Motor Vehicle Body Market Size to Reach $332.54 Billion by 2029 | Growth at 9.5% CAGR Forecast

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What is the Projected Market Size of the Motor Vehicle Body Industry?
The size of the motor vehicle body market has experienced significant expansion in the past years. It is expected to surge from $210.61 billion in 2024 to $231.25 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.8%. Factors such as robust economic progress in developing markets, beneficial governmental initiatives, and an upturn in investments have contributed to the growth in the historic period.

What Will Be the Size of the Motor Vehicle Body Market by 2029?
The market size for motor vehicle bodies is anticipated to experience robust growth in the coming years. With a compound annual growth rate (CAGR) of 9.5%, the market is expected to reach $332.54 billion in 2029. The growth during the forecast period is anticipated to be driven by an upsurge in production of passenger cars, rising urbanization, and an expanded adoption of electric vehicles. Key future trends encompass an emphasis on lightweight materials, the application of augmented reality, a focus on autonomous vehicles, advanced lighting systems, and the fostering of strategic partnerships and collaborations.

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What Are the Key Drivers Accelerating Growth in the Motor Vehicle Body Market?
The growth in manufacturing of passenger cars, light commercial vehicles, buses, and heavy-duty trucks is expected to fuel an increase in demand for vehicle bodies. For example, in November 2023, Statistics Canada stated there was a minor rise in the number of registered road vehicles in 2022, hitting the 26.3 million mark. This accounted for a 0.3% growth compared to the previous year, translating into an addition of 78,655 vehicles on the roads. Consequently, the escalating production of motor vehicles coupled with heightened investment activities are seen as key drivers for the ultimate growth of the motor vehicle body market.

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How Is the Motor Vehicle Body Market Segmented by Type, Application, and Region?
The motor vehicle body market covered in this report is segmented -

1) By Type Of Vehicle: Passenger Vehicle, Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
2) By End Use: OEM, After market

Subsegments:
1) By Passenger Vehicle: Sedan Bodies, Hatchback Bodies, SUV And Crossover Bodies, Coupe And Convertible Bodies
2) By Light Commercial Vehicle: Van Bodies, Pickup Truck Bodies, Small Delivery Vehicle Bodies
3) By Heavy Trucks: Truck Cab Bodies, Chassis And Frame Bodies, Freight And Cargo Bodies
4) By Buses And Coaches: City Bus Bodies, Intercity Coach Bodies, School Bus Bodies, Double-Decker Bus Bodies

What Are the Key Trends Driving Growth in the Motor Vehicle Body Market?
Various structural materials like iron, steel, and other metals are commonly used in the automotive industry. Recently, the industry has demonstrated a preference for aluminum, seeing it as ideal for next-generation and advanced vehicles. The Aluminum Association emphasizes that the automotive industry primarily uses aluminum due to its cost-effectiveness and eco-friendliness, which enhances performance and efficiency while reducing emissions. It also enhances fuel efficiency and ensures sustained safety and durability. A case in point is Tata Technologies' collaboration with NIO China to produce NIO's electric vehicle series. Their objective was to manufacture NIO's first-ever electric all-aluminum vehicle. A Tata Group company, Tata Technologies, offers engineering and design services, manufacturing and management services, and IT services to automotive original equipment manufacturers and their suppliers.

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Who Are the Leading Companies Driving Growth in the Motor Vehicle Body Market?
Major companies operating in the motor vehicle body market include Magna International Inc., Lear Corporation, General Motors Co., Aisin Seiki Co. Ltd, Faurecia SA, Plastic Omnium SA, Grupo Antolín Irausa SA., Mitsubishi Motors Corporation, Autoliv Inc, Paccar Inc, Tata Motors Passenger Vehicles Limited, Ashok Leyland Limited, Eicher Motors Limited, Jbm Auto Limited, Volvo Group India Private Limited, Amw Motors Limited, Chongqing Zhidao Machinery Co, Ltd, Shandong Taixing Casting Co., Ltd, Suizhou Fuhua Automobile Trailer Co., Ltd, Potou Jiaohe Hongxing Machinery Factory, Aptiv Plc, Sensata Technologies Holding Plc, Tesla Motors Limited, Alliance Automotive Procurement Limited, Marelli Automotive Systems UK, Ibc Vehicles Limited, Avtotor, Moskvich, Benteler Automotive Poland Sp. O, Umicore Autocat Poland Sp. z o.o, Ford, Chrysler, Toyota, Nissan, Mazda, Honda, Linamar Corporation, Flex-N-Gate Corporation, Martinrea International Inc, Key Safety Systems (KSS), BMW Brazil, DHB Sistemas, Chevrolet, Volkswagen, Iveco, Arabian Automobiles Co. LLC, Geely, Manufacturing Commercial Vehicles Co. S.A. E, Cania AB, Mercedes-Benz (Egypt), Innoson Vehicle Manufacturing (IVM)

Which Is the Leading Region in the Global Motor Vehicle Body Market?
Asia-Pacific was the largest region in the motor vehicle body market in 2024. Western Europe was the second largest region in the global motor vehicle body market share. The regions covered in the motor vehicle body market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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