Motor Vehicles Parts Market Is Expected To Grow At A 9.1% Rate--Technological Advancement Is A Major Driver
The Business Research Company's motor vehicle parts market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Aug. 11, 2022 /PRNewswire/ -- 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 motor vehicle parts industry trends to expect 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.
The global motor vehicle parts market size is expected to grow from $2.33 trillion in 2021 to $2.57 trillion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The global motor vehicle parts market growth is expected to reach $3.63 trillion in 2026 at a CAGR of 9.1%.
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An Overview Of The Motor Vehicle Parts Market In North America
The motor vehicle parts manufacturing industry in North America is supported by the large consumer population, high demand for motor vehicles, the presence of large motor vehicle companies, and investments in the electric vehicle industry. For instance, in 2021, General Motors announced an investment of over $1 billion in a plant in Mexico to provide electric vehicles. The facility will begin producing EVs beginning in 2023. The investment includes new capacity for battery packs and electronic components like electric motors and other vehicle parts.
COVID-19 Continues To Be A Major Restraint
The outbreak of the 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. 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 imposed lockdowns.
Key Players In The Market
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.
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