New analysis from Frost & Sullivan ( http://www.chemicals.frost.com ), U.S. Market for Plastics in Automotive Electrical and Lighting Systems, reveals that the market earned revenue of $642.4 million in 2004 and estimates to reach $931.7 million in 2011.
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"The ability to develop a new product within a short span of time will be one of the key success factors for suppliers to the automotive industry along the value chain," says Frost & Sullivan Research Analyst Deepak Tulsian.
Market dynamics force auto manufacturers to introduce new products frequently. As a result, they pressurize their suppliers to develop new products with reduced development time, to enhance their features, and at the same time to cut costs.
The U.S. automotive market has witnessed low growth rates over the last few years. The growth in the automotive industry itself does not provide many opportunities for suppliers to this industry, thus, forcing them to look at other markets along with a shift to new products demanded by the industry.
"Suppliers to the U.S. automotive industry need to rapidly expand their base to global markets as the automakers seek new opportunities. At the same time they want to maintain consistency of products used in vehicle manufacturing," explains Tulsian.
To overcome limited market potential in the U.S. markets, suppliers have to expand to other countries such as China and India. Some companies invest in manufacturing facilities in China with a long-term view. Companies also have the choice of entering countries through joint ventures with local companies.
U.S. Market for Plastics in Automotive Electrical and Lighting Systems, a part of the (Plastics and Packaging Subscription), provides an overview and outlook for the market. This study has been segmented into Switches, Connectors, Lighting Systems, and Wiring Harnesses. This research includes detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews are available to the press.
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U.S. Market for Plastics in Automotive Electrical and Lighting Systems A946 Contact: Trisha Bradley Corporate Communications - North America P: 210.247.3870 F: 210.348.1003 E: Email Contact Magdalena Oberland Corporate Communications - Europe P: +44 (0) 20 7915 7876 F: +44 (0) 20 7730 3343 E: Email Contact Donna Jeremiah Corporate Communications - Asia Pacific P: +603 6304 5832 F: +603 6201 7402 E: Email Contact http://www.frost.com
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