According to the study by Next Move Strategy Consulting,  the global Motor Vehicle Parts Market is projected to grow to $2091 billion by 2030, at a CAGR of 7% during the forecast period. The market's growth is driven by increasing automotive production, the shift towards electric vehicles (EVs), a surge in aftermarket demand, and continuous innovations in automotive technologies. Motor vehicle parts, including engines, transmissions, braking systems, chassis components, and electrical systems, are critical for the functionality, safety, and performance of modern vehicles.

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As the global automotive industry continues to evolve, key trends such as the shift to electric vehicles, autonomous driving technologies, and industry 4.0 innovations in manufacturing are reshaping the motor vehicle parts market.

Key Market Drivers:

1. Increase in Global Automotive Production: The steady rise in automotive production across both developed and emerging markets is one of the key factors driving the demand for motor vehicle parts. As vehicle manufacturing ramps up in regions like Asia-Pacific, North America, and Europe, the need for components such as engines, body parts, brakes, suspension systems, and lighting systems remains robust. In particular, emerging markets such as India, China, and Mexico are seeing strong growth in vehicle production and sales, further fueling demand for parts.
2. Electrification of Vehicles (EVs) and Hybrid Vehicles: The global shift towards electric vehicles (EVs) and hybrid vehicles is driving a major transformation in the motor vehicle parts market. Traditional combustion engine parts, such as fuel injectors, exhaust systems, and clutches, are being replaced by electric drivetrains, battery systems, electric motors, and charging infrastructure. This shift is prompting automotive manufacturers to invest in new vehicle parts that cater to the EV market, thus creating growth opportunities for suppliers of battery components, electric motor systems, and power electronics.
3. Aftermarket Parts and Services Demand: The aftermarket segment of the motor vehicle parts market is also experiencing significant growth. As vehicles age, the need for replacement parts, maintenance, and upgrades increases. In particular, replacement parts such as brake pads, filters, suspension components, and lighting systems have high demand. Additionally, vehicle owners are increasingly opting for performance upgrades, customization (e.g., body kits, audio systems), and software updates for connected vehicles, further bolstering the aftermarket sector.
4. Technological Advancements and Smart Parts: The integration of smart technologies in automotive components is driving demand for intelligent vehicle parts. Innovations such as advanced driver-assistance systems (ADAS), autonomous vehicle components, and connected vehicle technologies are creating a growing need for sensors, camera systems, radar components, and wireless connectivity solutions. As automotive manufacturers adopt Internet of Things (IoT) technology, parts suppliers are increasingly focusing on the development of smart components that enable real-time diagnostics, remote monitoring, and predictive maintenance.
5. Rising Demand for Lightweight and Sustainable Materials: As automakers seek to improve fuel efficiency and reduce emissions, there is a growing focus on lightweight materials in vehicle manufacturing. Aluminum, carbon fiber, and composite materials are being increasingly adopted in the production of body parts, engines, and interior components. In addition, sustainability is becoming a significant factor in consumer purchasing decisions. This trend is pushing suppliers of motor vehicle parts to offer eco-friendly solutions such as recyclable materials, energy-efficient components, and environmentally friendly coatings.
6. Growth of Autonomous Vehicles: The development of autonomous vehicles (AVs) is expected to drive demand for specialized motor vehicle parts. Components such as LIDAR sensors, radar systems, camera systems, and computing hardware are critical to the functionality of self-driving cars. As autonomous vehicle technologies continue to advance, automotive suppliers are expected to invest in the development of parts that support fully autonomous driving features, including vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication systems.

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Market Segmentation:

The motor vehicle parts market is segmented by type, application, distribution channel, and region.

• By Type:
• Powertrain Parts:
• Engines, transmissions, driveshafts, and clutch systems are key components in this segment. With the rise of electric and hybrid vehicles, parts suppliers are focusing on electric drivetrains, batteries, and motors to support the growing demand for EVs.
• Chassis & Body Parts:
• This category includes brakes, suspension systems, steering components, wheels, and exterior body panels. The increasing demand for lightweight chassis materials to improve fuel efficiency is a key trend in this segment.
• Electrical & Electronics:
• This includes lighting systems, wiring harnesses, sensors, batteries, and infotainment systems. As vehicles become more connected and automated, the demand for electronic parts continues to rise.
• Interior Parts:
• Seats, dashboard components, climate control systems, and infotainment systems are growing segments as consumer demand for luxury and comfort features increases.
• Aftermarket Parts:
• The aftermarket category includes replacement parts, performance parts, and accessories such as brake pads, filters, suspension parts, and customizations for personal vehicles.
• By Application:
• Passenger Vehicles: This segment dominates the motor vehicle parts market due to the widespread use of cars globally. Sedans, SUVs, trucks, and minivans account for the largest share of automotive parts demand.
• Commercial Vehicles: This includes trucks, buses, and vans. Demand for commercial vehicle parts is driven by the growing logistics and transportation industries, especially in emerging markets.
• Electric Vehicles (EVs): The increasing adoption of electric vehicles is creating new demand for EV-specific parts, including batteries, electric motors, and charging infrastructure.
• By Distribution Channel:
• OEM (Original Equipment Manufacturer): The OEM segment refers to parts that are supplied directly to vehicle manufacturers for production. This includes major components such as engines, transmissions, and chassis.
• Aftermarket: The aftermarket segment involves parts supplied for vehicle repairs, replacements, and upgrades. The demand for aftermarket parts is growing as vehicles age and need regular maintenance.
• By Region:
• North America: North America holds a significant share of the motor vehicle parts market, led by the United States, which is one of the largest producers and consumers of vehicles globally. The rise of electric vehicle production and increased demand for aftermarket parts contribute to the market's growth.
• Europe: Europe is a major market for motor vehicle parts, driven by the region's large automotive manufacturing sector. Countries such as Germany, France, and Italy are home to some of the world’s leading automotive manufacturers. The demand for eco-friendly and lightweight components is particularly strong in Europe due to stringent emissions regulations.
• Asia-Pacific: The Asia-Pacific region is expected to grow at the fastest rate due to the increasing automotive production in China, India, and Japan. The region is also the largest market for electric vehicles, driving demand for EV-specific parts.
• Latin America & Middle East & Africa: Growing automotive production in regions such as Brazil and Mexico, along with increasing consumer demand for affordable vehicles, will drive growth in these regions. Additionally, infrastructure improvements in Africa and the Middle East are expected to support market expansion.

Key Players in the Motor Vehicle Parts Market:

Key players in the motor vehicle parts market include:

• Bajaj Auto Ltd.
• Aisin Corporation 
• ZF Friedrichshafen AG
• Hella KGaA Hueck & Co.
• NGK Spark Plug
• Exide Technologies
• Continental AG
• Hitachi Astemo Ltd.
• KYB Corporation
• Tenneco Inc.

These companies are focusing on technological innovation, partnerships with automakers, and expansion into emerging markets to strengthen their position in the market.

Outlook:

The motor vehicle parts market is expected to experience steady growth, driven by rising automotive production, increasing demand for electric and hybrid vehicles, advancements in autonomous technologies, and growing aftermarket requirements.

As the automotive industry evolves toward sustainability and innovation, the demand for advanced, high-performance, and smart vehicle parts will continue to increase. Suppliers that can meet the evolving needs of both traditional internal combustion engine vehicles and electric mobility will be well-positioned to capitalize on market opportunities in the years ahead.

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