Asia Pacific C-Parts Market Revenue to cross US$ 92.93 Million by 2031

Surge in Automotive Production Across Asia Pacific Countries Bolsters Asia Pacific C-Parts Market Growth

According to our latest study on "Asia Pacific C-Parts Market Analysis to 2031 – Country Analysis – by Product Type, End-Use Industry, and Material Type," the market was valued at US$ 61.12 million in 2023 and is projected to reach US$ 92.93 million by 2031; it is anticipated to record a CAGR of 5.4% from 2023 to 2031. The report includes growth prospects owing to the current Asia Pacific C-parts market trends and their foreseeable impact during the forecast period.

Asia Pacific is witnessing a rise in automotive production, which has led to a huge fleet size of automobiles. This is propelling the demand for C-parts such as bearings, screws, nuts, bolts, washers, and other types of components. For instance, the production statistics of a few countries in Asia Pacific are mentioned below:

The above figure shows the rise in the production of automotive vehicles, which indicates strong demand for automobile components such as fasteners, bearings, and other components from different countries across the region. Thus, the surge in automotive production fuels the growth of the Asia Pacific C-parts market size.

Software related to transportation management systems will reduce inefficiency and costs. The usage of speech recognition software in warehouse management system communications will help with order turnaround and inventory records while lowering employee training needs. Along with this, cloud-based technology implemented in logistics organizations would respond to demands by recognizing the need for client access, allowing them to address seasonal trends better. Big Data is another technology that is notably transforming the logistics industry. By analyzing financial and operational key performance indicators (KPIs) and providing the best shipping experience, a data-driven strategy aids logistics service providers in maintaining flexibility. They can also turn data into insightful knowledge by developing data science technologies and other resources; this also benefits them through end-to-end supply chain visibility, improved resource planning, and cost reduction. Thus, advancements in logistics operations with the integration of IT solutions, supply chain software, mobile technology, Big Data, and cloud-based systems will bring new trends for the Asia Pacific C-parts market growth in the coming years.

Based on product type, the Asia Pacific C-parts market is segmented into fasteners, bearings, and others. The fasteners segment is further segmented into nuts, bolts, screws, washers, and others. The fasteners segment held the largest Asia Pacific C-parts market share in 2023. Fasteners are one of the main components of any equipment, vehicle, or aircraft. Fasteners include the components such as nuts, bolts, screws, washers, O-rings, and helical/coil springs. Different types of fasteners are utilized during the manufacturing or production of the equipment across multiple industries. A few of the major factors driving the fasteners segment include the growing demand from automotive production; increasing aircraft production; and rising demand from construction/mining equipment and heavy machinery, energy sector machines such as wind turbines and their components, oil & gas industrial machinery, etc. Another major factor supporting the growth of the fasteners segment includes increasing industrial expansions and installation of new wind turbines.

The Asia Pacific C-parts market report emphasizes the key factors driving the market and showcases the developments of prominent players. The Asia Pacific C-parts market is segmented into China, India, Australia, Japan, South Korea, Vietnam, Thailand, Indonesia, and the Rest of Asia Pacific.

Increasing investments in residential, commercial, and infrastructure construction projects are boosting the demand for construction machines, which fuels the growth of the Asia Pacific C-parts market. The demand for C-parts is growing rapidly in the industrial sector in Asia Pacific. China is a frontrunner in the fabrication business of C-part for the residential and commercial sectors. The country has demonstrated its importance as both a consumer and producer of C-parts. The country is witnessing an upsurge in high-quality C-parts, ensuring that they are functional and durable. India, Indonesia, and Vietnam are among other significant contributors to the C-part demand growth in Asia Pacific.

Growing automotive production across Asia Pacific countries, such as China, India, Japan, and South Korea, is the major driving factor for the market growth. Asia Pacific Light commercial vehicle’s production in 2023 expanded to 51.8 million units, increased by 10% compared to 2022. This type of vehicle production is high in India, China, and Japan.

The flourishing aerospace, military & defense, and technology sectors also favor the growth of the Asia Pacific C-parts market size. The region has witnessed heavy imports of modern commercial aircraft in recent years due to the increasing number of international travelers from countries such as India, China, Japan, and Taiwan. The number of airports in the region is also growing, which, in turn, boosts the demand for C-parts from airline companies. The agricultural and wood products businesses are among other drivers of the Asia Pacific C-parts market. C-parts are essential in sawmill machinery. China has demonstrated its importance as both a consumer and producer of agriculture and forest products, which fuels the demand for C-parts in the country.

Australia has been witnessing several challenges in the construction sector; these include a rise in labor costs as well as shortages in the availability of laborers and raw materials. This has resulted in a decline in the construction output of the country. In 2023, the country witnessed a growth of approximately 2.9% in the overall construction output, with an estimate of ~1.1% growth in FY 2024. Factors such as growing inflation, increasing interest rates, and upsurging construction costs due to a rise in the prices of construction materials have resulted in a decline in the number of construction activities and profit margins among construction companies. However, residential construction has been witnessing growth in terms of overall output across the country. Residential building construction output rose by ~4.3% in 2022 and ~2.5% in 2023, and it is expected to witness ~3.0% growth in FY2024. Thus, the residential construction industry contributes to the demand for C-parts in Australia. In February 2021, Infrastructure Australia (IA) announced its infrastructure priority list, adding a total of 44 new infrastructure proposals.

Australia is home to several domestic engineering, procurement, and construction (EPC) groups—a few having considerable experience in overseas projects. The growing industrialization and rapid developments in the manufacturing sector positively impact the C-parts market in the country. The industrial sector utilizes pallet trucks, forklifts, and aisle trucks to carry the material from one place to another, and C-parts are essential for the movement of these vehicles. 

Fastenal Co; W Grainger Inc.; ERIKS; RS Group Plc; Kaman Corp.; Würth Industrie Service GmbH & Co. KG; Ningbo yi pian hong fastener Co., Ltd; Bossard Holding AG; MCMASTER-CARR; Fabory; Nederland B.V. Bailey International LLC; and Exim & Mfr Enterprise are among the key players profiled in the Asia Pacific C-parts market report. Companies operating in the Asia Pacific C-parts market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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