The Motor Vehicle Body by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Motor Vehicle Body Market:
https://www.thebusinessresearchcompany.com/report/motor-vehicle-body-global-market-report
According to The Business Research Company’s Motor Vehicle Body, The motor vehicle body market size has grown strongly in recent years. It will grow from $195.48 billion in 2023 to $212.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, favorable government initiatives, and increased investments.
The motor vehicle body market size is expected to see strong growth in the next few years. It will grow to $294.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to the increase in production of passenger cars, the rising urbanization and the increasing adoption of electric vehicles. Major trends in the forecast period include focus on lightweight materials, use of augmented reality, focus on autonomous vehicles, advanced lighting systems and strategic partnerships and collaborations.
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.
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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
The automotive industry uses various structural materials, including iron, steel, and other metals. Recently, aluminum has been the most preferred metal in the automotive industry as a material of choice for next-gen and advanced vehicles. According to The Aluminum Association, aluminum is used predominately in the automotive industry due to its cost-effective and environment-friendly way of improving efficiency and performance, reducing emissions, and boosting fuel efficiency while improving and maintaining durability and safety. For instance, Tata Technologies announced a collaboration with NIO China to develop NIO’s range of electric vehicles. This partnership was aimed towards the production of the first electric all-aluminum vehicle by NIO. Tata Technologies, a Tata Group company, is engaged in providing services in engineering and design, manufacturing, management, and IT services to automotive original equipment manufacturers and their suppliers.
The motor vehicle body market report table of contents includes:
1. Executive Summary
2. Motor Vehicle Body Market Characteristics
3. Motor Vehicle Body Market Trends And Strategies
4. Motor Vehicle Body Market – Macro Economic Scenario
5. Global Motor Vehicle Body Market Size and Growth
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26. South America Motor Vehicle Body Market
27. Brazil Motor Vehicle Body Market
28. Middle East Motor Vehicle Body Market
29. Africa Motor Vehicle Body Market
30. Motor Vehicle Body Market Competitive Landscape And Company Profiles
Top Major Players:
- Magna International Inc
- Lear Corporation
- General Motors Co
- Aisin Seiki Co Ltd
- Faurecia SA
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