Motor Vehicle Parts Market Size Forecasted To Achieve $4269.04 Billion By 2029 With Steady Growth

The Motor Vehicle Parts Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Motor Vehicle Parts Market Size and Projected Growth Rate?
In the past few years, the size of the motor vehicle parts market has seen significant growth. There is an expected rise from $3002.61 billion in 2024 to $3244.1 billion in 2025 with a compound annual growth rate (CAGR) of 8.0%. This growth during the earlier period can be linked to the increased demand for motor vehicles and quick urbanization.

Strong expansion is anticipated in the motor vehicle parts market in the coming years, with predictions indicating a growth to $4269.04 billion in 2029, reflecting a compound annual growth rate (CAGR) of 7.1%. This surge in growth during the forecast period can be linked to different factors such as speedy technology advancements, supportive government initiatives, heightened focus on car accessories, and an increasing emphasis on electric vehicles (EVs). Major trends set to shape the forecast period include the integration of artificial intelligence in products to increase versatility and expand features, utilizing 3D printing for the production of light, customisable, and cost-effective components, concentrating on strategic partnerships for broadening distribution, and leveraging the latest technological advancements in the sector.

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What Are the Major Segments in the Motor Vehicle Parts Market?
The motor vehicle parts market covered in this report is segmented -

1) By Type: Motor Vehicle Body, Stamped Metal & Other Parts, Motor Vehicle Engine, Power Train & Parts, Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, Aftermarket

Subsegments:
1) By Motor Vehicle Body: Body Panels, Chassis, Bumpers, Doors And Windows
2) By Stamped Metal And Other Parts: Stamped Metal Components, Brackets And Supports, Structural Frames, Custom Fabricated Parts
3) By Motor Vehicle Engine: Engine Blocks, Cylinder Heads, Crankshafts, Camshafts
4) By Power Train And Parts: Transmissions, Differentials, Drive Shafts, Axles
5) By Motor Vehicle Electrical And Electronic Equipment: Alternators, Starters, Sensors, Wiring Harnesses
6) By Steering Suspension And Interiors: Steering Systems, Suspension Components, Interior Trim Parts, Seating Systems

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What Are The Driving Motor Vehicle Parts Market Evolution?
Prominent entities in the motor vehicle parts manufacturing market are aiming to improve technological advancements like robotic welding machines to boost effectiveness and the quality of products. These firms are additionally prioritizing environmentally friendly actions and partnerships for the sake of technological progress. An automated system employing robotic arms to carry out precise and efficient welding tasks is known as a robotic welding machine. This machine elevates productivity and uniformity in production processes. For example, in April 2023, Kemppi, a company in Finland that specializes in manufacturing, premiered the AX MIG Welder. This product provides superior quality and efficiency through automated, high-performance welding with cutting-edge arc technology. Its ease of use and modular adaptability make it perfect for sustained use in challenging manufacturing situations.

Which Firms Dominate The Motor Vehicle Parts Market Segments?
Major companies operating 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, Ford Motor Company, TVS, Benteler South Africa, Mercedes-Benz Manufacturing Hungary, GM, Dongfeng Motor Co. Ltd, Tianjin Automotive Industry Corporation (TAIC), Alliance Automotive Group (AAG), Guangzhou Automotive Industry Corporation (GAIC), Volkswagen, Martinrea International Inc., Continental AG, GEDIA Michigan, Magna International Inc, Navik Co., Ltd., Nissan, Marelli Automotive Systems UK, China FAW Group Corporation, Solaris Bus Coach, Fiat Automóveis, Lear Corporation, Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), Valeo SA, Borg Automotive, Bharat Forge, Mitsubishi Motor Corporation, Goodway Plastic Products, Effa Brazil, Toyota Motor Corp, American Axle and Manufacturing Holdings, Honda Motor Co., Ltd., Weichai Holding Group Co. Ltd, Mazda, Csepel Holding, Geely Automobile Holdings Limited, Magyar Suzuki, NIO Inc., NTN Corp., Marelli Holdings Co., Ltd., Comil, Auto Mark, Fiat Chrysler Automobiles NV, Sumitomo, Mando, Carformer Ltd., Linamar Corporation, XPeng Inc., Audi Hungaria Zrt, Renault, Xincheng Vehicle Parts Manufacturing Factor, Jaguar Land Rover, Grunwald LLC, Euro Car Parts, Dimako Ltd, Brenderup Group, Agrale, Inter Cars, Raval, Babatin Auto Parts CO., Al-Hammadi Spare and Parts Company, Beijing Automotive Industry Company (BAIC), BMW Brazil, Inter Groclin Auto, PartsPoint Group

What Trends Are Driving Growth in The Motor Vehicle Parts Market?
The growing preference for electric vehicles implies a potential upheaval in the automotive value chain. The engine structure of electric vehicles is simpler compared to traditional gasoline vehicles, which necessitate fewer replacement parts across a car's lifespan. Modifications and redesigning of components like air conditioning units, water pumps, brakes, and steering systems will be necessitated by electrification. As electric vehicles contain only one-third of the components found in internal combustion engine (ICE) cars, partnerships between automakers and part suppliers may lessen. This can further reduce vehicle-to-component calibration, giving component suppliers greater independence in product development. An EY report suggests this shift to electric vehicles in India could impact the current automotive spare parts market, as electric vehicles contain approximately 20 movable parts in contrast to nearly 200 in vehicles with internal combustion engines.

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Which Is The Largest Region In The Motor Vehicle Parts Market?
Asia-Pacific was the largest region in the motor vehicle parts market in 2024. Western Europe was the second largest market in motor vehicle parts market. The regions covered in the motor vehicle parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Motor Vehicle Parts Market?
2. What is the CAGR expected in the Motor Vehicle Parts Market?
3. What Are the Key Innovations Transforming the Motor Vehicle Parts Industry?
4. Which Region Is Leading the Motor Vehicle Parts Market?

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