The automotive industry has a dynamic business surrounding with greatest technologies being produced in the market almost every day. Hence, to sustain the competitiveness in such a dynamic environment, corporates manufacturing auto parts are aligning their strategies with widespread trends.
The motor vehicle parts market entails of sales of motor vehicle parts by several entities (organizations, sole traders and partnerships) that generate the motor vehicle gasoline engines and engine parts, motor vehicle electrical and electronic equipment, motor vehicle routing and suspension components (except springs), motor vehicle brake systems, motor vehicle transmission and power train parts, motor vehicle seating and interior trim, motor vehicle metal stampings, and many other motor vehicle parts and accessories. This market comprises sales of rebuilt motor vehicle parts. This market comprises sales of both new and utilized vehicles.
According to the report analysis, ‘Motor Vehicle Parts Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that Robert Bosch; Denso Corporation; Magna International Inc; Aisin Group; Continental Automotive Systems Corporation and several others are the great corporate which recently operating in motor vehicle parts market more effectively for leading the great value of market share and dominating the market growth during the forthcoming years while developing the applications and specifications of such, improving the qualitative and quantitative measures, delivering the better consumer satisfaction, establishing the several research and development programs, analysing the strategies and policies of the government as well as corporates, opting the policies of the enlargements and profit making, employing the young and intellectual young personnel and spreading the awareness connected to the applications and several other specification.
In addition, Government incentives, the effective increment in regional requirement, and easy availability of raw materials are projected to be foremost drivers for the growth of light duty vehicles in the region, which in turn, is projected to drive the requirement for motor vehicle parts market during the forecast duration.
Not only has this, the Motor vehicle parts producers are producing engines that suggest higher fuel economy and better presentation. Proficient combustion engines augment the fuel economy of motor vehicles and also allow the motor vehicle producers to meet emission norms of numerous state and national governments around the world. They are utilizing the technologies such as advanced ignition, direct fuel injection, flexible valve timing, and advanced transmission to decrease the engine size and augment its power. For instance, during December 2016, automotive manufacturer Toyota launched fresh engines based on its Toyota New Global Architecture (TNGA) for standard gasoline and hybrid vehicles. The TNGA-based motor vehicle engines are projected to offer 20% better fuel economy and 10% better power presentation, as linked to Toyota's prevailing the engines.
Although, the organized companies in motor vehicle parts global market are effectively opting the strategies of enlargements such as joint ventures, amalgamation, new product development, partnership and several others for obtaining the new competitive edge and generating the high percentage of revenue. Therefore, in the near years, it is anticipated that the market of motor vehicle parts will increase around the globe more proficiently over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications