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How the Motor Vehicle Parts Market Has Progressed: A Look Back Over the Past Few Years?
There has been substantial growth in the motor vehicle parts market size in the past few years. The market is expected to expand from $3002.61 billion in 2024 to $3244.1 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.0%. The surge in demand for motor vehicles amidst swift urbanization can be credited for the growth witnessed in the historic period.
In the ensuing years, the motor vehicle parts market size is predicted to see substantial expansion. By 2029, it’s projected to grow to $4269.04 billion with a compound annual growth rate (CAGR) of 7.1%. This growth during the projected period could be credited to swift advancements in technology, favorable government policies, emphasis on car accessories, and the increasing focus on electrical vehicles (EVs). Key trends anticipated in this period include the integration of artificial intelligence in products to add versatility and a wide range of features, the adoption of 3D printing for producing lightweight, customizable, and cost-effective components, the focus on strategic partnerships to extend distribution, and embracing the latest technological milestones in the industry.
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What’s Driving the Upward Growth Trajectory of the Motor Vehicle Parts Market?
Major market players in the motor vehicle parts manufacturing sector are making strides towards technological advancements like robotic welding machines, intended to bolster efficiency and the quality of their products. A major priority for these companies also involves sustainable applications and partnerships aimed at fostering technological progression. Robotic welding machines are automated systems that utilise robotic arms to execute welding tasks with high precision and efficiency, thereby improving production rates and standardisation within manufacturing processes. For example, Kemppi, a manufacturing company based in Finland, launched an AX MIG Welder in April 2023. It’s a high-performance automated welding device designed with advanced arc technology that ensures top-notch quality and efficiency.
Its user-friendly interface and adaptable design make it optimal for continuous operation in challenging manufacturing conditions.
Which Segments in the Motor Vehicle Parts Industry Are Seeing the Fastest Growth?
The motor vehicle parts market covered in this report is segmented –
1) By Type: Motor Vehicle Body, Stamped Metal & Other Parts, Motor Vehicle Engine, Power Train & Parts, Motor Vehicle Electrical & Electronic Equipment, Steering Suspension, & Interiors
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, Aftermarket
Subsegments:
1) By Motor Vehicle Body: Body Panels, Chassis, Bumpers, Doors And Windows
2) By Stamped Metal And Other Parts: Stamped Metal Components, Brackets And Supports, Structural Frames, Custom Fabricated Parts
3) By Motor Vehicle Engine: Engine Blocks, Cylinder Heads, Crankshafts, Camshafts
4) By Power Train And Parts: Transmissions, Differentials, Drive Shafts, Axles
5) By Motor Vehicle Electrical And Electronic Equipment: Alternators, Starters, Sensors, Wiring Harnesses
6) By Steering Suspension And Interiors: Steering Systems, Suspension Components, Interior Trim Parts, Seating Systems
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Which Emerging Trends Will Impact the Motor Vehicle Parts Market in the Forecast Period?
The popularity of electric vehicles is on the rise, poised to shake up the automotive industry’s value chain. These vehicles have less complex engines compared to gasoline-powered ones, which results in a reduced need for replacement parts throughout a car’s lifespan. The electrification process implies that components including air conditioning systems, water pumps, brakes, and steering systems will undergo modification and design alterations to cater to electric cars. Given that electric vehicles encompass only a third of the components found in internal combustion engine (ICE) cars, there is less of a necessity for cooperation between an automaker and parts suppliers. This lessens vehicle-to-component calibrations, leading parts suppliers to have greater autonomy in product development. An EY report indicates that the shift towards electric vehicles in India could influence the existing auto spare parts market, given that electric vehicles consist of 20 moving parts as compared to the approximately 200 spare parts in vehicles with internal combustion engines.
Which Global Regions Are Powering Demand in the Motor Vehicle Parts Market?
Asia-Pacific was the largest region in the motor vehicle parts market in 2024. Western Europe was the second largest market in motor vehicle parts market. The regions covered in the motor vehicle parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How Key Players Are Driving Growth in the Motor Vehicle Parts Market?
Major companies operating in the motor vehicle parts market include Robert Bosch GmbH, Denso Corp, General Motors Co., Aisin Seiki Co ltd, Hyundai Mobis, Shanghai Automotive Industry Corporation (SAIC), Jini Auto Spare Parts Company LLC, MRF, Tenneco, MAHLE GmbH, Ford Motor Company, TVS, Benteler South Africa, Mercedes-Benz Manufacturing Hungary, GM, Dongfeng Motor Co. Ltd, Tianjin Automotive Industry Corporation (TAIC), Alliance Automotive Group (AAG), Guangzhou Automotive Industry Corporation (GAIC), Volkswagen, Martinrea International Inc., Continental AG, GEDIA Michigan, Magna International Inc, Navik Co., Ltd., Nissan, Marelli Automotive Systems UK, China FAW Group Corporation, Solaris Bus Coach, Fiat Automóveis, Lear Corporation, Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), Valeo SA, Borg Automotive, Bharat Forge, Mitsubishi Motor Corporation, Goodway Plastic Products, Effa Brazil, Toyota Motor Corp, American Axle and Manufacturing Holdings, Honda Motor Co., Ltd., Weichai Holding Group Co. Ltd, Mazda, Csepel Holding, Geely Automobile Holdings Limited, Magyar Suzuki, NIO Inc., NTN Corp., Marelli Holdings Co., Ltd., Comil, Auto Mark, Fiat Chrysler Automobiles NV, Sumitomo, Mando, Carformer Ltd., Linamar Corporation, XPeng Inc., Audi Hungaria Zrt, Renault, Xincheng Vehicle Parts Manufacturing Factor, Jaguar Land Rover, Grunwald LLC, Euro Car Parts, Dimako Ltd, Brenderup Group, Agrale, Inter Cars, Raval, Babatin Auto Parts CO., Al-Hammadi Spare and Parts Company, Beijing Automotive Industry Company (BAIC), BMW Brazil, Inter Groclin Auto, PartsPoint Group
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