The North American automotive contract manufacturing market is growing at a considerable CAGR of 5.8% during the forecast period (2021-2027). Automotive contract manufacturing companies intend to provide various services to OEMs (Original Equipment Manufacturer). The major factors that are augmenting the growth of the market include an increase in automotive sales in the North American region, availability of skilled laborers, and availability of high-end technology for research and manufacturing. In North America, the US is estimated to be the significant market in automotive contract manufacturing in terms of revenue and more than 260 vehicles populate the US road. With the US being the world’s second large producer of vehicles and the introduction of new types of vehicles will also lead to an increase in the interest of people for buying which will lead to growth in market share of the automotive contract manufacturing.
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However, outsourcing risks that arise due to integrating issues between OEMs and contract manufacturers, and skilled workforce availability at high cost are some of the constraints that challenge the growth of the market in the North American region. Conversely, technological advancements in hybrid vehicles, electric vehicles, and self-driving vehicles are estimated as an opportunity for the market players. For instance, according to the reports of IEA (International Energy Agency), in 2019, United States was estimated as the world’s third-largest market in producing electric cars accounting for 326,000. Moreover, in 2019, the sales of electric vehicle sales in Canada saw an increase of around 43% over the previous year. In addition to this, According to NITI Aayog, In India, 70% of all commercial cars, 30% of private cars, 40% of busses, and 80% of two and three-wheeler vehicles are estimated to be electric by 2030.
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North American Automotive Contract Manufacturing Market Segmentation
By Services
· Design and Development
· Vehicle Assembly
· Automotive Electronics
· Component Manufacturing
By Vehicle Type
· Two Wheelers
· Passenger Cars
· Commercial Vehicle
· Construction and Agricultural Vehicle
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