Motor Vehicle Parts Market Definition And Segments
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.
The main types of motor vehicle parts are motor vehicle bodies, stamped metal & other parts, motor vehicle engines, power train and parts, motor vehicle electrical and electronic equipment, steering suspension and interiors. The motor vehicle body refers to the parts of the motor vehicle that help in certain functions they perform. The various applications include passenger vehicles and commercial vehicles. These are used in the OEM and aftermarket.
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
The motor vehicle parts market size has grown strongly in recent years. It will grow from $2,771.76 billion in 2023 to $2,985.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to rising demand for motor vehicles and rapid urbanization.
The motor vehicle parts market size is expected to see strong growth in the next few years. It will grow to $3,933.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the rapid technological advancements, favorable government initiatives, focus on car accessories and focus on electric vehicles (EVs) will drive the growth. Major trends in the forecast period include adopting artificial intelligence in products for versatility and wide array of features, adopt 3D printing to manufacture light, customizable and inexpensive components, focus on strategic alliances for the expansion of distribution and adopt recent technological advancements in the sector.
Technological Advances Driving Growth In The Motor Vehicle Parts Manufacturing 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. For instance, in December 2021, Stanadyne LLC, a US-based creator of, fuel injectors, and fuel pumps for diesel and gasoline engines, introduced a 1,000-bar gasoline direct injection (GDI) fuel injector. The newly created injector is a game changer that has already outperformed the company's standard performance estimates by 20%, with first testing attaining 1,200 bar of fuel pressure. The injector's efficient magnetic construction provides superior feedback for unrivaled fuel control. These innovations are expected to drive the motor vehicle parts manufacturing market during the forecast period.
Booming Automobile Sales Fueling Growth In The Motor Vehicle Parts Market
The booming automobile sales are expected to drive the are expected to propel the growth of the motor vehicle parts market in the coming years. Automobile sales are the number of automobiles and light-duty vehicles purchased. The phrase refers to the retail selling of both new and secondhand vehicles through an authorized dealer contract with a carmaker or its sales division. The demand for motor vehicle parts increases, when more vehicles are manufactured and sold. For instance, in May 2023, according to the Federal Chamber of Automotive Industries, an Australia-based business group that covers both importers and manufacturers of motorcycles, light vehicles, and passenger automobiles, Australia's automotive sector provided 82,137 automobiles in April 2023, a 1.3% prominence over the identical period in 2022. Therefore, the booming automobile sales are driving the motor vehicle parts market.
Major companies operating in the motor vehicle parts market report are 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
Electrification Of Vehicles Impact On The Automotive Value Chain And 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 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.
Impact Of COVID-19 On The Motor Vehicle Parts Manufacturing Market
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the motor vehicle parts manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-such as symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and has spread globally, including Western Europe, North America, and Asia. Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components. Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries-imposed lockdowns. The outbreak is expected to continue to harm businesses throughout 2020 and into 2021. However, it is expected that the motor vehicle parts manufacturing market will recover from the shock over the forecast period as it is a ‘black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Strategic Collaborations And Partnerships Drive Innovation In The Motor Vehicle Parts Market
Major companies operating in the motor vehicle parts market are focusing on collaborations and partnerships such as ABB Ltd.'s partnership with HASCO Group to better meet the needs of their existing consumers. The collaboration between ABB and HASCO is a big step forward for China's smart manufacturing industry. It is going to lead to the faster adoption of modern manufacturing technology and techniques in the automobile industry and beyond. For instance, in April 2022, ABB Ltd., a Switzerland-based company that provides solutions and technology for automation and electrification of vehicles, started a joint venture with HASCO Group to advance intelligent manufacturing in the Chinese automotive sector. The joint venture aims to build on the two firms' current successful cooperation, resulting in the vital creation of highly adaptable and sustainable auto component production inside HASCO's China-based operations. HASCO Group is a China-based manufacturer of automotive components.
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
The countries 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
The motor vehicle part market consists of sales of motor vehicle seating, motor vehicle metal stampings, motor vehicle gasoline engines and engine parts, and interior trim. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The motor vehicle parts market research report is one of a series of new reports from The Business Research Company that provides motor vehicle parts market statistics, including motor vehicle parts industry global market size, regional shares, competitors with a motor vehicle parts market share, detailed motor vehicle parts market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle parts industry. This motor vehicle parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.