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Motor Vehicle Body Global Market Report 2024 To 2033 | Magna International Inc, Lear Corporation, General Motors Co, Aisin Seiki Co ltd, Faurecia SA
Motor Vehicle Body Market Share
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
DeLaval Inc., GEA Group, Lely Holding SARL, BouMatic Robotics B.V., Fullwood Packo, Afimilk Ltd., S. A. Christensen & Co, Milkplan, Prompt Dairy Tech, AMS-Galaxy USA, Handtop Tech Co Ltd., Arcnut Agro Machinery, Yuyao Yuhai Livestock Machinery Technology Co., Ltd., Shanghai Ruike Machinery Equipment Co.,Ltd., Demir Packing & Agricultural Machinery, Daviesway, ORION Machinery Co., ltd., Vansun Technologies Pvt. Ltd., EE-Media, Genjing Records, Ocean Butterflies Music, Pest Productions, Outdustry, Split Works, Popsport, ADFmilking Ltd., Agrifac Machinery BV, Pjur Group Luxembourg S.A., Kanters Holland BV , Bob-White Systems Inc, Vevor, Slavic Beauty, Dansha Farms, The Coburn Company, Alfa Laval, UKAL Canada, Damate Group, Triunfo Indústria Metalúrgica, Melasty, LUSNA, SEZER Milking Technologies, Al Ain Farms, WaikatoSA, miRobot LTD., Bisstarr Milking Systems
Motor Vehicle Body Market 2024 Key Insights:
• 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%.
• Rising Motor Vehicle Production Boosts Demand For Motor Vehicle Body Market
• Aluminum Emerges As A Preferred Material In The Automotive Industry For Enhanced Performance And Sustainability
• Asia-Pacific was the largest region in the motor vehicle body market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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