The market for motor vehicle body sales in the US has shown overall growth from 2013 to 2023, with significant variations in some years. From 2013 to 2019, the market consistently increased, peaking in 2019 before experiencing a significant drop in 2020 due to the pandemic. Recovery started in 2021, and by 2023, the market value stood at $15.472 billion, showing a modest year-on-year growth of 1.94%. The five-year CAGR from 2018 to 2023 is observed to be 2.11%.
Looking ahead, the projected data suggests steady growth. By 2028, the forecasted market value is $16.966 billion, with a five-year CAGR forecast of 1.51%. The long-term forecast indicates a growth of 7.77% from 2024 to 2028.
Future trends to watch for include:
- Technological advancements in vehicle manufacturing.
- Shifts in consumer preferences towards electric vehicles.
- Regulatory changes impacting the automotive industry.
- Supply chain adjustments post-pandemic.
- Innovation in sustainable materials for vehicle bodies.
