Global Motor Vehicle Parts Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
24 Jun, 2021
The motor vehicle parts market consists of sales of motor vehicle parts and related services by entities (organizations, sole traders and partnerships) that produce motor vehicle gasoline engines and engine parts, motor vehicle electrical and electronic equipment, motor vehicle steering and suspension components (except springs), motor vehicle brake systems, motor vehicle transmission and power train parts, motor vehicle seating and interior trim, motor vehicle metal stampings, and other motor vehicle parts and accessories. This market includes sales of rebuilt motor vehicle parts. This market includes sales of both new and used vehicles.
Global Motor Vehicle Parts Market Size And Drivers:
The global motor vehicle parts market is expected to grow from $2650.5 billion in 2020 to $2781.2 billion in 2021 at a compound annual growth rate (CAGR) of 5%.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 $3810.1 billion in 2025 at a CAGR of 8%. Advances in technology are expected to be a continued driver of motor vehicle parts manufacturing market growth in the forecast period.
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Trends In The Global Motor Vehicle Parts Market
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 automaker and parts suppliers. This will decrease vehicle-to-component calibration, thus allowing parts suppliers to develop products with more autonomy.
Global Motor Vehicle Parts Market Segments:
The global motor vehicle parts market is further segmented based on type, application, end use and geography.
By Type: Motor Vehicle Body, Stamped Metal & Other Parts, Motor Vehicle Engine, Power Train & Parts, Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors
By Application: Passenger Vehicle, Commercial Vehicle
By End Use: OEM, Aftermarket
Sub segments Covered: 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 global motor vehicle 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 parts market, accounting for 45% of the market in 2020.
Read More On The Report For The Global Motor Vehicle Parts Market At:https://www.thebusinessresearchcompany.com/report/motor-vehicle-parts-global-market-report-2020-30-covid-19-impact-and-recovery
Motor Vehicle Parts Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides motor vehicle parts market overviews, analyzes and forecasts market size and growth for the global motor vehicle parts market, motor vehicle parts market share, motor vehicle parts market players, motor vehicle parts market segments and geographies, motor vehicle parts market’s leading competitors’ revenues, profiles and market shares. The motor vehicle parts market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.