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Global Motor Vehicle Body, Stamped Metal & Other Parts Market Report 2024: Size, Drivers, And Top Segments

December 27, 2023 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Market Growth Overview

The motor vehicle body, stamped metal & other parts market has exhibited robust growth, surging from $1,430.72 billion in 2023 to a projected $1,531.01 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 7.0%. This growth in the historic period is attributed to increased automotive production, economic cycles, technological advancements, environmental regulations, and evolving consumer preferences.

Anticipating Strong Growth

The market is poised for continued strength, with forecasts indicating substantial growth to $1,953.74 billion by 2028, maintaining a noteworthy CAGR of 6.3%. This anticipated growth is fueled by factors such as the increasing demand for electric vehicles (EVs), sustainability initiatives, global supply chain disruptions, trade policies, and the pervasive impact of digitalization and Industry 4.0.

Vehicle Sales and Production Boost

The surge in vehicle sales and production is a key driver propelling the growth of the motor vehicle body, stamped metal, and other parts market. Global vehicle production and sales directly influence the demand for vehicle components. Notably, in 2022, the global automobile production witnessed a 5.7% rise, reaching 85.4 million units, as reported by the European Automobile Manufacturers Association. Similarly, Australia’s automotive sector experienced a 1.3% increase in vehicle production in April 2023, according to the Federal Chamber of Automotive Industries. This surge in production fuels the demand for motor vehicle components.

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Industry Giants and Market Landscape

Major companies shaping the landscape of the motor vehicle body, stamped metal & other parts market include General Motors Co., Tenneco Inc., Magna International Inc., Lear Corporation, and other key players in the automotive sector. Their influence on market dynamics and innovation is significant.

Revolutionizing Efficiency: IoT Integration

The integration of the Internet of Things (IoT) in motor vehicle body parts manufacturing is revolutionizing operational efficiency. IoT enables real-time data collection and exchange without human intervention, reducing unscheduled downtimes. Manufacturers utilize IoT to monitor production processes and gather wear and tear data, preventing equipment failures. For instance, German car parts maker Robert Bosch’s collaboration with SAP connects manufacturing machinery, tools, and vehicles, using IoT to monitor and support the production of automobile parts. The global automotive IoT market is projected to reach $106.32 billion by 2023.

Market Segmentation for Deeper Insights

Understanding the intricacies of the motor vehicle body, stamped metal & other parts market requires a closer look at its segmentation:

Type: Motor Vehicle Body, Stamped Metal, Other Parts
Application: Passenger Vehicle, Commercial Vehicle
End Use: OEM, Aftermarket

Regional Dominance: Asia-Pacific Leads the Way

In 2023, the Asia-Pacific region emerged as the largest contributor to the motor vehicle body, stamped metal, & other parts market. This regional dominance underscores the pivotal role of Asia-Pacific in the global automotive landscape.

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The Motor Vehicle Body, Stamped Metal & Other Parts Global Market Report 2023 provides comprehensive insights on the motor vehicle body, stamped metal & other parts market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the motor vehicle body, stamped metal & other parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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