Press release
Motor Vehicle Parts Market: Significant Growth Driven by Technological Advancements and Rising Urbanization
Motor Vehicle Parts Market
What Is The Projected Market Size Of The Global Motor Vehicle Parts Market And Its Growth Rate?
• The market size is projected to grow from $3002.61 billion in 2024 to $3244.1 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%.
• This growth can be attributed to increasing demand for motor vehicles and rapid urbanization.
• The market size is further expected to escalate to $4269.04 billion in 2029 at a CAGR of 7.1%.
• This projected surge can be linked to rapid technological advancements, government initiatives, focus on car accessories and electric vehicles (EVs).
What Is Driving The Growth In The Motor Vehicle Parts Market?
The growth in the motor vehicle parts manufacturing market is fueled by the active focus of major companies on technological advancements such as robotic welding machines. Robotic welding enhances efficiency and product quality by performing with precision. For instance, in April 2023, Kemppi, introduced the AX MIG Welder. This high-performance, automated welding tool with advanced arc technology promises superior efficiency, making it ideal for sustainable operations in demanding manufacturing environments.
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Who Are the Key Players Driving Motor Vehicle Parts Market Growth?
Major driving forces in the motor vehicle parts market include:
• Robert Bosch GmbH
• Denso Corp
• General Motors Co.
• Aisin Seiki Co ltd
• Hyundai Mobis
• Shanghai Automotive Industry Corporation (SAIC)
• Jini Auto Spare Parts Company LLC
• MRF
• Tenneco
• MAHLE GmbH and many others.
What Are The Key Trends In The Motor Vehicle Parts Market?
Key trends influencing the market growth:
• Adoption of artificial intelligence in products for versatility and a wide array of features
• Use of 3D printing to manufacture light, customizable, and inexpensive components
• Focus on strategic alliances for expansion of distribution
• Adoption of recent technological advancements in the sector.
What Are The Segments Of The Global Motor Vehicle Parts Market?
The global motor vehicle parts market is segmented by:
1) Type: Motor Vehicle Body, Stamped Metal & Other Parts, Motor Vehicle Engine, Power Train & Parts, Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors
2) Application: Passenger Vehicle, Commercial Vehicle
3) End Use: OEM, Aftermarket
Which Region Leads The Motor Vehicle Parts Market?
Asia-Pacific was the largest region in the motor vehicle parts market in 2024 followed by Western Europe. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Motor Vehicle Parts Market Global Market Report?
- Market Size Analysis: Analyze the Motor Vehicle Parts Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Motor Vehicle Parts Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Motor Vehicle Parts Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Motor Vehicle Parts Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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