This report describes and explains the motor vehicle parts market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
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 reccomends 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.
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 reccomends 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.
Table of Contents
1. Motor Vehicle Parts Market Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure8. Motor Vehicle Parts Market, Product/Service Analysis -Product/Service Examples
6. Introduction
7. Motor Vehicle Parts Market Characteristics
9. Motor Vehicle Parts Market, Supply Chain Analysis
10. Motor Vehicle Parts Market Customer Information
11. Motor Vehicle Parts Market Trends And Strategies
12. Impact Of COVID-19 On The Motor Vehicle Parts Market
13. Global Motor Vehicle Parts Market Size And Growth
14. Motor Vehicle Parts Market, Regional Analysis
15. Global Motor Vehicle Parts Market Segmentation
16. Global Motor Vehicle Parts Market Comparison with Macro Economic Factors
17. Asia-Pacific Motor Vehicle Parts Market
18. Western Europe Motor Vehicle Parts Market
19. Eastern Europe Motor Vehicle Parts Market
20. North America Motor Vehicle Parts Market
21. South America Motor Vehicle Parts Market
22. Middle East Motor Vehicle Parts Market
23. Africa Motor Vehicle Parts Market
24. Global Motor Vehicle Parts Market Competitive Landscape And Company Profiles
25. Key Mergers And Acquisitions In The Motor Vehicle Parts Market
26. Market background: Transport Market
27. Global Motor Vehicle Parts Market Opportunities And Strategies
28. Motor Vehicle Parts Market, Conclusions And Recommendations
29. Appendix
Executive Summary
Motor Vehicle Parts Global Market Opportunities And Strategies To 2031: COVID-19 Impact And Recovery provides the strategists; marketers and senior management with the critical information they need to assess the global motor vehicle parts market as it emerges from the COVID 19 shut down.
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Description:
Where is the largest and fastest growing market for motor vehicle parts? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The motor vehicle parts market global report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider motor vehicle parts market; and compares it with other markets.
The report covers the following chapters:
- Executive Summary - The executive summary section of the report gives a brief overview and summary of the report.
- Report Structure - This section gives the structure of the report and the information covered in the various sections.
- Introduction - The introduction section of the report gives brief introduction about segmentation by geography, segmentation by type, segmentation by end use and segmentation by application.
- Market Characteristics - The market characteristics section of the report defines and explains the motor vehicle parts market. This section also defines and describes goods and related services covered in the report.
- Product Analysis - The product analysis section of the report describes the leading products in the market along with key features and differentiators for those products. Supply Chain - The supply chain section of the report defines and explains the key players in the motor vehicle parts industry supply chain.
- Customer Information - This chapter covers recent customers’ trends/preferences in the global motor vehicle parts market.
- Trends And Strategies - This section describes the major trends shaping the global motor vehicle parts market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
- Impact Of COVID-19 - This section discusses the impact of COVID-19 on the motor vehicle parts market.
- Global Market Size And Growth - This section contains the global historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - This section contains the historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values and growth and market share comparison by region.
- Segmentation - This section contains the market values (2016-2031) and analysis for different segments.
- Regional Market Size and Growth - This section contains each region’s market size (2021), historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region. The market overview sections of the report describe the current size of the market, background information, government initiatives, regulations, regulatory bodies, associations, corporate tax structure, investments, and major companies.
- Competitive Landscape - This section covers details on the competitive landscape of the global motor vehicle parts market, estimated market shares and company profiles for the leading players.
- Key Mergers And Acquisitions - This section gives the information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- This section includes market opportunities and strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations - This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for motor vehicle parts providers in terms of product/service offerings, geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope:
Markets Covered:
- 1)By Type: 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 is further segmented into: Motor Vehicle Body; Stamped Metal; Other Parts
- The motor vehicle engine, powertrain and parts market is further segmented into: Vehicle Engine And Engine Parts; Powertrain And Powertrain Parts
- 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; Motor Vehicle Seating and Interior Trim
- 2) By End-Use: OEM; Aftermarket
- 3) By Application: Passenger Vehicle; Commercial Vehicle
Companies Mentioned:
Robert Bosch GmbH; Denso Corp; General Motors Co.; Aisin Seiki Co ltd.; Hyundai Mobis
Countries:
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; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
Regions:
Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series:
Five years historic and ten years forecast.
Data:
Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; motor vehicle parts indicators comparison.
Data segmentations:
country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing:
Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Robert Bosch GmbH
- Denso Corp
- General Motors Co.
- Aisin Seiki Co ltd
- Hyundai Mobis
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 353 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 2781.32 Billion |
| Forecasted Market Value ( USD | $ 5640.1 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
