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Automotive Sheet Metal Components Market Share, Statistics, Trends And Forecast To 2033
Automotive Sheet Metal Components Market Size
According to The Business Research Company's, The automotive sheet metal components market size has grown steadily in recent years. It will grow from $129.21 billion in 2023 to $135.22 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to traditional manufacturing processes, vehicle production volumes, cost-effectiveness, structural strength requirements, design flexibility.
The automotive sheet metal components market size is expected to see steady growth in the next few years. It will grow to $162.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to electric vehicle adoption, integration of advanced safety features, global regulatory standards, smart connectivity requirements, supply chain resilience. Major trends in the forecast period include lightweighting for fuel efficiency, complex geometries and advanced forming techniques, electrification impact on component design, increased use of aluminum alloys, supply chain resilience and localization.
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Market Drivers and Trends:
The rising demand for electric vehicles is expected to propel the growth of the automotive sheet metal components market going forward. The electric vehicle is automotive that can be powered by an electric motor that takes electricity from a battery and can be charged from an external source. Electric vehicles (EVs) rely significantly on lightweight materials to boost efficiency, automakers are expected to replace typical steel components with aluminum, magnesium, and other lightweight alloys, this shift in material preferences is likely to boost demand for sheet metal components that can be shaped, stamped, and welded into complicated forms. For instance, in September 2022, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million units sales. Additionally, the sales of electric cars worldwide in 2021 have a sales share of 4%. Therefore, the rising adoption of electric vehicles will drive the automotive sheet metal components market.
Technological advancements are a key trend gaining popularity in the automotive sheet metal components market. Major companies operating in the automotive sheet metal components market are focused on developing innovative solutions to strengthen their position in the market. For instance, in September 2022, Desktop Metal Inc., a US-based firm specializing in designs and 3D printing systems., launched the Figur G15. It is a platform for moulding standard sheet metal on demand directly from a digital design file, using cutting-edge Digital Sheet Forming (DSF) technology that removes the need for stamping equipment, moulds, dies, or presses. With a proprietary build box design that reduces force distribution throughout the sheet during construction, this technique maintains excellent precision while forming in a flexible, progressive way. It lowers the high initial costs and long lead times associated with specialised tools, moulds, and dies, allowing sheet metal manufacturers to reap the benefits of digitalization while improving business agility and making sheet metal forming accessible to new applications at a variety of volumes.
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Major Key Players of the Market:
Novelis Inc.; Aleris International Inc.; General Stamping and Metal Works; O'Neal Manufacturing Services; Mayville Engineering Company Inc.; Larsen Manufacturing LLC; Amada Co. Ltd.; Paul Craemer GmbH; Omax Autos Ltd.; Frank Dudley Ltd.; Jobro Sheet Metal Technology AB; ABC Sheet Metal; A&E Manufacturing Co. Inc.; General Sheet Metal Works Inc.; Autoline Industries Ltd.; JBM Group; SKH MANAGEMENT STRATEGY SERVICES INDIA LLP; Spare Autotech (P) Ltd.; Tempco Electric Heater Corporation; KDM Steel; Suzhou Jinming Precision Manufacturing Co. Ltd.; Approved Sheet Metal; Quintus Technologies AB; China Steel Corporation; Alpha Manufacturing Ltd.; Associated Commercial Enterprises; Repute Steel and Engineering Company; Trans-Matic Manufacturing Company Inc.; Magna International Inc.; Tower International Inc.; Martinrea International Inc.; Gestamp Automoción S.A.; BENTELER Automotive Pvt.Ltd.
Automotive Sheet Metal Components Market 2024 Key Insights:
• The automotive sheet metal components market will grow to $162.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Electric Vehicle Dominance Drives The Automotive Sheet Metal Components Market
• Technological Innovations Reshape Automotive Sheet Metal Components Market
• Asia-Pacific was the largest region in the automotive sheet metal components market in 2023
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