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Automotive Sheet Metal Components Market Expansion Continues, with Forecast Valuation of $172.25 Billion by 2029
Automotive Sheet Metal Components
Automotive Sheet Metal Components Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of automotive sheet metal components has seen a consistent growth in the past few years. It is projected to expand from $133.29 billion in the year 2024 to $138.84 billion in the year 2025, with a compound annual growth rate (CAGR) of 4.2%. The upward trend in the historical period can be credited to traditional manufacturing methods, the volume of vehicle production, cost-efficiency, requirements for structural strength, and flexible design.
Automotive Sheet Metal Components Market Size Forecast: What's the Projected Valuation by 2029?
Predictions show a robust increase in the size of the automotive sheet metal components industry in the ensuing years, buoyed to a total value of $172.26 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.5%. Elements contributing to this projected rise during the forecast period include adoption of electric vehicles, implementation of advanced safety measures, global regulatory norms, smart connectivity necessities, and secure supply chain. The anticipatory trends for the forecast period comprise lightweighting to enhance fuel efficiency, intricate geometries and sophisticated forming techniques, impact of electrification on component design, growing utilization of aluminum alloys, supply chain security and regionalization.
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What Are the Drivers Transforming the Automotive Sheet Metal Components Market?
An upturn in demand for electric vehicles is predicted to spur the expansion of the automotive sheet metal components market. Electric vehicles, powered by electrical motors that utilise battery energy and can be charged externally, are becoming increasingly popular. The manufacturing of electric vehicles (EVs) heavily depends on lightweight materials, such as aluminum and magnesium, to enhance performance. Consequently, a shift from traditional steel elements to these lightweight alloys is anticipated to escalate the need for malleable sheet metal components. For example, in November 2023, data from the U.S. Energy Information Administration confirms that battery-electric vehicles' (BEVs) share of new light-duty vehicle sales peaked at 17.7% in the third quarter of that year. Also, BEVs represented 16.0% of the total new vehicle sales for the year, a rise from 12.5% in 2022 and 9.0% in 2021. These figures highlight an increasing demand for electric vehicles, representing growing consumer inclination and market growth. Therefore, the surge in adoption of electric vehicles is expected to stimulate the automotive sheet metal components market.
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What Long-Term Trends Will Define the Future of the Automotive Sheet Metal Components Market?
The progression of technology is a pivotal trend gaining traction in the field of automotive sheet metal components. Leading companies in this sector are concentrating on developing novel solutions to solidify their market share. For instance, Desktop Metal Inc., a US company known for its design and 3D printing systems, unveiled the Figur G15 in September 2022. This platform standardizes on-demand sheet metal molding straight from a digital design file, utilizing state-of-the-art Digital Sheet Forming (DSF) technology. This eliminates the requirement for stamping machinery, moulds, dies, or presses. The DSF utilizes a unique build box design that minimizes force dispersion throughout the sheet during the building process, maintaining exceptional accuracy while progressively forming in a flexible manner. This technique reduces the extensive initial expenses and prolonged lead times generally associated with specialized equipment, moulds, and dies. Consequently, it enables sheet metal manufacturers to leverage the perks of digitalization, thereby enhancing their business agility and making sheet metal forming feasible for new applications across various volumes.
Which Segments in the Automotive Sheet Metal Components Market Offer the Most Profit Potential?
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 Firms Dominate the Automotive Sheet Metal Components Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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
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