Motor vehicle parts manufacturers are increasingly using light weight vehicle components to improve fuel efficiency. Light weight vehicle components enable motor vehicle manufacturers to reduce the overall weight of the vehicle, thus, lowering the fuel consumption. This improves the fuel efficiency of the vehicle while ensuring safety norms are complied. In this regard, automotive parts manufacturers are using advanced composites and high strength metals for producing motor vehicle parts. For instance, in February 2015, automotive engineering and consulting company Ricardo and aerospace composite supplier Albany Engineered Composites (AEC) entered into a partnership to provide light weight vehicle components such as composite body, chassis and other structural components to automobile manufacturers. This partnership includes the use of AEC’s technologies such as 3D composites for providing strength and durability required for motor vehicles.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL MOTOR VEHICLES PARTS MANUFACTURING MARKET TO GROW CLOSE TO $4 TRILLION BY 2021
Asia Pacific was the largest region in the motor vehicle parts manufacturing market in 2017, accounting for almost half of the market share. This was due to a large middleclass population in China and India, availability of skilled manpower to manufacture motor vehicle parts for automakers in this region.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, motor vehicle parts manufacturers are producing engines that offer higher fuel economy and better performance. Efficient combustion engines increase the fuel economy of motor vehicles and also enable motor vehicle manufacturers to meet emission norms of several state and national governments across the world. They are using technologies such as advanced ignition, direct fuel injection, variable valve timing, and advanced transmission to reduce engine size and increase its power. For instance, in December 2016, automotive manufacturer Toyota launched new engines based on its Toyota New Global Architecture (TNGA) for standard gasoline and hybrid vehicles. TNGA-based motor vehicle engines are expected to offer 20% better fuel economy and 10% better power performance, as compared to Toyota’s existing engines.
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Bosch GMBH was the largest company in the motor vehicle parts manufacturing market, with revenues of EUR 43.9 billion ($48.6 billion) for the financial year 2016. Bosch’s growth strategy is to increase investment in the automotive parts manufacturing business.
The motor vehicle parts manufacturing market is segmented into Motor Vehicle Body And Metal Stamping, & Other Parts, Motor Vehicle Electrical & Electronic Equipment, Steering, Suspension, & Interiors, Motor Vehicle Engine, Power Train, & Parts.
Motor Vehicle Body, Metal Stamping, & Other Parts manufacturers produce motor vehicle seating and interior trim, fabric accessories and trimmings, seat belts and safety straps, for transportation equipment of all kinds.
Motor Vehicle Electrical & Electronic Equipment, Steering, Suspension, & Interiors manufacturing companies manufacture and rebuild electrical and electronic equipment used for motor vehicles and internal combustion engines.
Motor Vehicle Engine, Power Train, & Parts comprises establishments that manufacture and rebuild vehicles engines, engine parts, transmission and power train parts.
Motor Vehicle Parts Manufacturing Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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