Summary
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 will grow from $177.11 billion in 2022 to $195.70 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The motor vehicle body market is expected to grow to $281.56 billion in 2027 at a CAGR of 9.5%.
The motor vehicle body market consists of sales of fenders, bumpers, windshields, glass, seats, motor, transmission, air conditioning condenser, and radiator.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.
Motor vehicle body refers to the piece of the vehicle that is attached to the chassis, frame, or unibody and includes the fenders, bumpers, windshields, glass, and other similar parts.
Asia Pacific was the largest region in the motor vehicle body market in 2022.Western Europe was the second largest region in the motor vehicle body market.
The regions covered in the motor vehicle body market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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 people and their luggage.
These are used in the OEM and aftermarket.
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 motor vehicles, favouring the market’s growth.
Fluctuating prices of metals such as steel, iron, and aluminium 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 aluminium are at an average of $2200/t in 2021 with marginal deceleration in 2022.
Iron ore prices increased by nearly 25% in the first quarter of 2021, owing primarily to unabated Chinese demand. Therefore, the fluctuations in the price 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, aluminium 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, aluminium is used predominately in the automotive industry due to its cost-effective and environment-friendly way to improve efficiency and performance, reduce emissions, and boost 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.
In September 2022, Mullen Automotive, a US-based electric vehicle company, acquired Bollinger Motors for $148.2 million. This acquisition will increase Mullen’s stock of medium-duty trucks and sport utility vehicles with Bollinger’s designs. Bollinger Motors is a US-based automobile manufacturer of electric vehicles.
The countries covered in the motor vehicle body market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The motor vehicle body market research report is one of a series of new reports 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.
