Dublin, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The "Motor Vehicle Parts Global Market Opportunities And Strategies To 2031: COVID-19 Impact And Recovery" report has been added to ResearchAndMarkets.com's offering.
The motor vehicle parts market reached a value of nearly $2,781.3 billion in 2021, having grown at a compound annual growth rate (CAGR) of 4.6% since 2016. The market is expected to grow from $2,781.3 billion in 2021 to $4,063.2 billion in 2026 at a rate of 7.9%. The market is then expected to grow at a CAGR of 6.8% from 2026 and reach $5,640.1 billion in 2031.
Growth in the historic period resulted from emerging markets growth, rising demand for motor vehicles and rapid urbanization. Going forward, the rapid technological advancements, favorable government initiatives, focus on car accessories and focus on electric vehicles (EVs) will drive the growth. Factors that could hinder the growth of the motor vehicle parts market in the future include intense competition, oil and petrol price volatility, shared mobility and semiconductor chips shortage.
The motor vehicle parts market is segmented by type into motor vehicle body, stamped metal and other parts, motor vehicle engine, powertrain and parts, motor vehicle electrical and electronic equipment, steering suspension, and interiors. The motor vehicle body, stamped metal and other parts market was the largest segment of the motor vehicle parts market segmented by type, accounting for 51.2% of the total in 2021.
Going forward, the motor vehicle electrical and electronic equipment, steering suspension, and interiors market is expected to be the fastest growing segment in the motor vehicle parts market segmented by type, at a CAGR of 9.5% during 2021-2026.
The motor vehicle body, stamped metal and other parts market is further segmented into motor vehicle body, stamped metal and other parts. The stamped metal market was the largest segment of the motor vehicle body, stamped metal and other parts market segmented by type, accounting for 62.1% of the total in 2021. Going forward, the motor vehicle body market is expected to be the fastest growing segment in the motor vehicle body, stamped metal and other parts market segmented by type, at a CAGR of 9.2% during 2021-2026.
The motor vehicle engine, powertrain and parts market is further segmented into vehicle engine and engine parts and powertrain and powertrain parts. The powertrain and powertrain parts market was the largest segment of the motor vehicle engine, powertrain and parts market segmented by type, accounting for 71.6% of the total in 2021. Going forward, the vehicle engine and engine parts market is expected to be the fastest growing segment in the motor vehicle engine, powertrain and parts market segmented by type, at a CAGR of 7.5% during 2021-2026.
The motor vehicle electrical and electronic equipment, steering suspension, and interiors market is further segmented into motor vehicle electrical and electronic equipment, motor vehicle steering and suspension and motor vehicle seating interior trim. The motor vehicle seating interior trim market was the largest segment of the motor vehicle electrical and electronic equipment, steering suspension, and interiors segmented by type, accounting for 61.1% of the total in 2021.
Going forward, the motor vehicle seating interior trim market is expected to be the fastest growing segment in the motor vehicle electrical and electronic equipment, steering suspension, and interiors market segmented by type, at a CAGR of 10.0% during 2021-2026.
The motor vehicle parts market is also segmented by end-use into OEM and aftermarket. The OEM market was the largest segment of the motor vehicle parts market segmented by end-use, accounting for 76.2% of the total in 2021. Going forward, the aftermarket market is expected to be the fastest growing segment in the motor vehicle parts market segmented by end-use, at a CAGR of 9.1% during 2021-2026.
The motor vehicle parts market is also segmented by application into passenger vehicle and commercial vehicle. The commercial vehicle market was the largest segment of the motor vehicle parts market segmented by application, accounting for 57.6% of the total in 2021. Going forward, the commercial vehicle market is expected to be the fastest growing segment in the motor vehicle parts market segmented by application, at a CAGR of 9.2% during 2021-2026.
Asia Pacific was the largest region in the motor vehicle parts market, accounting for 44.2% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the motor vehicle parts market will be Middle East, and, Africa where growth will be at CAGRs of 11.5% and 11.0% respectively. These will be followed by South America, and Eastern Europe, where the markets are expected to grow at CAGRs of 8.7% and 8.3% respectively.
The COVID-19 outbreak has imposed several challenges for the motor vehicle parts sector. At the global level, governments were prepared for a broader spread of the virus. South Korea, Italy and Japan were the most affected among the major industrialized economies. Consequently, 80% of automotive and related companies reported that Coronavirus had a direct impact on their 2020 revenues due to the fall in the sales of cars driven by travel restrictions. 78% of companies did not have enough staff to run a full production line.
The global motor vehicle parts market is fragmented, with a large number of players. The top ten competitors in the market made up to 11.90% of the total market in 2020. The market fragmentation can be attributed to the presence of large number of local players at the regional level. The logistics of parts creation, high technical abilities, and regulatory approvals makes it a market with high entry barriers and has been dominated by major players for many years.
Robert Bosch GmbH was the largest competitor with 1.60% share of the market, followed by Denso Corp with 1.53%, General Motors Co with 1.37%, Aisin Seiki Co ltd with 1.21%, Hyundai Mobis with 1.18%, Toyota Motor Corp with 1.14%, Magna International Inc with 1.05%, Continental AG with 1.00%, Fiat Chrysler Automobiles NV with 0.92%, and SAIC Motor Co ltd with 0.82%.
The top opportunities in the motor vehicle parts market segmented by type will arise in the motor vehicle body, stamped metal and other parts segment, which will gain $627.2 billion of global annual sales by 2026. The top opportunities in segment by application will arise in the OEM segment, which will gain $920.2 billion of global annual sales by 2026. The top opportunities in segment by end-use will arise in the passenger vehicle segment, which will gain $487.6 billion of global annual sales by 2026. The motor vehicle parts market size will gain the most in China at $284.7 billion.
Market-trend-based strategies for the motor vehicle parts market include adopting artificial intelligence in products for versatility and wide array of features, adopt 3D printing to manufacture light, customizable and inexpensive components, focus on strategic alliances for the expansion of distribution and adopt recent technological advancements in the sector.
Player-adopted strategies in the motor vehicle parts market include expanding production facilities of new technology products, strengthening production facilities worldwide, focusing on development of new automobile technology products and technological innovation through strategic acquisitions.
To take advantage of the opportunities, the publisher recommends the motor vehicle parts companies to focus on use of artificial intelligence, adopt 3D printing technology, focus on partnerships and acquisitions, expand into developing countries, set up authorized distributors and sales representatives, offer competitively priced products, focus on pricing based on economies, leverage social media, participate in trade shows and events and focus on collaborating with e-commerce players.
Motor Vehicle Parts Market Customer Information
- Aftermarket Outshines Dealers In Customer Satisfaction
- High Degree Loyalty For North Carolina based Auto Parts Retailer
- Importance Of Correct Identification Of Spare Parts
Motor Vehicle Parts Market Trends And Strategies
- Use Of Artificial Intelligence
- Use of 3D Printing
- Increasing Partnerships And Acquisitions
- Technological Advancements
Impact Of COVID-19 On The Motor Vehicle Parts Market
- Impact Of COVID-19 On Motor Vehicle Parts Operations
- Future Outlook
Companies Mentioned
- Robert Bosch GmbH
- Denso Corp
- General Motors Co.
- Aisin Seiki Co ltd
- Hyundai Mobis
For more information about this report visit https://www.researchandmarkets.com/r/p1awko
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