PUBLISHER: The Business Research Company | PRODUCT CODE: 1387610
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387610
“Motor Vehicle Body, Stamped Metal & Other Parts Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on motor vehicle body, stamped metal & other parts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for motor vehicle body, stamped metal & other parts? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The motor vehicle body, stamped metal & other parts market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Motor vehicle body refers to the section of a vehicle connected to the chassis, frame, or unibody. Metal stamping is a method employed in the automotive industry to create components with consistent dimensions and shapes that meet strict specifications and tolerances.
The primary categories in the motor vehicle body sector encompass stamped metal and other vehicle body parts, as well as stamped metal and other components. Stamped metal denotes the practice of metal stamping used in the production of automotive parts. This method is known for its cost-effectiveness, speed, and adaptability. These components have various applications in both passenger vehicles and commercial vehicles, serving both original equipment manufacturers (OEMs) and the aftermarket.
The motor vehicle body, stamped metal, & other parts market research report is one of a series of new reports from The Business Research Company that provides motor vehicle body, stamped metal, & other parts market statistics, including global market size, regional shares, competitors with a motor vehicle body, stamped metal, & other parts market share, detailed motor vehicle body, stamped metal, & other parts market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle body, stamped metal, & other parts industry. This motor vehicle body, stamped metal, & other parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The motor vehicle body, stamped metal & other parts market size has grown strongly in recent years. It will grow from $1,430.72 billion in 2023 to $1,531.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historic period can be attributed to factors such as increased automotive production, economic cycles, technological advancements, environmental regulations, and shifts in consumer preferences.
The motor vehicle body, stamped metal & other parts market size is expected to see strong growth in the next few years. It will grow to $1,953.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to the increasing demand for electric vehicles (EVs), a focus on sustainability, disruptions in the global supply chain, evolving trade policies, digitalization and the adoption of Industry 4.0 technologies, as well as a heightened emphasis on customer experience and customization. Noteworthy trends in this forecast period include electrification and lightweighting, the integration of advanced materials, additive manufacturing, digitalization, enhanced connectivity, and a growing emphasis on collaboration and partnerships within the industry.
Technological advancements are expected to remain a driving force for market growth in the forecast period. The motor vehicle body, metal stamping, and other parts industry have witnessed numerous technological innovations in recent years, and this trend is anticipated to continue. As per Forbes, a list of anticipated vehicle features by 2021 includes blind-spot monitoring, heated seats, front and rear parking sensors, all-wheel or four-wheel drive, lane-departure warning, Apple CarPlay and/or Android Auto integration, power-adjustable front passenger seats, LED accent lighting, ventilated or cooled seats, and memory driver's seat. These innovations are projected to be key drivers of the motor vehicle body, metal stamping, and other parts market during the forecast period.
The increasing sales and production of vehicles are poised to propel the growth of the motor vehicle body, stamped metal, and other parts market in the coming years. Vehicle production entails the mass production of identical vehicles for public sale and use on public roads. Vehicle sales encompass the retail transactions of both new and used vehicles through authorized dealerships with car manufacturers. The global manufacturing and sales of vehicles directly influence the consumer demand for vehicle components and stamped metal parts. Higher vehicle sales and production translate to increased demand for these components. For example, in May 2023, according to the European Automobile Manufacturers Association, global vehicle production in 2022 reached 85.4 million units, marking a 5.7% increase from the previous year. Similarly, in April 2023, Australia's automotive sector produced 82,137 vehicles, reflecting a 1.3% rise compared to the previous year, as reported by the Federal Chamber of Automotive Industries, an Australian organization representing motorcycle, light vehicle, and passenger automotive importers and manufacturers. Therefore, the surge in vehicle sales and production is a driving force behind the motor vehicle body, stamped metal, and other parts market.
The COVID-19 pandemic had a substantial adverse impact on the motor vehicle body, metal stamping, and other parts markets in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined due to government-imposed lockdowns worldwide. COVID-19, an infectious disease characterized by symptoms like fever, cough, and respiratory distress, originated in Wuhan, China, in 2019 and subsequently spread globally. Transportation manufacturers heavily rely on the supply of parts and components from various countries, but many governments-imposed restrictions on cross-border movement, leading to production stoppages due to parts shortages. Additionally, the sales of new vehicles suffered a substantial decline due to reduced consumer demand amid widespread lockdowns. While the repercussions of the pandemic extended into 2021, it is expected that the motor vehicle body, metal stamping, and other parts markets will recover from these disruptions across the forecast period, as this event was an unforeseen occurrence not tied to any inherent market weaknesses or global economic fundamentals.
Motor vehicle parts manufacturers are increasingly adopting IoT technology to reduce unscheduled downtimes, thereby enhancing operational efficiency. IoT, or the Internet of Things, represents a system of interconnected devices capable of collecting and exchanging data over a network without human intervention. IoT technology assists motor vehicle parts manufacturers in improving efficiency by providing real-time insights into production processes. Furthermore, it enables these manufacturers to gather wear and tear data that can help prevent equipment failures. For example, German car parts manufacturer Robert Bosch entered into an agreement with software company SAP to connect its manufacturing machinery, tools, and vehicles to SAP's back-end software. This IoT technology, utilizing SAP's real-time database HANA, facilitates monitoring and support of the production of automobile parts. The global automotive IoT market is anticipated to reach $106.32 billion by 2023. According to IDC and SAP, 60% of global manufacturers use analytical data from IoT-connected devices to analyze their manufacturing processes.
Major companies operating in the motor vehicle body, stamped metal, and other parts market are emphasizing strategic collaborations to better meet the needs of their existing consumers. A strategic partnership represents a mutually beneficial business relationship between two or more companies that agree to support each other to achieve shared success. For instance, in May 2022, Dassault Systems SE, a France-based software company specializing in 3D product design software for automotive parts, established a strategic partnership with the BMW Group to develop methods for enhancing the efficiency of vehicle development initiatives. The collaboration between the two companies focuses on creating a process-driven solution for the description and design of stamped sheet metal parts, which is designed to improve the overall effectiveness of the parts design and production process. Leveraging BMW Group's expertise and insights into in-depth processes, the CATIA stamping die face design application from Dassault Systems provides a unified tooling experience for producing high-quality stamped bodywork and chassis components.
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.
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.
The countries covered in the motor vehicle body, stamped metal & other parts market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The motor vehicle body, stamped metal & other parts market consists of sales of fenders, tops, body parts, trim, and moldings, and motor vehicle parts and accessories. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.