Motor Vehicle Body Market New Trends, Growth Opportunities, Top Players And Forecast To 2033

The motor vehicle body market size has grown strongly in recent years. It will grow from $195.48 billion in 2023 to $212.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, favorable government initiatives, and increased investments.

The motor vehicle body market size is expected to see strong growth in the next few years. It will grow to $294.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to the increase in production of passenger cars, the rising urbanization and the increasing adoption of electric vehicles. Major trends in the forecast period include focus on lightweight materials, use of augmented reality, focus on autonomous vehicles, advanced lighting systems and strategic partnerships and collaborations.

Market Overview -
Motor vehicle body refers to the piece of the vehicle that is attached to the chassis, frame, or unibody and includes the fenders, bumpers, windshields, glass, and other similar parts.

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Rising Motor Vehicle Production Boosts Demand For Motor Vehicle Body Market
Increasing production of passenger cars, light commercial vehicles, buses, and heavy trucks is projected to contribute to higher demand for the motor vehicle body. For instance, according to Invest India, the country's annual production in FY 2021 was 22.7 million vehicles, and from April to October 2021, two-wheelers and passenger cars accounted for 81.2% and 14.6% of the shares, respectively. Thus, an upsurge in the production of motor vehicles and rising investments are anticipated to drive the demand for growth of the motor vehicle body market.

Competitive Landscape -
Major companies operating in the motor vehicle body market report are Magna International Inc, Lear Corporation, General Motors Co, Aisin Seiki Co ltd, Faurecia SA, Plastic Omnium SA, Grupo Antolín Irausa SA., Mitsubishi Motors Corporation, Autoliv Inc, Paccar Inc, Tata Motors Passenger Vehicles Limited, Ashok Leyland Limited, Eicher Motors Limited, Beml Limited, Jbm Auto Limited, Komatsu India Private Limited, Volvo Group India Private Limited, Flsmidth Private Limited, Daewoo Motors India Limited, Amw Motors Limited, Utkal Automobiles Private Limited, Chongqing Zhidao Machinery Co, Ltd, Shandong Taixing Casting Co., Ltd, Suizhou Fuhua Automobile Trailer Co., Ltd, Potou Jiaohe Hongxing Machinery Factory, Aptiv Plc, Rolls-Royce Plc, Sensata Technologies Holding Plc, Tesla Motors Limited, Perkins Engines Company Limited, Alliance Automotive Procurement Limited, Marelli Automotive Systems UK, Ibc Vehicles Limited, Avtotor, Moskvich, Benteler Automotive Poland Sp. O, Nissens coolers Poland, Umicore Autocat Poland Sp. z o.o, Ford, Chrysler, GM, Toyota, Nissan, Mazda, Honda, Bombardier Inc, Linamar Corporation, Flex-N-Gate Corporation, Martinrea International Inc, Key Safety Systems (KSS), BMW Brazil, DHB Sistemas, Chevrolet, Volkswagen, Iveco, Arabian Automobiles Co. LLC, Geely, AI shirawi LLC, Inkas, Naffco, Manufacturing Commercial Vehicles Co. S.A. E, Cania AB, Mercedes-Benz (Egypt), Innoson Vehicle Manufacturing (IVM), MAN SE

Aluminum Emerges As A Preferred Material In The Automotive Industry For Enhanced Performance And Sustainability
The automotive industry uses various structural materials, including iron, steel, and other metals. Recently, aluminum has been the most preferred metal in the automotive industry as a material of choice for next-gen and advanced vehicles. According to The Aluminum Association, aluminum is used predominately in the automotive industry due to its cost-effective and environment-friendly way of improving efficiency and performance, reducing emissions, and boosting fuel efficiency while improving and maintaining durability and safety. For instance, Tata Technologies announced a collaboration with NIO China to develop NIO's range of electric vehicles. This partnership was aimed towards the production of the first electric all-aluminum vehicle by NIO. Tata Technologies, a Tata Group company, is engaged in providing services in engineering and design, manufacturing, management, and IT services to automotive original equipment manufacturers and their suppliers.

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Key Segments -
The motor vehicle body market covered in this report is segmented -
1) By Type Of Vehicle: Passenger Vehicle, Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
2) By End Use: OEM, Aftermarket

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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