London
The use of artificial intelligence (AI) in the manufacture of motor vehicle parts for all types of automotive vehicle is a major trend, according to The Business Research Company’s research report on the motor vehicle parts market. AI technology is increasingly used for detecting and predicting component failures, helping component manufacturers to work proactively and more efficiently.
Robots have been used for many years in automotive plants and facilities to assist and also replace human employees. AI is also being used in combination with robotics to help manufacturers reduce costs and downtime in production lines. AI-based algorithms have the ability to digest masses of data from different sources such as vibration sensors, separate errors from background noise, detect anomalies, diagnose the problem, and predict if a breakdown is likely or imminent, ultimately, improving system performance.
For instance, BMW, a German multinational manufacturer of luxury vehicles, currently within its operations uses AI to analyse component images from its production line for real-time identification of deviations from the standard product quality to help maintain standards and quality of their vehicle parts.
The rise in emerging technologies and overall technological advancements is a constant factor in driving market growth. Manufacturers are adopting technologies or techniques such as sheet metal fabrication, digital manufacturing, rapid manufacturing, cloud-based manufacturing, rapid prototyping, and computerized numerical control (CNC) machining to be relevant.
The following are the motor vehicle parts market segmentation in TBRC’s report– by type into motor vehicle body, stamped metal & other parts, motor vehicle engine, power train & parts, motor vehicle electrical & electronic equipment, steering suspension, & interiors; by application into passenger vehicle, commercial vehicle; by end use into OEM, aftermarket.
Asia Pacific was the largest region in the motor vehicle parts market, accounting for 44.2% of the total in 2021. It was followed by North America, and then the other regions. The motor vehicle parts global market forecast identifies the fastest-growing regions as the Middle East and Africa, where growth will be at CAGRs of 11.5% and 11.0% respectively. These will be followed by South America, and Eastern Europe.
The report also gives in-depth analysis of the impact of COVID-19 on the market and draws on 150,000 datasets. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Source: GlobeNewswire
Image Source: Google Images
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