Global Motor Vehicle Body Market Size 2024, Forecast To 2033
11 Mar, 2024
The motor vehicle body market has demonstrated robust growth, increasing from $195.48 billion in 2023 to $212.85 billion in 2024, with a compound annual growth rate (CAGR) of 8.9%. The historic period's growth is attributed to strong economic expansion in emerging markets, favorable government initiatives, and increased investments. Expected to sustain its strong growth trajectory, the market is projected to reach $294.27 billion in 2028, maintaining a CAGR of 8.4%. Growth in the forecast period can be attributed to the increasing production of passenger cars, rising urbanization, and the growing adoption of electric vehicles. Major trends involve a focus on lightweight materials, the use of augmented reality, a focus on autonomous vehicles, advanced lighting systems, and strategic partnerships and collaborations.
Global Motor Vehicle Body Market Key Driver
Increasing production of passenger cars, light commercial vehicles, buses, and heavy trucks is projected to contribute to higher demand for the motor vehicle body. For instance, according to Invest India, the country's annual production in FY 2021 was 22.7 million vehicles, and from April to October 2021, two-wheelers and passenger cars accounted for 81.2% and 14.6% of the shares, respectively. Thus, an upsurge in the production of motor vehicles and rising investments are anticipated to drive the demand for growth of the motor vehicle body market. The market size in 2023 was noteworthy at 22.7 million vehicles produced, signifying a substantial potential market. Moving into 2024, this trend is expected to persist, fostering an environment conducive to market expansion. Looking ahead to 2028, the market for motor vehicle bodies is poised for further growth, reflecting the ongoing evolution and expansion of the automotive industry.
Get A Free Sample Of The Global Motor Vehicle Body Market ReportGlobal Motor Vehicle Body Market Segments
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, Aftermarket
By Geography:The regions covered in the motor vehicle body market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the motor vehicle body market in 2023. 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
Major Motor Vehicle Body Industry Players
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, Beml Limited, Jbm Auto Limited, Komatsu India Private Limited, Volvo Group India Private Limited, Flsmidth Private Limited, Daewoo Motors India Limited, Amw Motors Limited, Utkal Automobiles Private Limited, Chongqing Zhidao Machinery Co, Ltd, Shandong Taixing Casting Co., Ltd, Suizhou Fuhua Automobile Trailer Co., Ltd, Potou Jiaohe Hongxing Machinery Factory, Aptiv Plc, Rolls-Royce Plc, Sensata Technologies Holding Plc, Tesla Motors Limited, Perkins Engines Company Limited, Alliance Automotive Procurement Limited, Marelli Automotive Systems UK, Ibc Vehicles Limited, Avtotor, Moskvich, Benteler Automotive Poland Sp. O, Nissens coolers Poland, Umicore Autocat Poland Sp. z o.o, Ford, Chrysler, GM, Toyota, Nissan, Mazda, Honda, Bombardier Inc, 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, AI shirawi LLC, Inkas, Naffco, Manufacturing Commercial Vehicles Co. S.A. E, Cania AB, Mercedes-Benz (Egypt), Innoson Vehicle Manufacturing (IVM), MAN SE
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Motor Vehicle Body Market Overview
Motor vehicle body refers to the piece of the vehicle that is attached to the chassis, frame, or unibody and includes the fenders, bumpers, windshields, glass, and other similar parts.
Motor Vehicle Body Global Market Report 2023 provides data on the global motor vehicle body market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The motor vehicle body market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.