Best Prospects in the Motor Vehicle Parts Market and Strategies for Growth – Includes Motor Vehicle Parts Market Size
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Major players in the motor vehicle parts market include Robert Bosch GmbH, Denso Corp, General Motors Co, Aisin Seiki Co ltd, Hyundai Mobis.
TBRC’s comprehensive market report based on extensive research will assist you in seamlessly devising your approaches in order to match key market player strategies.
The motor vehicle parts market is expected to reach from $2.78 trillion in 2021 to $4.06 trillion in 2026 at a rate of 7.9%. The global motor vehicle parts market size is then expected to grow at a CAGR of 6.8% from 2026 and reach $5.64 trillion in 2031.
Asia Pacific was the largest region in 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 gasoline engines and engine parts, electrical and electronic equipment, integrated circuits (ICs), controller and associated electronic components for electric vehicles, steering and suspension components, brake systems, transmission and powertrain parts, seating and interior trim, metal stampings, and other parts and accessories for the motor vehicle industry.
Advances in technology are expected to drive the motor vehicle parts manufacturing market growth in the forecast period.
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The use of artificial intelligence (AI) in the manufacture of motor vehicle parts for all types of automotive vehicle is a major trend.AI technology is increasingly used for detecting and predicting component failures, helping component manufacturers to work proactively and more efficiently. Robots have been used for many years in automotive plants and facilities to assist and also replace human employees. AI is also being used in combination with robotics to help manufacturers reduce costs and downtime in production lines. AI-based algorithms have the ability to digest masses of data from different sources such as vibration sensors, separate errors from background noise, detect anomalies, diagnose the problem, and predict if a breakdown is likely or imminent, ultimately, improving system performance.
TBRC’s Motor Vehicle Parts Market Report Segments:
By Type: Motor Vehicle Body, Stamped Metal And Other Parts, Motor Vehicle Engine, Powertrain And Parts, Motor Vehicle Electrical And Electronic Equipment, Steering Suspension, and Interiors
By End-Use: OEM, Aftermarket
By Application: Passenger Vehicle, Commercial Vehicle
By Geography: North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
The Motor Vehicle Parts Market Report 2022 –Opportunities And Strategies – Global Forecast To 2031 is one of a series of new reports from The Business Research Company that provides an overview of the motor vehicle parts market globally and regionally, analyzes and forecasts market size, share, motor vehicle parts market players, motor vehicle parts market segments, leading competitor revenues, profiles and market shares.
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