Press release
Global Automotive Sheet Metal Components Market Projected to Surpass $172.26 Billion by 2029 with 6% Annual Growth
Automotive Sheet Metal Components Market
The automotive sheet metal components market is set to expand, driven by the increasing popularity of electric vehicles. An electric vehicle, which relies on an electric motor powered by an externally charged battery, necessitates the use of lightweight materials for optimized efficiency. Manufacturers are predicted to switch from standard steel parts to materials such as aluminium, magnesium, and other light alloys, facilitating the creation of intricate forms through processes of shaping, stamping, and welding. This shift in materials will likely stimulate demand for sheet metal components. To illustrate, the U.S. Energy Information Administration - a US government agency - reported in November 2023 that the proportion of battery-electric vehicles (BEVs) in new light-duty vehicle sales hit 17.7% in Q3 2023. Year-to-date, BEVs represented 16.0% of all new vehicle sales, a substantial increase from 12.5% in 2022 and 9.0% in 2021. This data highlights a significant rise in electric vehicle demand, indicative of growing consumer preference and market growth. Consequently, the upward trend in electric vehicle adoption will fuel the advancement of the automotive sheet metal components market.
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What is the projected compound annual growth rate (CAGR) of the automotive sheet metal components market from 2025 to 2034, and what factors influence it?
The market size for automotive sheet metal components has seen consistent growth in the past years. It is expected to expand from $133.29 billion in 2024 to $138.84 billion in 2025, with a compound annual growth rate (CAGR) of 4.2%. Factors such as conventional manufacturing methods, vehicle production volumes, cost efficiency, the demand for structural strength, and design flexibility have contributed to the growth observed in the historic period.
The market size of automotive sheet metal components is projected to witness robust expansion in the coming years, escalating to $172.26 billion in 2029 with a compound annual growth rate (CAGR) of 5.5%. The predicted growth during this forecast period can be associated with the uptake of electric vehicles, the incorporation of cutting-edge safety features, global regulatory norms, smart connectivity demands, and resilience in the supply chain. Key trends projected for this period include the lightening of components to improve fuel efficiency, the use of intricate geometries and advanced forming methods, the effect of electrification on component design, a rise in the usage of aluminum alloys, and an increase in resilience and localization within the supply chain.
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How are the latest trends influencing the growth of the automotive sheet metal components market?
Progress in technology is emerging as a notable trend in the auto sheet metal components sector. Many prime companies in this market are focusing on creatively innovative solutions to enhance their market standing. For instance, in September 2022, Desktop Metal Inc., a US firm specializing in design and 3D printing systems, introduced the Figur G15. This is a platform that uses Digital Sheet Forming (DSF) technology, a newest tech innovation that eliminates the need for stamping equipment, molds, dies or presses, to mold conventional sheet metal on demand directly from a digital design file. The platform employs a unique build box design that minimizes force distribution throughout the sheet during production. It ensures great precision while forming in a flexible and step-by-step manner. This technology curbs the high upfront costs and long wait times linked with special tools, molds, and dies, letting sheet metal manufacturers benefit from digitization. This enhances business flexibility and makes sheet metal forming available to new applications across various volumes.
What are the major segments of the automotive sheet metal components market and their role in driving growth?
The automotive sheet metal components market covered in this report is segmented -
1) By Material: Steel, Aluminum
2) By Distribution Channel: Offline Sales, Online Sales
3) By Application: Interior, Drivetrain, Engine, Exterior, Chassis
Subsegments:
1) By Steel: Carbon Steel, Stainless Steel, High-Strength Steel, Galvanized Steel
2) By Aluminum: Alloyed Aluminum, Unalloyed Aluminum, Coated Aluminum
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Which regions are key players in the growth of the automotive sheet metal components market?
Asia-Pacific was the largest region in the automotive sheet metal components market in 2024. The regions covered in the automotive sheet metal components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the automotive sheet metal components market?
Major companies operating in the automotive sheet metal components market include 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., 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.
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What Is Covered In The Automotive Sheet Metal Components Global Market Report?
• Market Size Forecast: Examine the automotive sheet metal components market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive sheet metal components market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive sheet metal components market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive sheet metal components market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive sheet metal components market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive sheet metal components market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive sheet metal components market.
• Competitive Landscape: Review strategic developments in the automotive sheet metal components market, including expansions, agreements, and new product launches.
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