What Fueled The Previous Growth In The motor vehicle body stamped metal And other parts Market?
The motor vehicle body stamped metal and other parts market has seen considerable growth due to a variety of factors.
• The market size of the motor vehicle body, stamped metal & other parts has seen substantial growth in the recent past. The market is predicted to rise from $1539.39 billion in 2024 to $1650.81 billion in 2025 with a compound annual growth rate (CAGR) of 7.2%.
The growth observed in the historic period is due to factors such as an increase in automotive production, economic cycles, advancements in technology, environmental regulations, and changes in consumer preferences.
How Does the Forecast Look for the motor vehicle body stamped metal And other parts Market?
The motor vehicle body stamped metal and other parts market is expected to maintain its strong growth trajectory in upcoming years.
• The market for motor vehicle body, stamped metal & other parts is predicted to experience robust growth in the coming years, reaching a market value of $2103.08 billion in 2029, showcasing a compound annual growth rate (CAGR) of 6.2%.
The anticipated growth in the specified period can be traced back to the rising demand for electric vehicles (EVs), sustainability measures, global disruptions in the supply chain, changes in trade policies, digital transition and industry 4.0, along with an emphasis on customer experience and personalization. The forecast period is also expected to witness significant trends like electrification and weight reduction, the use of advanced materials, additive manufacturing processes, digital connectivity, and strategic collaborations and partnerships.
What Are The Leading Drivers Of Growth In The motor vehicle body stamped metal And other parts Market?
The recent surge in electric vehicle (EV) demand is expected to significantly impact the development of the motor vehicle body, stamped metal, and other parts market. An electric vehicle (EV) relies on one or more electrical engines, drawing power from batteries or other types of energy storage units. This type of vehicle makes use of innovative motor vehicle body structures, stamped metal, and other specialized components to reduce weight, boost aerodynamics, and augment performance - all in alignment with the needs of electric drivetrains and battery systems. As a case in point, the International Energy Agency, a France-based intergovernmental group, reported in July 2023 that sales of electric vehicles had reached 10 million units in 2022 and projected a rise to 14 million units in 2023. Consequently, the escalating demand for electric vehicles (EVs) is the primary driver behind the expansion of the motor vehicle body, stamped metal, and other parts market.
How Are The Segments Defined Within The Global motor vehicle body stamped metal And 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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What Emerging Trends Are Influencing The Growth Of The motor vehicle body stamped metal And other parts Market?
Motor vehicle parts manufacturers are increasingly employing IoT for the minimization of unexpected downtime, leading to enhanced operational effectiveness. IoT, a network of interconnected devices which autonomously gather and share data, offer these manufacturers real-time insights about their production processes, effectively improving their functionality. This technology can also be instrumental in motor parts manufacturers acquiring data about wear and tear, thus helping to predict and avoid equipment failures. Consider the example of Robert Bosch, a German car parts manufacturer, who partnered with software firm SAP to integrate its manufacturing equipment, tools, and automobiles with SAP's back-end software. The IoT technology in use takes advantage of SAP's HANA real-time database to oversee and aid in car parts production. The global market for automotive IoT is projected to touch 106.32 billion by the year 2023. Studies by IDC and SAP demonstrate that 60% of global manufacturers utilize analytics data gathered from IoT-enabled devices to scrutinize their manufacturing processes.
Who Are the Key Players In The motor vehicle body stamped metal And 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.
What Is The Most Dominant Region In The motor vehicle body stamped metal And other parts Market?
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.
