What are the Historical Developments and Current Growth Metrics of the Motor Vehicle Parts Market?
The motor vehicle parts market has seen considerable growth due to a variety of factors.
• In recent times, the motor vehicle parts market has experienced significant growth. It is projected to expand from $3002.61 billion in 2024 to $3244.1 billion in 2025, reflecting an 8.0% compound annual growth rate (CAGR). The surge during the preceding period results from increased demand for motor vehicles and rapid urban development.
What Will Be The Motor Vehicle Parts Market Size In The Future?
The motor vehicle parts market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for substantial expansion in the motor vehicle parts market in the forthcoming years. The market is projected to escalate to a value of $4269.04 billion by 2029, with a compound annual growth rate (CAGR) of 7.1%.
The anticipated growth within this time frame can be linked to swift technological progression, supportive governmental policies, emphasis on car accessories, and the spotlight on electric vehicles (EVs), which are all propelling this growth. Foreseen trends within this period incorporate the assimilation of artificial intelligence into products to enhance versatility and feature range, the utilization of 3D printing for the production of lighter, customizable, and more affordable components, emphasis on strategic partnerships for expanding distribution, and the adoption of the latest technological strides in the industry.
Which Drivers Are Accelerating Growth In The Motor Vehicle Parts Market?
The predominant entities in the motor vehicle parts manufacturing market are prioritizing the incorporation of advanced technology such as robotic welding machines to improve effectiveness and the quality of their products. They are also giving weightage to environmentally sustainable methods and establishing collaborations for tech-driven improvement. A machine for robotic welding is a system designed for automation that deploys robotic limbs for executing welding tasks with unparalleled precision and efficiency. This results in an increase in productivity and uniformity in manufacturing methods. For instance, in April 2023, a manufacturing organization based in Finland known as Kemppi introduced the AX MIG Welder. This device provides excellent automated welding using progressive arc technology, ensuring optimum quality and efficiency. With its easy-to-use configuration and modular flexibility, it is an optimal choice for relentless functioning in challenging manufacturing settings.
What are the Market Segments in the Motor Vehicle Parts Market?
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
Subsegments:
1) By Motor Vehicle Body: Body Panels, Chassis, Bumpers, Doors And Windows
2) By Stamped Metal And Other Parts: Stamped Metal Components, Brackets And Supports, Structural Frames, Custom Fabricated Parts
3) By Motor Vehicle Engine: Engine Blocks, Cylinder Heads, Crankshafts, Camshafts
4) By Power Train And Parts: Transmissions, Differentials, Drive Shafts, Axles
5) By Motor Vehicle Electrical And Electronic Equipment: Alternators, Starters, Sensors, Wiring Harnesses
6) By Steering Suspension And Interiors: Steering Systems, Suspension Components, Interior Trim Parts, Seating Systems
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What Trends are Shaping the Motor Vehicle Parts Market?
The surging popularity of electric vehicles is poised to shake up the automotive value chain. Electric vehicle engines are simpler than those powered by gasoline, implying a reduced need for replacement parts over a car's lifespan. As cars become electrified, components like air-conditioning units, water pumps, brakes, and steering systems will need modifications to suit the needs of electric cars. Given that electric vehicles use only around one-third of the components used in internal combustion engine (ICE) cars, there is less necessity for collaboration between car manufacturers and parts suppliers. This decreases the need for vehicle-to-component calibration, providing parts suppliers with greater product development autonomy. An EY report suggests that the transition to electric vehicles in India could affect the established automobile spare part sales, given that electric vehicles have 20 moving parts compared to the approximately 200 in vehicles with internal combustion engines.
Who Are the Key Players in the Motor Vehicle Parts Market?
Major companies operating in the motor vehicle parts market include:
• Robert Bosch GmbH
• Denso Corp
• General Motors Co.
• Aisin Seiki Co ltd
• Hyundai Mobis
• Shanghai Automotive Industry Corporation (SAIC)
• Jini Auto Spare Parts Company LLC
• MRF
• Tenneco
• MAHLE GmbH
• Ford Motor Company
• TVS
• Benteler South Africa
• Mercedes-Benz Manufacturing Hungary
• GM
• Dongfeng Motor Co. Ltd
• Tianjin Automotive Industry Corporation (TAIC)
• 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
• 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
• 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
• XPeng Inc.
• Audi Hungaria Zrt
• Renault
• Xincheng Vehicle Parts Manufacturing Factor
• Jaguar Land Rover
• Grunwald LLC
• Euro Car Parts
• Dimako Ltd
• Brenderup Group
• Agrale
• Inter Cars
• Raval
• Babatin Auto Parts CO.
• Al-Hammadi Spare and Parts Company
• Beijing Automotive Industry Company (BAIC)
• BMW Brazil
• Inter Groclin Auto
• PartsPoint Group
What are the Regional Insights into the Motor Vehicle Parts Market?
Asia-Pacific was the largest region in the motor vehicle parts market in 2024. 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
