Motor Vehicle Engine, Power Train & Parts Global Market To Reach Value Of About $1 Trillion In 2025

15 Jul, 2021

The motor vehicle engine, power train, & parts market consists of sales of motor vehicle engine, power train, & parts and related services by entities (organizations, sole traders and partnerships) that produce and/or rebuild motor vehicle transmissions and power train parts.

Global Motor Vehicle Engine, Power Train & Parts Market Size And Drivers:

The global motor vehicle engine, power train & parts market is expected to grow from $806.94 billion in 2020 to $846.39 billion in 2021 at a compound annual growth rate (CAGR) of 4.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1135.99 billion in 2025 at a CAGR of 8%. The motor vehicle engine, power train & part market is aided by stable economic growth forecasted in many developed and developing countries.

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Trends In The Global Motor Vehicle Engine, Power Train & Parts Market

Motor vehicle parts manufacturers are using IoT to reduce unscheduled downtimes, thereby increasing operational efficiency. IoT is a system of "connected devices" with the ability to collect and exchange data over a network without any human intervention and assistance. IoT helps motor vehicle parts manufacturers to increase their efficiency by providing real-time information about production processes. In addition, IoT can be used by automobile parts manufacturers to obtain wear and tear data that can prevent equipment failures. For instance, German car parts maker Robert Bosch signed an agreement with software company SAP to connect its manufacturing machinery, tools and vehicles to SAP's back-end software.

Global Motor Vehicle Engine, Power Train & Parts Market Segments:
The global motor vehicle engine, power train & parts market is further segmented based on type and geography.
By Type: Vehicle Engine And Engine Parts, Power Train And Power Train Parts
By Application: Passenger Vehicle, Commercial Vehicle
By End Use: OEM, Aftermarket
By Geography: The global motor vehicle engine, power train & parts market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global motor vehicle engine, power train & parts market, accounting for 48% of the market in 2020.

Read More On The Report For The Global Motor Vehicle Engine, Power Train & Parts Market At:

https://www.thebusinessresearchcompany.com/report/motor-vehicle-engine-power-train-and-parts-global-market-report-2020-30-covid-19-impact-and-recovery

Motor Vehicle Engine, Power Train & Parts Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides motor vehicle engine, power train & parts market overviews, analyzes and forecasts market size and growth for the global motor vehicle engine, power train & parts market, motor vehicle engine, power train & parts market share, motor vehicle engine, power train & parts market players, motor vehicle engine, power train & parts market segments and geographies, motor vehicle engine, power train & parts market’s leading competitors’ revenues, profiles and market shares. The motor vehicle engine, power train & parts market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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