Motor Vehicle Body, Stamped Metal & Other Parts Industry to See Robust Expansion, Valued at $1810.36 Billion by 2029

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What Is the Projected CAGR for the Motor Vehicle Body, Stamped Metal & Other Parts Market from 2024 to 2025?
In the past few years, there has been significant growth in the market size of motor vehicle bodies, stamped metal, and other parts. The market, which is expected to increase from $1378.25 billion in 2024 to $1448.39 billion in 2025, will experience a compound annual growth rate (CAGR) of 5.1%. Factors such as a surge in automotive production, fluctuations in economic cycles, advancements in technology, stringent environmental regulations, and changing consumer preferences have contributed to the growth experienced during the historic period.

What are the Expected Market Size and CAGR for Motor Vehicle Body, Stamped Metal & Other Parts by 2029?
The market for motor vehicle bodies, stamped metal, and other parts is projected to experience substantial growth in the coming years. The sector is anticipated to expand to a size of $1810.36 billion by 2029, with a compounded annual growth rate (CAGR) of 5.7%. Factors contributing to this expected growth during the forecast period include a rising demand for electric vehicles, sustainable practices, disruptions in the global supply chain, trade regulations, digital advancements, and the advent of industry 4.0. The enhancement of customer experiences and customization also play a role. Electrification and lightweighting, usage of advanced materials, additive manufacturing, digitalization and connectivity, along with collaboration and partnerships are set to be the major trends during the forecast period.

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Which Factors Are Driving the Global Motor Vehicle Body, Stamped Metal & Other Parts Market Expansion?
The surge in the need for electric vehicles (EV) is predicted to boost the expansion of the motor vehicle body, stamped metal, and other parts market in the future. An electric vehicle is a kind of transportation that relies on one or more electric engines, drawing upon electricity preserved in batteries or other energy storage systems as its key energy source. Electric vehicles employ state-of-the-art motor vehicle body structures, stamped metal, and other distinctive parts to create lightweight formations, superior aerodynamics, and improved functionality, meeting the exclusive needs of electric drivetrains and battery technologies. Take July 2023 as an example, the International Energy Agency, an organization ran by the French government, reported that electric vehicle sales hit 10 million in 2022 and are projected to rise to 14 million sales in 2023. As a result, the escalating desire for electric vehicles (EVs) is stimulating the development of the motor vehicle body, stamped metal, and other parts market.

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Which Segment Currently Holds the Largest Share of 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

Which Major Trends Are Shaping the Future of the Motor Vehicle Body, Stamped Metal & Other Parts Industry?
Manufacturers of motor vehicle parts are employing IoT technology to decrease unexpected downtime, leading to enhanced operational efficacy. IoT refers to the interconnected network of self-communicating devices collecting and sharing data without human participation. It equips motor vehicle parts manufacturers with real-time data related to production proceedings, enhancing their overall efficiency. Additionally, automobile parts makers can use IoT to gain data on product wear and tear to avert equipment malfunctions. For example, the German automobile parts company, Robert Bosch, entered an agreement with the software corporation SAP to connect its production machinery, tools, and vehicles to SAP's back-end software. SAP's real-time database, HANA, is utilized by this IoT technology to monitor and assist car parts production. The worldwide automotive IoT industry is expected to hit 106.32 billion by 2023. As per IDC and SAP's data, 60% of global manufacturers are utilizing analytical data from IoT-enabled devices to scrutinize their manufacturing process.

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Which Key Players Dominate the Motor Vehicle Body, Stamped Metal & Other Parts Industry Globally?
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.

What Are the Fastest-Growing Regions in 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 2024. 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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