The Global Motor Vehicle Parts Market Report by The Business Research Company covers motor vehicle parts market drivers and restraints, motor vehicle parts market size, major players, and the impact of COVID-19 on the 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. The motor vehicle parts market is segmented into motor vehicle body, metal stamping & other parts, motor vehicle engine, power train & parts and motor vehicle electrical & electronic equipment, steering suspension, & interiors.
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.
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%.
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Some motor vehicle parts market trends include the increasing demand for electric vehicles. 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 include:
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 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 market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific accounts for the largest global motor vehicle parts market share.
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The Motor Vehicle Parts Global Market Report 2021: COVID-19 Impact and Recovery to 2030 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, share, motor vehicle parts market players, motor vehicle parts market segments and geographies, 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.
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Read Motor Vehicle Parts Global Market Report 2021: COVID-19 Impact and Recovery to 2030 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries.
Market Players Covered: Robert Bosch, Denso Corporation, Magna International Inc, Aisin Group, Continental Automotive Systems Corporation.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.
Sourcing And Referencing: Data and analysis throughout the report are sourced using end notes.
Strategies For Participants In The Motor Vehicle Parts Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.
Opportunities For Companies In The Motor Vehicle Parts Sector: The report reveals where the global industry will put on most $ sales up to 2023.
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