The Business Research Company Global Automotive Engines, Powertrains and Parts Market Report 2021 – Impact and Recovery of COVID-19
LONDON, GREATER LONDON, UK, November 23, 2021 /EINPresswire.com/ – Automotive parts manufacturers are using IoT to reduce unplanned downtime, increasing operational efficiency. The IoT is a system of “connected devices” capable of collecting and exchanging data over a network without any human intervention or assistance. The IoT helps auto parts manufacturers increase their efficiency by providing real-time insight into production processes. Additionally, IoT can be used by auto parts manufacturers to gain wear data that can prevent equipment failures. For example, German auto parts maker Robert Bosch signed an agreement with software company SAP to connect its manufacturing machines, tools, and vehicles to SAP’s back-end software. This IoT technology uses the SAP HANA real-time database to monitor and support the production of auto 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 analyze processes Manufacturing.
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The global automotive engines, powertrains and parts market size is expected to grow from $ 806.94 billion in 2020 to $ 846.39 billion in 2021 at a compound annual growth rate (CAGR) of 4.9% . The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 1,135.99 billion in 2025 at a CAGR of 8%.
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The market for automotive engines, powertrains and parts is supported by stable economic growth expected in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. The recovery in commodity prices, after a significant decline during the historical period, is also expected to promote market growth. Developed economies are also expected to register stable growth over the forecast period. In addition, emerging markets are expected to continue to grow slightly faster than developed markets during the forecast period. Stable economic growth is expected to increase investment in end user markets, thereby driving the market over the forecast period.
Major TBRC players covered in global automotive engine, powertrain and parts industry are Honda, BMW, Toyota, Mercedes-Benz, Ford.
Asia-Pacific was the largest region in the world market for automotive engines, powertrains and parts, accounting for 48% of the market in 2020. Western Europe was the second largest region, accounting for 22% of the world market engines, powertrains for motor vehicles. & spare parts market. Africa was the smallest region in the world market for automotive engines, powertrains and parts.
TBRC Global Automotive Engines, Powertrains & Parts Market report is segmented by Type into Vehicle Engines & Engine Parts, Power Train & Power Train Parts, by Application in Passenger Vehicles, Commercial Vehicles , by end use in OEM, aftermarket.
Global Automotive Engines, Powertrains & Parts Market Report 2021 – By Type (Vehicle Engine & Engine Parts, Powertrain & Power Train Parts), By Application (Passenger Vehicle, Commercial Vehicle), By Use final (OEM, Aftermarket), COVID -19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides market insight for automotive engines, powertrains and parts, forecast on the size and growth of the vehicle engines, powertrains and parts market for the overall market, engine market segments and geographies of vehicle engines, powertrains and parts, automotive engine market trends, powertrains and parts, automotive engine, powertrains and parts, automotive engine market overview ules, powertrains and parts, automotive vehicle engine, powertrain and parts market engines, restraints, revenue, profiles and market share of major competitors.
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