Yahoo Finance Motor Vehicle Parts Global Market Report 2022
Major companies in the motor vehicle parts market include EXOR Group, Denso Corp, General Motors Co, Robert Bosch GmbH, Aisin Seiki Co Ltd, Continental AG, Fiat Chrysler Automobiles NV, Magna International Inc, Toyota Motor Corp, and SAIC Motor Co ltd.
New York, May 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motor Vehicle Parts Global Market Report 2022" - https://www.reportlinker.com/p06277687/?utm_source=GNW
The global motor vehicle parts market is expected to grow from $2,336.07 billion in 2021 to $2,572.01 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The market is expected to grow to $3,638.77 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.
The motor vehicle parts market consists of sales of motor vehicle parts and related services by entities (organizations, sole traders, and partnerships) that produce motor vehicle gasoline engines and engine parts, motor vehicle electrical and electronic equipment, motor vehicle steering, and suspension components (except springs), motor vehicle brake systems, motor vehicle transmission, and power train parts, motor vehicle seating and interior trim, motor vehicle metal stampings, and other motor vehicle parts and accessories.This market includes sales of rebuilt motor vehicle parts.
This market includes sales of both new and used vehicles.
The main types in motor vehicle parts are motor vehicle body, stamped metal & other parts, motor vehicle engine, power train & parts, motor vehicle electrical & electronic equipment, steering suspension, & interiors.The motor vehicle body refers to the parts of the motor vehicle that help in certain functions they perform.
The various applications include passenger vehicles, commercial vehicles. These are used in OEM and aftermarket.
Asia Pacific was the largest region in the motor vehicle parts market in 2021.Western Europe was the second largest market in motor vehicle parts market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
Technological Advances - Advances in technology are expected to be a continued driver of motor vehicle parts manufacturing market growth in the forecast period.The global transport manufacturing industry has experienced many technological advances in the last decade and this trend is expected to intensify.
According to Forbes, the ten new features to expect in vehicles by 2020 include autonomous driving, driver override systems, biometric vehicle access, comprehensive vehicle tracking, active window displays, remote vehicle shutdown, active health monitoring, four-cylinder supercars, smart and personalized in-car marketing and reconfigurable body panels. These innovations are expected to drive the motor vehicle parts manufacturing market during the forecast period.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicle parts manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components.Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries impose lockdowns.
The outbreak is expected to continue to harm businesses throughout 2020 and into 2021. However, it is expected that the motor vehicle parts manufacturing market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The demand for electric vehicles is increasing rapidly and this is expected to disrupt the automotive value chain.Engines of electric vehicles are less complicated than their gasoline counterparts, thus requiring fewer replacement parts over the lifetime of a car.
Electrification of cars also means that components such as air-conditioning units, water pumps, brakes, and steering systems will need to be adapted and designed to meet the requirements of electric cars.Since electric vehicles are manufactured with one-third the number of internal combustion engine (ICE) cars’ components, less collaboration will be required between an automaker and parts suppliers.
This will decrease vehicle-to-component calibration, thus allowing parts suppliers to develop products with more autonomy. According to a report by EY firm, electric vehicles transformation in India may affect existing automobile spare part sales as EVs are built with 20 moving parts while vehicles equipped with internal combustion engines have around 200 spare parts.
The countries in the motor vehicle parts market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippine, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain; Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06277687/?utm_source=GNW
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