Press release
Global Motor Vehicle Parts Market Worth $3703.06 Billion by 2029, Growing at 6.6% CAGR
Motor Vehicle Parts
Motor Vehicle Parts Market Outlook: What Size And CAGR Are Anticipated By 2025?
In recent years, there has been significant growth in the market size of motor vehicle parts. The market is projected to expand from $2713.65 billion in 2024 to $2871.86 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.8%. This surge in growth during the historical period may be due to the increasing demand for motor vehicles and swift urbanization.
What Is the Expected CAGR for the Motor Vehicle Parts Market Growth Through 2029?
Strong expansion is anticipated in the motor vehicle parts market over the coming years, with projections indicating a growth to $3703.06 billion by 2029, representing a compound annual growth rate (CAGR) of 6.6%. This promising forecast can be ascribed to several factors, including rapid technological progress, supportive government policies, increased interest in car accessories, and an emphasis on electric vehicles (EVs). Noteworthy trends for this period encompass the integration of artificial intelligence into products to enhance versatility and feature range, the use of 3D printing for producing lightweight, customizable, and affordable components, a focus on strategic partnerships for distribution expansion, and the adoption of the latest technologies in the sector.
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What Are the Primary Drivers Behind Motor Vehicle Parts Market Growth?
Leading firms in the motor vehicle parts manufacturing market are prioritizing technological innovations such as robotic welding machines to improve productivity and the quality of their products. Sustainability and partnerships for technological development are also high on their agenda. Robotic welding machines are automated systems that employ robotic arms to execute welding tasks with high precision and efficiency, thereby enhancing manufacturing processes' production rates and consistency. For example, Kemppi, a manufacturing firm based in Finland, introduced an AX MIG Welder in April 2023. This product delivers superior quality and efficiency through high-performance automated welding with advanced arc technology. Its user-friendly structure and modular flexibility make it perfectly suited for continuous operation in challenging manufacturing situations.
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What Are the Key Segments Driving Motor Vehicle Parts Market Growth?
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, After market
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
What Are the Technological Trends Impacting the Motor Vehicle Parts Market?
There's a growing interest in electric vehicles, which could potentially overhaul the existing automotive value chain. Compared to standard fuel-powered vehicles, electric vehicles feature simpler engines requiring fewer part replacements over the car's lifespan. This new wave of vehicle electrification will necessitate a redesign and adjustment of components like the air conditioning system, water pump, braking, and steering mechanisms in order to accommodate electric-powered models. Given that electric cars comprise just a third of the parts found in internal combustion engine (ICE) cars, there will be less necessity for collaboration between vehicle manufacturers and part suppliers. This could minimize vehicle-component calibration, thereby granting suppliers increased freedom when designing their products. A report by EY also indicates that this major shift towards electric vehicles in India could significantly affect the sales of traditional automobile spare parts, noting that while ICE vehicles have around 200 movable parts, electric vehicles only have about 20.
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Who Are the Major Competitors in the Global 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 Region Dominates the Motor Vehicle Parts Market Share in 2025?
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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