Top Trends Transforming the Motor Vehicle Parts Market Landscape in 2025: Electrification Of Vehicles Impact On The Automotive Value Chain And Motor Vehicle Parts Market

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What Is the Expected CAGR for the Motor Vehicle Parts Market Through 2025?
The market size for motor vehicle parts has shown considerable growth in the past years. The anticipated growth is from $3002.61 billion in 2024 to $3244.1 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. The historical growth has been driven by increased motor vehicle demand and swift urbanization.

What's the Projected Size of the Global Motor Vehicle Parts Market by 2029?
Expectations point to robust expansion in the motor vehicle parts market over the forthcoming years, with projections showing it reaching a worth of $4269.04 billion in 2029, this is indicative of a compound annual growth rate (CAGR) of 7.1%. The accelerated growth during the forecast period can be associated with swift technological progress, accommodating government initiatives, emphasis on car accessories, and the increasing focus on electric vehicles (EVs). The emerging trends during the forecast period are expected to involve the incorporation of artificial intelligence in products for their versatility and broad spectrum of features, the utilization of 3D printing for the production of light-weight, customizable, and affordable components, a concentration on strategic alliances for broadening distribution, and the adoption of the latest technological advancements in the sector.

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Top Growth Drivers in the Motor Vehicle Parts Industry: What's Accelerating the Market?
Prominent entities in the motor vehicle parts manufacturing market are concentrating on technological innovations like robotic welding machines, to boost efficiency and the quality of products. They're also prioritizing sustainable practices and partnerships for technological progression. A robotic welding machine represents an autonomous system wielding robotic arms for executing precise and efficient welding tasks. This technology elevates production speeds and reliability in manufacturing processes. For example, in April 2023, Kemppi, a company based in Finland, introduced the AX MIG Welder. This tool delivers high-performance, automated welding using advanced arc technology and ensures unparalleled quality and efficiency. Its ease of use and flexible modularity deem it an optimal solution for continuous operation in challenging manufacturing settings.

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What Trends Will Shape the Motor Vehicle Parts Market Through 2029 and Beyond?
There is a fast-growing interest in electric vehicles, a phenomenon that could wreak significant changes throughout the car manufacturing value chain. Electric vehicle engines are far less complex than those that run on gasoline, leading to fewer necessary parts replacements over a vehicle's lifespan. The electrification of automobiles will necessitate the adaption and redesign of components such as air conditioning systems, water pumps, brakes, and steering systems to fit electric cars' specifications. With just a third of the components used in internal combustion engine (ICE) cars required for electric vehicles, there will be less need for cooperation between car manufacturers and parts suppliers, decreasing vehicle-to-component calibration and leading to more independent product development from suppliers. An EY study suggests that this transition to electric vehicles in India may disrupt the current car spare parts market since an electric car only includes 20 movable parts, a drastic reduction from the 200 spare parts found in cars with internal combustion engines.

What Are the Main 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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Which Top Companies are Driving Growth in the Motor Vehicle Parts Market?
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

Which Regions Will Dominate the Motor Vehicle Parts Market Through 2029?
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

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