Press release
Projected Steady Growth in Automotive Sheet Metal Components Market: Market Size, Key Trends, and Influential Players Analyzed
Automotive Sheet Metal Components Market
What Is The Projected Market Size Of The Global Automotive Sheet Metal Components Market And Its Growth Rate?
The automotive sheet metal components market is bifurcated on the basis of:
• Material: Steel, Aluminum
• Distribution Channel: Offline Sales, Online Sales
• Application: Interior, Drivetrain, Engine, Exterior, Chassis
The value is projected to escalate from $133.29 billion in 2024 to $138.84 billion in 2025, fostering a compound annual growth rate (CAGR) of 4.2%. The historic period growth can be accredited to conventional manufacturing processes, vehicle production volumes, cost-effectiveness, structural strength requirements, and design flexibility.
What Is Driving The Growth In The Automotive Sheet Metal Components Market?
The escalating dominance of electric vehicles is instigating the growth of the automotive sheet metal components market. The shift towards electric vehicles is driving the need for lightweight, durable, and economically viable components, culminating in increased demand for sheet metal components in vehicle manufacturing. These components substantially contribute to reducing the weight of the vehicle, thereby enhancing its efficiency and performance.
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Who Are the Key Players Driving Automotive Sheet Metal Components Market Growth?
The key players driving growth are majorly influenced by stringent fuel efficiency regulations, which necessitate lowering fuel consumption and greenhouse gas emissions while promoting environmental sustainability. These are achieved by using high-strength steel sheets and lightweight alloys to reduce the overall weight of the vehicles and in turn, fuel consumption. The announcement of the new corporate average fuel economy standards by the US-based National Highway Traffic Safety Administration (NHTSA) necessitates an industry-wide fleet average of roughly 49 miles per gallon (mpg) for passenger cars and light trucks in model year 2026, intensifying the market demand for the automotive sheet metal component.
What Are The Key Trends In The Automotive Sheet Metal Components Market?
Key market trends include continued growth due to traditional manufacturing processes, vehicle production volumes, cost-effectiveness, structural strength requirements, and design flexibility.
What Are The Segments Of The Global Automotive Sheet Metal Components Market?
The major segments classified in the automotive sheet metal components market include:
• Material Types: Steel and Aluminum
• Distribution Channels: Offline Sales and Online Sales
• Applications: Interior, Drivetrain, Engine, Exterior, and Chassis
Which Region Leads The Automotive Sheet Metal Components Market?
The acquisition of Digital Metal from Höganäs AB by Markforged Holding Corp, a creator of integrated metal and carbon fiber additive manufacturing platform, signifies the market lead in the US. Based in Sweden, Digital Metal specializes in additive manufacturing and provides assistance with automotive sheet metal components and part production services, demonstrating the prominent market strength in Europe as well.
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What Is Covered In The Automotive Sheet Metal Components Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Sheet Metal Components Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Sheet Metal Components Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Sheet Metal Components Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Sheet Metal Components Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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