In-Depth Examination of Segments, Industry Developments, and Key Competitors in the Motor Vehicle Parts Market

The motor vehicle parts industry is on track for substantial expansion as technological advancements and evolving automotive trends reshape the market landscape. With increasing electric vehicle adoption and the push for smarter, more efficient components, this sector promises significant growth and innovation in the years ahead. Let's explore the current market size, key players, emerging trends, and segment details shaping this dynamic industry.

Strong Growth Forecast for the Motor Vehicle Parts Market by 2030
The motor vehicle parts market is projected to reach a valuation of $3961.19 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.8%. This anticipated growth is largely driven by the rising penetration of electric vehicles, the digitization of automotive systems, and the increasing demand for smart vehicle components. Additionally, the expansion of the global vehicle fleet and the rise of digital platforms devoted to aftermarket parts contribute significantly to this upward trend. Key market trends expected to influence growth include a surge in demand for modular vehicle parts, greater adoption of sophisticated automotive electronics, a focus on lightweight structural components, the broadening distribution of aftermarket parts, and enhanced attention to product quality and durability.

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Current Industry Leaders in the Motor Vehicle Parts Market
Several prominent companies dominate the motor vehicle parts sector globally. These include Robert Bosch GmbH, Denso Corp, General Motors Co., Aisin Seiki Co Ltd, Hyundai Mobis, Shanghai Automotive Industry Corporation, Tenneco, MAHLE GmbH, Ford Motor Company, Benteler South Africa, Mercedes-Benz Manufacturing Hungary, Dongfeng Motor Co. Ltd, Volkswagen, Martinrea International Inc., Continental AG, Magna International Inc., Nissan, Toyota Motor Corp, Honda Motor Co., Ltd., American Axle and Manufacturing Holdings, Bharat Forge, Mitsubishi Motor Corporation, Geely Automobile Holdings Limited, NIO Inc., NTN Corp., Marelli Holdings Co., Ltd., Fiat Chrysler Automobiles NV, Sumitomo, Mando, Linamar Corporation, XPeng Inc., Audi Hungaria Zrt, Renault, Jaguar Land Rover, and Beijing Automotive Industry Company.

Recent Strategic Acquisition Strengthens Market Position
In August 2023, Ramkrishna Forgings Limited, a manufacturing firm based in India, completed the acquisition of JMT Auto Limited for US $15 million (?125 crore). This move was intended to reinforce and diversify Ramkrishna Forgings' auto-ancillaries portfolio by integrating high-precision forgings alongside transmission and axle component manufacturing capabilities. The acquisition expands the company's product range and broadens its customer base within the heavy and commercial vehicle sectors. JMT Auto Limited specializes in manufacturing precision gearbox, axle, engine, and transmission parts such as gears, shafts, and housings for medium and heavy commercial vehicles, tractors, and diesel-engine applications.

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How Market Trends Are Shaping the Motor Vehicle Parts Industry
Industry leaders are increasingly concentrating on expanding their aftermarket product offerings, especially by developing original equipment (OE)-quality components. These replacement parts are designed to meet the exact specifications of original equipment, ensuring proper fit, performance, and durability. The availability of OE-quality aftermarket parts supports vehicle reliability and facilitates efficient maintenance and repairs.

A practical example of this trend occurred in July 2025, when DRiV Incorporated, a US-based automotive aftermarket company, launched three new OE-quality product lines under its FP DIESEL and Wagner brands. These included starters and alternators, turbochargers, and HVAC compressors aimed at trucks, buses, and passenger vehicles. All parts are engineered and tested to OE standards to guarantee durability, power delivery, and precise installation across major commercial and passenger platforms. These expanded offerings enhance parts coverage in the Asia-Pacific region, enable faster and more dependable maintenance for independent repair shops and fleet operators, and provide cost-effective replacement options that maintain or restore vehicle performance and extend service life.

Detailed Segmentation of the Motor Vehicle Parts Market
The motor vehicle parts market is categorized into several main segments:
1) By Type:
- Motor Vehicle Body
- Stamped Metal and Other Parts
- Motor Vehicle Engine
- Power Train and Parts
- Motor Vehicle Electrical and Electronic Equipment
- Steering Suspension and Interiors

2) By Application:
- Passenger Vehicle
- Commercial Vehicle

3) By End Use:
- Original Equipment Manufacturer (OEM)
- Aftermarket

Further subcategories help specify product types, such as:
- Motor Vehicle Body: body panels, chassis, bumpers, doors, and windows
- Stamped Metal and Other Parts: stamped metal components, brackets and supports, structural frames, custom fabricated parts
- Motor Vehicle Engine: engine blocks, cylinder heads, crankshafts, camshafts
- Power Train and Parts: transmissions, differentials, drive shafts, axles
- Motor Vehicle Electrical and Electronic Equipment: alternators, starters, sensors, wiring harnesses
- Steering Suspension and Interiors: steering systems, suspension parts, interior trim, seating systems

This structured breakdown highlights the wide range of components and applications within the motor vehicle parts industry, underlining its complexity and vast scope for growth.

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This release was published on openPR.