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Motor Vehicle Body, Stamped Metal & Other Parts Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Motor Vehicle Body, Stamped Metal & Other Parts Global Market Report 2024
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According to The Business Research Company's, The motor vehicle body, stamped metal & other parts market size has grown strongly in recent years. It will grow from $1430.72 billion in 2023 to $1531.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increased automotive production, economic cycles, technological advancements, environmental regulations, consumer preferences.
The motor vehicle body, stamped metal & other parts market size is expected to see strong growth in the next few years. It will grow to $1953.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing demand for electric vehicles (evs), sustainability, global supply chain disruptions, trade policies, digitalization and industry 4.0, customer experience and customization. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Drivers and Trends:
Advances in technology are expected to be a continued driver of market growth in the forecast period. The motor vehicle body, metal stamping, and other parts industry has experienced many technological advances in the last decade, and this trend is expected to intensify. According to Forbes, the ten new features to expect in vehicles by 2021 include blind-spot monitoring; heated seats; front and rear parking sensors; all-wheel or four-wheel drive; lane-departure warning; apple carplay and/or android auto ; power front passenger seat; led accent lights; ventilated or cooled seats; memory driver's seat. These innovations are expected to drive the motor vehicle body, metal stamping, and other parts market during the forecast period.
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 or assistance. IoT helps motor vehicle parts manufacturers 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 analyze their manufacturing processes.
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Major Key Players of the Market:
General Motors Co., Tenneco Inc., Magna International Inc., Lear Corporation, Faurecia SA, Continental AG, Mitsubishi Motors Corp, Plastic Omnium SA, Autoliv Inc., AISIN Seiki Co. Ltd., FCA Warren Stamping Plant, Ford Motor Company, Martinrea Heavy Stampings Inc., Challenge Manufacturing Company, ArtiFlex Manufacturing LLC, Gestamp Chattanooga LLC, Quality Metalcraft Inc., Shiloh Industries Inc., PDQ Tool & Stamping Co., Integrity Manufacturing, Alcoa Inc., ACRO Engineering Company, Lindy Manufacturing Company Inc., Autokiniton, ThyssenKrupp AG, Schaeffler AG, Benteler Automotive Corporation, Kenmode Precision Metal Stamping, Gestamp Servicios SA.
Motor Vehicle Body, Stamped Metal & Other Parts Market 2024 Key Insights:
• The motor vehicle body, stamped metal & other parts market size is expected to see strong growth in the next few years. It will grow to $1953.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Technological Advancements Revitalize The Motor Vehicle Body And Metal Stamping And Other Parts Market
• Revolutionizing Efficiency IOT Integration In Motor Vehicle Body Parts Manufacturing
• Asia-Pacific was the largest region in the motor vehicle body, stamped metal, & other parts market in 2023
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