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 parts market, a dynamic landscape of innovation and adaptability, has witnessed substantial growth, soaring from $2,563.64 billion in 2022 to $2,807.3 billion in 2023, boasting a commendable compound annual growth rate (CAGR) of 9.5%. Although the Russia-Ukraine conflict has posed short-term challenges, the market is resilient, projected to reach $3,903.28 billion by 2027 with a CAGR of 8.6%. Here’s an exploration of key regions, segments, drivers, trends, and the development potential that define the trajectory of this evolving industry.

Technological Advances: Powering Future Growth

Technological strides stand as a bedrock for the motor vehicle parts market continued growth. The transport manufacturing industry has witnessed significant advancements, with innovations like autonomous driving, biometric vehicle access, and active health monitoring shaping the future. According to Forbes, these technological marvels are expected to propel the automotive parts industry forward during the forecast period.

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Major Players Steering the Industry:

Major companies in the motor vehicle parts market include EXOR Group, Denso Corp, General Motors Co, Robert Bosch GmbH, Aisin Seiki Co Ltd., Continental AG, Fiat Chrysler Automobiles NV, Magna International Inc., Toyota Motor Corp, and SAIC Motor Co ltd.

 Electric Vehicle Disruption: Transforming the Value Chain

The surging demand for electric vehicles (EVs) is poised to disrupt the automotive value chain. EV engines, less complex than their gasoline counterparts, necessitate fewer replacement parts, challenging traditional spare part sales. As electric vehicles redefine the automotive landscape, components like air-conditioning units and brakes must adapt to meet EV requirements. This transformative shift, as indicated by an EY report, highlights the need for increased autonomy among parts suppliers.

Key Segments: Unveiling Diversity in Offerings

The motor vehicle parts market unfolds through diverse segments catering to various automotive needs. These segments include:

• Motor Vehicle Body, Stamped Metal & Other Parts
• Motor Vehicle Engine, Power Train & Parts
• Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors

Within these, subsegments such as vehicle engine and engine parts, power train and power train parts, and seating and interior trim further contribute to the industry’s intricacy

Leading Regions: Asia-Pacific Takes the Wheel

In 2022, Asia-Pacific emerged as the driving force in the motor vehicle parts market, setting the pace for industry dynamics. Western Europe followed closely as the second-largest market, both regions significantly shaping the global automotive landscape.

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

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