. Some of the other factors further contributing to the market include the increasing production of electric vehicles and continual technological advancements in supply chain management. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 7.74 Billion by 2027, expanding at a CAGR of 4.27% during 2022-2027.
Market Summary:
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