LONDON, Jan. 19, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the motor vehicle parts market, the use of artificial intelligence (AI) in the manufacture of motor vehicle parts for all types of automotive vehicle is a major trend. AI technology is increasingly used for detecting and predicting component failures, helping component manufacturers to work proactively and more efficiently. Robots have been used for many years in automotive plants and facilities to assist and also replace human employees. AI is also being used in combination with robotics to help manufacturers reduce costs and downtime in production lines. AI-based algorithms have the ability to digest masses of data from different sources such as vibration sensors, separate errors from background noise, detect anomalies, diagnose the problem, and predict if a breakdown is likely or imminent, ultimately, improving system performance.
For instance, BMW, a German multinational manufacturer of luxury vehicles, currently within its operations uses AI to analyze component images from its production line for real-time identification of deviations from the standard product quality to help maintain standards and quality of their vehicle parts.
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The global motor vehicle parts market size grew from $2.65 trillion in 2020 to $2.78 trillion in 2023 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact. The market is expected to reach $3.81 trillion in 2025 at a CAGR of 8%.
The rise in emerging technologies and overall technological advancements is a constant factor in driving market growth. Manufacturers are adopting technologies or techniques such as sheet metal fabrication, digital manufacturing, rapid manufacturing, cloud-based manufacturing, rapid prototyping, and computerized numerical control (CNC) machining to be relevant. An example of such motor vehicle parts industry trends is 3ERP, a China-based rapid prototyping and low-volume manufacturing company, had previously partnered with auto giants like BMW, Bentley Motors, Lamborghini, and Land Rover to make use of its CNC machining centers for applications in engine component manufacturing, lighting in vehicles, suspension components, carburetor housings, fluid system components, bushings and others.
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, General Motors Co, Aisin Seiki Co ltd, Hyundai Mobis, Toyota Motor Corp, Magna International Inc, Continental AG, Fiat Chrysler Automobiles, and SAIC Motor Co Ltd.
The following are the motor vehicle parts market segmentation in TBRC’s report– by type into motor vehicle body, stamped metal & other parts, motor vehicle engine, power train & parts, motor vehicle electrical & electronic equipment, steering suspension, & interiors; by application into passenger vehicle, commercial vehicle; by end use into OEM, aftermarket.
Asia Pacific was the largest region in the motor vehicle parts market, accounting for 44.2% of the total in 2023. It was followed by North America, and then the other regions. The motor vehicle parts global market forecast identifies the fastest-growing regions as the 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.
Motor Vehicle Parts Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide motor vehicle parts market overviews, motor vehicle parts market analyze and forecast market size and growth for the whole market, motor vehicle parts market segments and geographies, motor vehicle parts market trends, motor vehicle parts market drivers, motor vehicle parts market restraints, motor vehicle parts market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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