The motor vehicle parts manufacturing industry comprises companies manufacturing motor vehicle parts including engines. This industry includes companies manufacturing new motor vehicle parts as well as spare parts.
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One of the reasons why the motor vehicle parts manufacturing market will increase from $2.8 trillion in 2017 to $3.8 trillion by 2021 is the expected increase in the demand for new vehicles in developing countries such as India and China and the shift in the trend towards more fuel efficient vehicles.
The motor vehicle parts manufacturing market in The Business Research Company’s report is segmented into motor vehicle body, metal stamping, & other parts, motor vehicle electrical & electronic equipment, steering, suspension, & interiors and motor vehicle engine, power train, & parts. While the first segment accounts for more than two-fifth of the market share, the remaining market share is split almost equally between the other two segments.
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China was the largest country in the motor vehicle parts manufacturing market in 2017, accounting for more than two-fifth of the market share. This was due to the presence of many automobile manufacturing companies in the country and also, government support with ad-hoc tax incentives has created significantly increased motor vehicle parts production. China was followed by USA and Japan as the next largest countries in the market.
The top five competitors for motor vehicle parts manufacturing industry are Robert Bosch, Denso Corporation, Magna International Inc, Aisin Group, Continental Automotive Systems Corporation. Bosch Gmbh was the largest company in the motor vehicle parts manufacturing market, followed by Denso Corporation and Magna International Inc. Bosch Gmbh is headquartered in Stuttgart, Germany. It had more than 375,000 associates and 440 subsidiaries in 60 countries as of December 2015. Bosch Gmbh operates through four divisions i.e. mobility solutions, industrial technology, consumer goods and energy and building technology.
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