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Motor Vehicle Body, Stamped Metal & Other Parts Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
motor vehicle body, stamped metal & other parts Market
How Large Will the Motor Vehicle Body, Stamped Metal & Other Parts Market Size By 2025?
In recent times, the market size for motor vehicle body, stamped metal & other parts has seen considerable growth. The market, which is projected to rise from $1539.39 billion in 2024 to $1650.81 billion in 2025, is experiencing a compound annual growth rate (CAGR) of 7.2%. Factors such as heightened automotive production, economic fluctuations, technological progress, environmental policies, and shifts in consumer tastes are credited for the observed growth in the historic period.
How Big Is the Motor Vehicle Body, Stamped Metal & Other Parts Market Size Expected to Grow by 2029?
Over the coming years, the market size for the motor vehicle body, stamped metal & other parts is predicted to experience significant growth. With a compound annual growth rate (CAGR) of 6.2%, it is projected to reach $2103.08 billion by 2029. Factors contributing to the growth in this forecast period include a rising demand for electric vehicles, sustainability, disruptions in the global supply chain, trade policies, digitalization, and industry 4.0. Customization and customer experience are also pivotal factors. There are significant trends forecasted for this period, such as electrification and lightweighting, advanced materials, additive manufacturing, as well as digitalization and connectivity. It's also expected there will be an increase in collaborations and partnerships.
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Which Key Market Drivers Powering Motor Vehicle Body, Stamped Metal & Other Parts Market Expansion and Growth?
The surge in demand for electric vehicles (EV) is projected to spur the expansion of the motor vehicle body, stamped metal, and other components market in the future. An electric vehicle (EV) is a type of vehicle that is fueled by one or more electric motors, using electricity retained in batteries or other energy storage devices as its main energy source. Electric vehicles (EVs) employ innovative motor vehicle body forms, stamped metal, and other specific parts to establish lightweight frames, enhanced aerodynamics, and superior performance, coordinating with the exclusive requirements of electric drivetrains and battery systems. For example, in July 2023, the International Energy Agency, an intergovernmental organization based in France, stated that electric vehicle sales were 10 million in 2022, and predicted an ascendance to 14 million electric vehicle sales in 2023. Consequently, the escalating demand for electric vehicles (EVs) is catalyzing the expansion of the motor vehicle body, stamped metal, and other parts market.
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Which Fast-Growing Trends Are Poised to Disrupt the Motor Vehicle Body, Stamped Metal & Other Parts Market?
The use of IoT technology by motor vehicle parts manufacturers enhances their operational efficiency by minimizing unplanned downtimes. IoT, a system of interconnected devices that can gather and share data without human intervention or assistance, offers real-time information about manufacturing processes, which has proven to be beneficial for automobile parts manufacturers. These manufacturers can also harness the IoT to gather data on wear and tear, thus preventing equipment malfunctions. For example, Germany-based car parts manufacturer Robert Bosch joined forces with software company SAP to integrate their manufacturing machines, tools, and vehicles with SAP's back-end software. The IoT technology utilizes SAP's real-time HANA database to observe and aid in the production of automobile parts. Projections show that by 2023, the global automotive IoT market would be worth 106.32 billion. Reports from IDC and SAP reveal that 60% of manufacturers globally employ analytics data from IoT-linked machines to scrutinize their manufacturing operations.
What Are the Emerging Segments 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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Who Are the Global Leaders in the Motor Vehicle Body, Stamped Metal & Other Parts Market?
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.
Which are the Top Profitable Regional Markets for the Motor Vehicle Body, Stamped Metal & Other Parts Industry?
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.
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