Motor Vehicle Body Global Market Report 2024

A motor vehicle body refers to the component of a vehicle that is attached to the chassis, frame, or unibody, encompassing parts such as fenders, bumpers, windshields, glass, and other similar elements.

The main types of vehicles in the motor vehicle body category include passenger vehicles, light commercial vehicles, heavy trucks, buses, and coaches. Passenger vehicles are specifically designed and constructed for the transportation of people and their luggage. These vehicles are utilized both in the original equipment manufacturer (OEM) sector and the aftermarket.

The motor vehicle body market research report is one of a series of new reports from The Business Research Company that provides motor vehicle body market statistics, including motor vehicle body industry global market size, regional shares, competitors with a motor vehicle body market share, detailed motor vehicle body market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle body industry. This motor vehicle body market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed in the historical 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 anticipated growth in the forecast period can be attributed to the increase in the production of passenger cars, rising urbanization, and the increasing adoption of electric vehicles. Key trends in the forecast period include a focus on lightweight materials, the use of augmented reality, emphasis on autonomous vehicles, advanced lighting systems, and strategic partnerships and collaborations.

The anticipated increase in the production of passenger cars, light commercial vehicles, buses, and heavy trucks is expected to drive higher demand for motor vehicle bodies. In FY 2021, according to Invest India, the annual vehicle production in the country reached 22.7 million units, with two-wheelers and passenger cars accounting for 81.2% and 14.6%, respectively, from April to October 2021. This surge in motor vehicle production, coupled with increased investments, is expected to fuel the growth of the motor vehicle body market.

The ongoing growth of electric vehicles is set to propel the motor vehicle body market in the future. Electric vehicles (EVs) rely on electric motors for propulsion, utilizing lightweight and aerodynamically efficient motor vehicle bodies to optimize range and battery efficiency. According to the International Energy Agency, the global electric car market experienced significant growth, with sales exceeding 10 million in 2022. The percentage of electric cars in overall sales rose from around 4% in 2020 to 14% in 2022, with an anticipated sales target of 14 million by the end of 2023. This surge is driven by increased purchases in the latter half of the year, showcasing the impact of electric vehicle growth on the motor vehicle body market.

Various structural materials, including iron, steel, and metals, are utilized in the automotive industry, with aluminum gaining preference as the material of choice for advanced vehicles. The Aluminum Association highlights aluminum's cost-effectiveness and environmentally friendly attributes, contributing to improved efficiency, reduced emissions, and enhanced fuel efficiency in vehicles. Tata Technologies collaborated with NIO China to develop the first electric all-aluminum vehicle, showcasing the industry's shift towards advanced materials.

Major players in the motor vehicle body market are introducing innovative materials such as SolvaLite SF200 to meet the demand for high-quality surfacing film for luxury automotive body panels. SolvaLite SF200, developed by Solvay, is a surfacing film tailored for 'Class A' paintable automotive body panels with fast-cure technology. Solvay's launch of SolvaLite SF200 at the Composite and Advanced Materials Expo (CAMX) 2022 reflects its commitment to providing cutting-edge composite solutions. With a curing time of under 10 minutes at 150 °C, SolvaLite SF200 ensures a smooth surface essential for painting, offering improved longevity, strong adhesion to auto paints and primers, and reducing pre-painting adjustments.

In September 2022, Mullen Automotive, a US-based electric vehicle company, acquired Bollinger Motors for $148.2 million. This strategic acquisition aims to enhance Mullen's stock of medium-duty trucks and sport utility vehicles through the addition of Bollinger's designs, marking a noteworthy development in the electric vehicle sector.

Major companies operating in the motor vehicle body market report are Magna International Inc., Lear Corporation, General Motors Co, Aisin Seiki Co Ltd., Faurecia SA, Plastic Omnium SA, Grupo Antolin 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

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

The countries 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

The motor vehicle body market consists of sales of fenders, bumpers, windshields, glass, seats, motors, transmissions, air conditioning condensers, and radiators. 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.

Motor Vehicle Body 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 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.

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Where is the largest and fastest growing market for motor vehicle body? 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 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 market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

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.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type Of Vehicle: Passenger Vehicle; Light Commercial Vehicle; Heavy Trucks; Buses And Coaches
• 2) By End Use: OEM; Aftermarket
• Companies Mentioned: Magna International Inc; Lear Corporation; General Motors Co; Aisin Seiki Co ltd; Faurecia SA
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.