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Motor Vehicle Engine & Power Train Market Share, Key Trends & 2033 Outlook
Motor Vehicle Engine, Power Train & Parts Global Market Report 2024
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According to The Business Research Company's, The motor vehicle engine, power train & parts market size has grown strongly in recent years. It will grow from $844.94 billion in 2023 to $913.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to economic conditions, regulatory environment, consumer preferences, global trade.
The motor vehicle engine, power train & parts market size is expected to see strong growth in the next few years. It will grow to $1216.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to electrification, sustainability and emissions reduction, connectivity and iot, urbanization and mobility services. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Drivers and Trends:
The motor vehicle engine, power train, and parts market are aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
Motor vehicle parts manufacturers are using IoT to reduce unscheduled downtimes, thereby increasing operational efficiency. IoT is a system of connected devices with the ability to collect and exchange data over a network without any human intervention or assistance. IoT helps motor vehicle parts manufacturers increase their efficiency by providing real-time information about production processes. In addition, IoT can be used by automobile parts manufacturers to obtain wear and tear data that can prevent equipment failures. For instance, German car parts maker Robert Bosch signed an agreement with software company SAP to connect its manufacturing machinery, tools, and vehicles to SAP's back-end software. This IoT technology uses SAP's real-time database HANA to monitor and support the production of automobile parts. The global automotive IoT market is expected to reach 106.32 billion by 2023. According to IDC and SAP, 60 % of global manufacturers use analytics data tracked from IoT-connected devices to analyze their manufacturing processes.
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Major Key Players of the Market:
EXOR Group, Robert Bosch GmbH, Aisin Seiki Co Ltd, Toyota Motor Corp, Denso Corp., Schaeffler Technologies AG & Co KG, Continental AG, Gestamp Automoción, Tata Motor Group, Dana Incorporated, Magna International Inc., ZF Friedrichshafen AG, Hyundai Motor Company, GKN Ltd., BorgWarner Inc., Valeo SA, JTEKT Corporation, Mahle GmbH, Autoliv Inc., Hitachi Automotive Systems Ltd., Nexteer Automotive Group Limited, American Axle & Manufacturing Holdings Inc., Tenneco Inc., Lear Corporation, Faurecia SA, Benteler Automotive Corporation, Linamar Corporation, Rheinmetall Automotive AG, Mando Corporation, WABCO Holdings Inc., Allison Transmission Holdings Inc., Cummins Inc., Eaton Corporation plc.
Motor Vehicle Engine, Power Train & Parts Market 2024 Key Insights:
• The motor vehicle engine, power train & parts market size is expected to see strong growth in the next few years. It will grow to $1216.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Favorable Economic Outlook Fuels Growth In The Motor Vehicle Engine, Power Train, And Parts Market
• Driving Efficiency IOT Integration Transforms Motor Vehicle Engine, Power Train, & Parts Market Manufacturing
• Asia-Pacific was the largest region in the motor vehicle engines, power trains, & parts market in 2023
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