The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global motor vehicle engine, power train & parts market has charted an impressive trajectory, surging from $787.29 billion in 2022 to $865.65 billion in 2023, showcasing a robust compound annual growth rate (CAGR) of 10.0%. Despite headwinds from the Russia-Ukraine war and global economic uncertainties, the market is poised for continued expansion, projecting a growth to $1217.26 billion by 2027 at a CAGR of 8.9%. Let’s delve into the key segments, main regions, driving factors, emerging trends, and the growth potential of this dynamic industry.

1. Growth Potential: Fueled by Stable Economic Outlook

The motor vehicle engine, power train & parts market rides on the wings of stable economic growth anticipated in developed and developing nations. Projections by the International Monetary Fund (IMF) indicate a steady global GDP growth of 3.3% in 2020 and 3.4% in 2021. The recovery of commodity prices, coupled with stable economic conditions in developed economies, is expected to stimulate investments in end-user markets, catalyzing market growth during the forecast period.

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2. Key Drivers: IoT Revolutionizing Operational Efficiency

A pivotal driver for motor vehicle engine, power train & parts market is the integration of the Internet of Things (IoT) to minimize unscheduled downtimes and enhance operational efficiency. IoT, with its network of connected devices, empowers manufacturers with real-time insights into production processes. By leveraging IoT, automobile parts manufacturers can gather wear and tear data, proactively preventing equipment failures. The global automotive IoT market, slated to reach 106.32 billion by 2023, underscores the transformative impact of this technology on the industry.

3. Emerging Trends: Industry 4.0 Reshaping Manufacturing

The advent of Industry 4.0, epitomized by IoT integration, is reshaping the landscape of motor vehicle engine, power train & parts market. Collaborations like the one between German car parts maker Robert Bosch and SAP, utilizing SAP’s real-time database HANA, exemplify the industry’s march toward intelligent manufacturing. Analytics data from IoT-connected devices, as highlighted by IDC and SAP, is becoming instrumental in analyzing and optimizing manufacturing processes.

4. Key Market Segments: Navigating Diversity for Growth

The motor vehicle engine, power train & parts market is intricately segmented to cater to diverse needs, with key distinctions in:

• Type:
  • Vehicle Engine And Engine Parts
  • Power Train And Power Train Parts
• Application:
  • Passenger Vehicle
  • Commercial Vehicle
• End Use:
  • OEM
  • Aftermarket

5. Leading Regions: Asia-Pacific Takes the Pole Position

In 2022, Asia-Pacific emerged as the driving force in the motor vehicle engine, power train & parts market, setting the pace for industry dynamics. Western Europe followed as the second-largest market, contributing significantly to the global automotive landscape.

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The Motor Vehicle Engine, Power Train & Parts Global Market Report 2023  provides a motor vehicle engine, power train & parts market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032).  The motor vehicle engine, power train & parts market forecast analyzes motor vehicle engine, power train & parts market size, motor vehicle engine, power train & parts market share, leading competitor motor vehicle engine, power train & parts market positions motor vehicle engine, power train & parts market growth. The regions covered in the motor vehicle engine, power train & parts market report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include in motor vehicle engine, power train & parts market Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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