Major companies in the motor vehicle engine, power train, & parts market include Honda; BMW; Toyota; Mercedes-Benz and Ford. The global motor vehicle engine, power train & parts market is expected to grow from $806.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motor Vehicle Engine, Power Train & Parts Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025340/?utm_source=GNW
94 billion in 2020 to $846.39 billion in 2021 at a compound annual growth rate (CAGR) of 4.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1135.99 billion in 2025 at a CAGR of 8%.
The motor vehicle engine, power train, & parts market consists of sales of motor vehicle engine, power train, & parts and related services by entities (organizations, sole traders and partnerships) that produce and/or rebuild motor vehicle transmissions and power train parts. The motor vehicle engine, power train & parts market is segmented into vehicle engine and engine parts and power train and power train parts.
Asia Pacific was the largest region in the global motor vehicle engine, power train & parts market, accounting for 48% of the market in 2020. Western Europe was the second largest region accounting for 22% of the global motor vehicle engine, power train & parts market. Africa was the smallest region in the global motor vehicle engine, power train & parts market.
Motor vehicle parts manufacturers are using IoT to reduce unscheduled downtimes, thereby increasing operational efficiency. IoT is a system of "connected devices" with the ability to collect and exchange data over a network without any human intervention and assistance. IoT helps motor vehicle parts manufacturers to increase their efficiency by providing real-time information about production processes. In addition, IoT can be used by automobile parts manufacturers to obtain wear and tear data that can prevent equipment failures. For instance, German car parts maker Robert Bosch signed an agreement with software company SAP to connect its manufacturing machinery, tools and vehicles to SAP’s back-end software. This IoT technology uses SAP’s real-time database HANA to monitor and support the production of automobile parts. The global automotive IoT market is expected to reach 106.32 billion by 2023. According to IDC and SAP, 60 % of global manufacturers use analytics data tracked from IoT connected devices to analyse the manufacturing processes.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicle engine, power train & parts market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Transportation manufacturers depend heavily on supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the motor vehicle engine, power train & parts market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
The motor vehicle engine, power train & part market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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