Revving Growth: Dynamics Shaping the Motor Vehicle Engine, Power Train & Parts Market

The motor vehicle engine, power train & parts market has experienced robust growth, surging from $844.94 billion in 2023 to an estimated $913.47 billion in 2024, reflecting a substantial compound annual growth rate (CAGR) of 8.1%. This upward trajectory is poised to continue, with the motor vehicle engine, power train, and parts market forecasted to reach $1,216.03 billion by 2028, maintaining a CAGR of 7.4%.

Favorable Economic Outlook Driving Growth:
The motor vehicle engine, power train, and parts market are benefiting from a stable economic growth outlook in various developed and developing countries. Projections by the International Monetary Fund (IMF) indicate global GDP growth rates of 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices and steady growth in developed and emerging markets are anticipated to boost investments in end-user markets, contributing to market expansion.

Rising Demand for Aftermarket Parts:
A significant driver for motor vehicle engine, power train & parts market growth is the escalating demand for aftermarket parts. These components, not manufactured by the original equipment manufacturer (OEM), serve as replacements or upgrades for a vehicle's original parts. The aftermarket segment in the motor vehicle engine, power train, and parts industry caters to replacement, performance enhancements, cost-effective options, modifications, and maintenance. In 2022, light-duty automobile aftermarket sales are expected to rise by 8.5% to $356.5 billion, according to the Auto Care Association and the Automotive Aftermarket Suppliers Association.

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IoT Integration Enhancing Efficiency:
Motor vehicle parts manufacturers are leveraging the Internet of Things (IoT) to boost operational efficiency by reducing unscheduled downtimes. IoT enables real-time data collection and exchange, providing insights into production processes. For instance, German car parts maker Robert Bosch's collaboration with SAP employs IoT to connect manufacturing machinery, tools, and vehicles to SAP's back-end software, using SAP's real-time database HANA. The global automotive IoT market is projected to reach $106.32 billion by 2023, with 60% of global manufacturers utilizing analytics data from IoT-connected devices.

Innovation with Hybrid Powertrains:
Major companies in the motor vehicle engine, power train & parts market are prioritizing innovation, introducing products like Hybrid Powertrains to cater to evolving consumer needs. Hybrid powertrains integrate two or more distinct power sources for driving a vehicle. Toyota Motor Sales, U.S.A., Inc., launched the Toyota Crown with New Hybrid Max Powertrain, featuring a 2.4-liter turbocharged engine and a direct shift 6-speed automatic gearbox. The HYBRID MAX powertrain delivers 340 net horsepower, emphasizing efficiency and sporty performance.

Regional Landscape and Market Segmentation:
As of 2023, Asia-Pacific leads the motor vehicle engines, power trains, & parts market, followed by Western Europe. The motor vehicle engine, power train & parts market covered in this report is segmented -
1) By Type: Vehicle Engine And Engine Parts, Power Train And Power Train Parts
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, Aftermarket

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Motor Vehicle Engine, Power Train & Parts Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Motor Vehicle Engine, Power Train & Parts Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on motor vehicle engine, power train & parts market size, motor vehicle engine, power train & parts market drivers and trends, motor vehicle engine, power train & parts market major players, competitors' revenues, motor vehicle engine, power train & parts market positioning, and motor vehicle engine, power train & parts market growth across geographies. The motor vehicle engine, power train & parts market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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