Wilmington, New Castle, Delaware, May 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Automotive Rocker Panel Market by Product Type (Steel, Plastic, and Rubber), Vehicle Type (Passenger Car and Commercial Vehicle), and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024–2033." According to the report, the automotive rocker panel market was valued at $ 54,341.2 million in 2023 and is projected to reach $ 86,444.32 million by 2033, registering a CAGR of 5.1% from 2024 to 2033.
Prime determinants of growth
The industry's sales are majorly influenced by an increase in vehicle production. Manufacturers adjust their strategies based on demand fluctuations to take advantage of opportunities and manage risks effectively. When production volumes increase manufacturers can have cost savings due to economies of scale resulting in profits per unit. Higher production levels further enable manufacturers to keep up with growing consumer demand, ensuring delivery of vehicles to dealerships and customers. Rise in vehicle production often corresponds with indicators like consumer confidence and spending, which further boosts sales. Moreover, expanding production creates job opportunities and drives growth in areas where automotive manufacturing facilities are located, thereby fostering a supportive environment for increased vehicle sales. However, manufacturers align their production levels with market demand to avoid overproduction and excess inventory accumulation that could lead to pricing pressures and reduced profitability. By monitoring production trends and consumer preferences, manufacturers can optimize their production strategies to effectively meet demand and boost sales in the automotive market.
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Report Coverage & Details:
Report Coverage Details Forecast Period 2024–2033 Base Year 2023 Market Size in 2023 $54,341.2 Million Market Size in 2033 $86,444.32 Million CAGR 5.1%https://Benzinga.com