Global Motor Vehicle Parts Market Size 2024, Forecast To 2033
11 Mar, 2024
The motor vehicle parts market has experienced strong growth, expanding from $2771.76 billion in 2023 to $2985.68 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 7.7%. The historic period's growth is attributed to the rising demand for motor vehicles and rapid urbanization. Expected to continue its strong growth, the market is forecasted to reach $3933.01 billion in 2028, maintaining a CAGR of 7.1%. Growth in the forecast period can be attributed to rapid technological advancements, favorable government initiatives, a focus on car accessories, and a focus on electric vehicles (EVs). Major trends in the forecast period involve adopting artificial intelligence in products for versatility and a wide array of features, adopting 3D printing to manufacture light, customizable, and inexpensive components, a focus on strategic alliances for the expansion of distribution, and adopting recent technological advancements in the sector.
Global Motor Vehicle Parts Market Key Driver
The demand for electric vehicles is increasing rapidly, and this is expected to disrupt the automotive value chain. Engines of electric vehicles are less complicated than their gasoline counterparts, thus requiring fewer replacement parts over the lifetime of a car. Electrification of cars also means that components such as air-conditioning units, water pumps, brakes, and steering systems will need to be adapted and designed to meet the requirements of electric cars. Since electric vehicles are manufactured with one-third the number of internal combustion engine (ICE) cars' components, less collaboration will be required between an automaker and parts suppliers. This will decrease vehicle-to-component calibration, thus allowing parts suppliers to develop products with more autonomy. According to an EY report, the electric vehicle transformation in India may have an impact on existing automobile spare part sales because EVs have 20 moving parts while vehicles with internal combustion engines have around 200 spare parts. The market size in 2023 demonstrated the burgeoning demand for electric vehicles, setting a trajectory for substantial market growth. As the automotive landscape continues to evolve in 2024, the impact of electric vehicles on spare part sales and market dynamics is poised to become more pronounced. Looking ahead to 2028, the shift towards electric vehicles is expected to reshape the automotive industry, presenting new opportunities and challenges for market players.
Get A Free Sample Of The Global Motor Vehicle Parts Market ReportGlobal Motor Vehicle Parts Market Segments
The motor vehicle parts market covered in this report is segmented –
1) By Type: Motor Vehicle Body, Stamped Metal & Other Parts, Motor Vehicle Engine, Power Train & Parts, Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, Aftermarket
Sub segments: Motor Vehicle Body, Stamped Metal, Other Parts, Vehicle Engine And Engine Parts, Power Train And Power Train Parts, Motor Vehicle Electrical and Electronic Equipment, Motor Vehicle Steering and Suspension Components (except Spring), Motor Vehicle Seating and Interior Trim
By Geography:The regions covered in the motor vehicle parts market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
Asia-Pacific was the largest region in the motor vehicle parts market in 2023. Western Europe was the second largest market in motor vehicle parts market. The regions covered in the motor vehicle parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Motor Vehicle Parts Industry Players
Robert Bosch GmbH, Denso Corp, General Motors Co., Aisin Seiki Co ltd, Hyundai Mobis, Shanghai Automotive Industry Corporation (SAIC), FCA, Jini Auto Spare Parts Company LLC, MRF, Tenneco, MAHLE GmbH, Ford Motor Company, TVS, Bombardier Inc, Benteler South Africa, Mercedes-Benz Manufacturing Hungary, GM, Dongfeng Motor Co. Ltd, Tianjin Automotive Industry Corporation (TAIC), Caterpillar Brazil, Alliance Automotive Group (AAG), Guangzhou Automotive Industry Corporation (GAIC), Volkswagen, Martinrea International Inc., Continental AG, GEDIA Michigan, Magna International Inc, Navik Co., Ltd., Nissan, Marelli Automotive Systems UK, China FAW Group Corporation, Solaris Bus Coach, Fiat Automóveis, Lear Corporation, Motor Company, Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), Valeo SA, Borg Automotive, Bharat Forge, Mitsubishi Motor Corporation, Goodway Plastic Products, Effa Brazil, Toyota Motor Corp, Chamonix, American Axle and Manufacturing Holdings, Honda Motor Co., Ltd., Weichai Holding Group Co. Ltd, Mazda, Csepel Holding, Geely Automobile Holdings Limited, Magyar Suzuki, NIO Inc., NTN Corp., Marelli Holdings Co., Ltd., Comil, Auto Mark, Fiat Chrysler Automobiles NV, Sumitomo, Mando, Carformer Ltd., Linamar Corporation, SAIC Motor Co ltd, XPeng Inc., Audi Hungaria Zrt, Renault, Xincheng Vehicle Parts Manufacturing Factor, Jaguar Land Rover, Grunwald LLC, Euro Car Parts, Dimako Ltd, Denso, Brenderup Group, Agrale, Inter Cars, Raval, Babatin Auto Parts CO., Al-Hammadi Spare and Parts Company, Beijing Automotive Industry Company (BAIC), ACME Salvage, BMW Brazil, Inter Groclin Auto, PartsPoint Group
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Motor Vehicle Parts Market Overview
Motor vehicle part refers to any component that is typically fixed, glued, or otherwise attached to or a part of a vehicle, including the vehicle frame. It also comprises fragments of any such component.
Motor Vehicle Parts Global Market Report 2023 provides data on the global motor vehicle parts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The motor vehicle parts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.