Motor Vehicle Body Global Market Report 2022

Major players in the motor vehicle body market are Motor Coach Industries International, Blue Bird Global Corporation, Gillig, Mickey Truck Bodies, Utilimaster Corporation, Morgan Truck Body, Morgan Olson, McNeilus Companies, Truck Bodies & Equipment International, and Reading Truck Body.

The global motor vehicle body market is expected to grow from $160.11 billion in 2021 to $178.49 billion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The market is expected to grow to $264.51 billion in 2026 at a compound annual growth rate (CAGR) of 10.3%.

The motor vehicle body market consists of sales of the motor vehicle body and related services. Motor vehicle body industry establishments primarily engaged in the manufacturing of automobile bodies such as truck, bus, and coaches bodies.

The main types of vehicles in the motor vehicle body are passenger vehicles, light commercial vehicles, heavy trucks, buses, and coaches.Passenger vehicles are designed and constructed for the carriage of persons and their luggage.

These are used in OEM and aftermarket.

Asia Pacific was the largest region in the motor vehicle body market in 2021.Western Europe was the second largest region in the motor vehicle body market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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 13 million vehicles from April to October 2021, two-wheelers and passenger cars accounted for 81.2% and 14.6% of shares respectively. Thus, an upsurge in the production of motor vehicles and rising investments are anticipated to drive the demand for motor vehicles body favoring the market’s growth.

Fluctuating prices of metals such as steel, iron, and aluminum are projected to limit the growth of the motor vehicle body market.For instance, according to the pioneer data 2022, the current high prices of aluminum are at an average of $2200/t in 2021 with marginal deceleration in 2022.

Iron Ore prices have increased by nearly 25 percent in Q1 2021 primarily due to unabated demand from China. Therefore, the fluctuations in the prices of metal are anticipated to hinder the growth of the motor vehicle body market in the forecast period.

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 attributing to its cost-effective, and environment-friendly way to improve efficiency and performance, reduce emissions, boost fuel efficiency while improving and maintaining durability and safety.For instance, Tata Technologies announced the 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 of NIO. Tata Technologies, a Tata Group company, is engaged in providing services in engineering & design, manufacturing, management, and IT services to the automotive original equipment manufacturers and their suppliers.

In September 2019, Spartan Motors Inc., a North America based company, a leader in specialty vehicle manufacturing and assembly for the commercial and retail vehicle industries, acquired Royal Truck Body (Royal) for an undisclosed amount. Through this acquisition, Spartan Motors Inc. expands its manufacturing operations into Southern California, Northern California, and additional West Coast markets, advancing its U.S. footprint strategy with six additional operating facilities located in California, Arizona, and Texas. Royal Truck Body, is a California-based company, designer, manufacturer, and installer of service truck bodies and accessories.

The countries covered in the motor vehicle body market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.