TAITRA noted that Taiwan is already moving in this direction, buoyed by robust government support and collaboration between manufacturers and research institutes. Taiwan Excellence Award winning brands are at the forefront of this fast-growing sector and will showcase their most cutting-edge products to US market from November 3-5 at AAPEX (Booth 10834) in Las Vegas.

According to TAITRA that Taiwan has a strong foothold in the global auto parts market supplying 80% to 90% lamps, bumpers, rubber and plastic parts of global aftermarket. Taiwan also supplies 90% of the world’s collision parts, auto metal plates and back mirrors.

There are currently around 2,800 auto parts and accessories makers in Taiwan, with around 300 of them providing original equipment.

Meanwhile, Taiwan’s ICT acumen is increasingly playing a larger role in interactive automobile systems, thus boosting cooperation between traditional auto parts makers and technology giants, who see an opportunity for diversifying their business in the emerging smart vehicles sector.

According to Taiwan Transportation Vehicle Manufacturers Association, the total output of Taiwan’s auto components industry in 2014 amounted to US$6.6 billion, up about 5% from the previous year. The United States was the top destination of Taiwanese auto parts with a share of 40.79%, followed by Japan, China, UK and Australia.

Prospects for 2015 are bright. The North American market will likely continue growing, while low fuel prices will stimulate new car purchases around the world and allow drivers to take their vehicles longer distances, thereby boosting demand for aftermarket parts.