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Global Motor Vehicle Market Industry Analysis, Size, Share, Growth, Trends and Forecast 2020-2030

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Mayur Kasrung
Global Motor Vehicle Market Industry Analysis, Size, Share, Growth, Trends and Forecast 2020-2030

Motor Vehicle Market:

WiseGuyReports.com adds “Motor Vehicle Global Market Report 2020-30” reports to its database.

Executive Summary

The global motor vehicle body market was worth $398.58 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 10.76% and reach $599.87 billion by 2023.

The motor vehicle body market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America, Middle East and Africa. In 2019, Asia-Pacific was the largest region in the motor vehicle body market.

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

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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, in April 2018, 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.

The motor vehicle market covered in this report is segmented by type of vehicle into passenger vehicle, light commercial vehicle, heavy trucks, buses, coaches.

Fluctuating prices of metals such as steel, iron, and aluminum is projected to limit the growth of the motor vehicle body market. According to Trade Economics, the prices of steel increased from US$ 425.0 per million ton in January 2017 to US$ 568.0 per million ton in January 2019. Moreover, the prices of aluminum increased from US$ 1670.8 million per ton in January 2017 to US$ 1803.0 million per ton in January 2019. Therefore, the fluctuations in the prices of metal is anticipated to hinder the growth of the motor vehicle body market in the forecast period.

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, the 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, a California based company, designer, manufacturer and installer of service truck bodies and accessories.

Increasing production of passenger cars, light commercial vehicles, buses, and heavy trucks is projected to contribute to higher demand for the motor vehicle body. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of motor vehicles increased from 94.9 million in 2016 to 95.6 million in 2018. Also, rising investments in the automotive industry have provided ample growth opportunities for players dealing in automotive manufacturing. According to India Brand Equity Foundation (IBEF), the Indian automotive industry has attracted Foreign Direct Investment (FDI) worth US$ 22.35 billion from April 2000 to June 2019. Thus, upsurge in the production of motor vehicles and rising investments anticipated driving the demand for motor vehicles body favoring the market’s growth.

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, Reading Truck Body.

Continuous…

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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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