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Advances in technology are expected to be a continued driver of motor vehicle parts manufacturing market growth in the forecast period, as per The Business Research Company’s motor vehicle parts market opportunities and strategies report.

The motor vehicle parts market is expected to grow 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.

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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.

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.

The Global Motor Vehicle Parts Market Is Segmented:
By Type: Motor Vehicle Body, Stamped Metal And Other Parts (Motor Vehicle Body, Stamped Metal, Other Parts), Motor Vehicle Engine, Powertrain And Parts (Vehicle Engine And Engine Parts, Powertrain And Powertrain Parts), Motor Vehicle Electrical And Electronic Equipment, Steering Suspension, and Interiors (Motor Vehicle Electrical And Electronic Equipment, Motor Vehicle Steering, And Suspension, Motor Vehicle Seating Interior Trim)

By End-Use: OEM, Aftermarket

By Application: Passenger Vehicle, Commercial Vehicle

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 is the largest region in the global motor vehicle parts market.

TBRC’s Motor Vehicle Parts Market Report Covers:

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 (2016-21) and ten years forecast (2022-2026-2031)

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 thorough motor vehicle parts market research, analyzes and forecasts motor vehicle parts market size, motor vehicle parts market share, motor vehicle parts market players, motor vehicle parts market trends, motor vehicle parts market segmentation and geographies, leading competitor revenues, profiles and market shares.

TBRC’s motor vehicle parts market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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.

View Similar Reports From The Business Research Company:

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