Press release
Motor Vehicle Body, Stamped Metal & Other Parts Market Set to Reach $2103.08 Billion by 2029 with 6.2% Yearly Growth
Motor Vehicle Body, Stamped Metal & Other Parts Market Size
The market size for motor vehicle body, stamped metal & other parts has seen considerable growth in the past years. There will be an upsurge from $1539.39 billion in 2024 to $1650.81 billion in 2025, marking a compound annual growth rate (CAGR) of 7.2%. The past growth can be attributed to factors such as enhanced automotive production, economic cycles, advancements in technology, environmental norms, and changes in consumer preferences.
The expected size of the market for motor vehicle body, stamped metal and other parts signifies robust growth in the upcoming years, with a projected value of $2103.08 billion in 2029 and a compound annual growth rate of 6.2%. Factors contributing to this growth during the forecast period include a spike in electric vehicle (ev) demand, a focus on sustainability, disruptions in the global supply chain, trade policies, digital transformations, Industry 4.0, enhanced customer experiences, and customization. Additionally, key trends predicted throughout this forecast period encompass electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity, as well as strategic collaborations and partnerships.
What Are the Forces Behind the Rapid Growth of the Motor Vehicle Body, Stamped Metal & Other Parts Market?
The growth of the motor vehicle body, stamped metal, and other parts market is predicted to intensify owing to the surging demand for electric vehicles (EV). An electric vehicle, powered by one or more electric motors using electricity from batteries or other energy storage devices, leverages the benefits of superior motor vehicle body designs, stamped metal, and other specialized components for lightweight structures, better aerodynamics, and improved performance. These features synchronize seamlessly with the distinct requirements of electric drivetrains and battery systems. The International Energy Agency, a France-based intergovernmental organization, reported that sales of electric vehicles amounted to 10 million in 2022, with a forecasted increase to 14 million by 2023. Consequently, the escalating demand for electric vehicles (EVs) is fueling the growth of the motor vehicle body, stamped metal, and other parts market.
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Who Are the Dominant Companies Influencing Motor Vehicle Body, Stamped Metal & Other Parts Market Trends?
Major companies operating in the motor vehicle body, stamped metal & other parts market include 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.
How Is the Motor Vehicle Body, Stamped Metal & Other Parts Market Evolving?
Manufacturers of motor vehicle parts are beginning to harness IoT technology to minimize unexpected machinery downtime, thereby enhancing their operational proficiency. IoT acts as a network of interrelated devices that can autonomously gather and exchange information without needing human input. It provides manufacturers with a real-time view of their production processes, boosting efficiency levels. Moreover, it enables automobile parts manufacturers to gather data concerning wear and tear of machinery, promoting preventive maintenance and preventing equipment breakdowns. For example, Robert Bosch, a German car parts manufacturer, signed a contract with SAP, a software company, to integrate its manufacturing machinery, tools, and vehicles with SAP's back-end software. This IoT technology leverages SAP's HANA real-time database to monitor and assist with the production of automotive parts. The global automotive IoT sector is anticipated to be worth 106.32 billion by 2023. Studies from IDC and SAP estimate that 60% of global manufacturers employ analytics data gleaned from IoT-enabled devices to scrutinize their manufacturing operations.
What Are the Different Segmentations in the Motor Vehicle Body, Stamped Metal & Other Parts Market?
The motor vehicle body, stamped metal & other parts market covered in this report is segmented -
1) By Type: Motor Vehicle Body, Stamped Metal, Other Parts
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, After market
Subsegments:
1) By Motor Vehicle Body: Full Vehicle Body, Chassis, Structural Components
2) By Stamped Metal: Outer Body Panels, Inner Body Panels, Structural Parts, Sheet Metal Components
3) By Other Parts: Engine Components, Suspension Components, Exhaust System Components, Transmission Components
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Which Region Is at the Forefront of the Motor Vehicle Body, Stamped Metal & Other Parts Market?
Asia-Pacific was the largest region in the motor vehicle body, stamped metal, & other parts market in 2023. Western Europe was the second largest market in motor vehicle body, stamped metal, & other parts market. The regions covered in the motor vehicle body, stamped metal, & other parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
What Is Covered In The Motor Vehicle Body, Stamped Metal & Other Parts Global Market Report?
- Market Size Analysis: Analyze the Motor Vehicle Body, Stamped Metal & Other Parts Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Motor Vehicle Body, Stamped Metal & Other Parts 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 Motor Vehicle Body, Stamped Metal & Other Parts Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Motor Vehicle Body, Stamped Metal & Other Parts Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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