The global motor vehicle parts market size is expected to grow from $2.34 trillion in 2021 to $2.57 trillion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The global motor vehicle part market is expected to grow to $3.64 trillion in 2026 at a CAGR of 9.1%.
What is the Global Motor Vehicle Parts Market?
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.
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What drives the Global Motor Vehicle Parts Market?
Advances in technology are expected to be a continued driver of motor vehicle parts manufacturing market growth in the forecast period. The global transport manufacturing industry has experienced many technological advances in the last decade and this trend is expected to intensify. According to Forbes, the ten new features to expect in vehicles by 2020 include autonomous driving, driver override systems, biometric vehicle access, comprehensive vehicle tracking, active window displays, remote vehicle shutdown, active health monitoring, four-cylinder supercars, smart and personalized in-car marketing and reconfigurable body panels. These innovations are expected to drive the motor vehicle parts manufacturing market during the forecast period.
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Global Motor Vehicle Parts Market Segments
The global motor vehicle parts market is segmented:
By Type: Motor Vehicle Body, Stamped Metal and Other Parts, Motor Vehicle Engine, Power Train and Parts, Motor Vehicle Electrical and Electronic Equipment, Steering Suspension, and Interiors
By Application: Passenger Vehicle, Commercial Vehicle
By End-Use: OEM, Aftermarket
By Geography: The regions covered in the motor vehicle parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Motor Vehicle Parts Global Market Report 2022provides market size and growth forecasts for the global motor vehicle parts market, global motor vehicle parts market share, motor vehicle parts market segments and geographies, motor vehicle parts market competitive landscape including 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.
Global Motor Vehicle Parts Industry Playersinclude EXOR Group, Denso Corp, General Motors Co, Robert Bosch GmbH, Aisin Seiki Co Ltd, Continental AG, Fiat Chrysler Automobiles NV, Magna International Inc, Toyota Motor Corp, and SAIC Motor Co ltd. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
