Motor Vehicle Body Global Market Opportunities and Strategies to 2032

This report describes and explains the motor vehicle body market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global motor vehicle body market reached a value of nearly $178,396.7 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.4% since 2017. The market is expected to grow from $178,396.7 million in 2022 to $267,956.4 million in 2027 at a rate of 8.5%. The market is then expected to grow at a CAGR of 8.8% from 2027 and reach $409,076.5 million in 2032.

Growth in the historic period resulted from the strong economic growth in emerging markets, favorable government initiatives, and increased investments.

Going forward, the increase in production of passenger cars, the rising urbanization and the increasing adoption of electric vehicles will drive the market. Factors that could hinder the growth of the motor vehicle body market in the future include intense competition and the impact of the Russia-Ukraine War.

The motor vehicle body market is segmented by type of vehicle into passenger vehicle, light commercial vehicle, heavy trucks, and buses and coaches. The passenger vehicle market was the largest segment of the motor vehicle body market segmented by type of vehicle accounting for 68.0% of the total in 2022. Going forward, the passenger vehicle market is expected to be the fastest growing segment in the motor vehicle body market segmented by type of vehicle, at a CAGR of 8.6% during 2022-2027.

The motor vehicle body market is segmented by end-use into OEM (Original Equipment Manufacturer) and aftermarket. The OEM market was the largest segment of the motor vehicle body market segmented by end-use accounting for 88.4% of the total in 2022. Going forward, the aftermarket market is expected to be the fastest growing segment in the motor vehicle body market segmented by end-use, at a CAGR of 9.0% during 2022-2027.

Asia Pacific was the largest region in the motor vehicle body market, accounting for 40.9% of the total in 2022. It was followed by Western Europe, North America then the other regions. Going forward, the fastest-growing regions in the motor vehicle body market will be the Middle East and Africa where growth will be at CAGRs of 17.1% and 13.4% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 13.1% and 8.7% respectively.

The global motor vehicle body market is concentrated, with large players operating in the market. The top ten competitors in the market made up 44.92% of the total market in 2022. Magna International Inc was the largest competitor with 11.92% of the market, followed Lear Corporation with 8.81%, General Motors Co with 8.07%, Aisin Seiki Co ltd with 5.37%, Faurecia SA with 5.13%, Plastic Omnium SA with 2.26%, Grupo Antolín Irausa SA. with 1.77%, Mitsubishi Motors Corporation with 0.62%, Autoliv Inc with 0.50% and Paccar Inc with 0.48%.

The top opportunities in the motor vehicle body market segmented by type of vehicle will arise in the passenger vehicle segment, which will gain $61,649.07 million of global annual sales by 2027. The top opportunities in segment by end-use will arise in the OEM segment, which will gain $78,324.70 million of global annual sales by 2027. The motor vehicle body market size will gain the most in China at $24,114.91 million.

Market-trend-based strategies for the motor vehicle body market include focus on lightweight materials, use of augmented reality, focus on autonomous vehicles, advanced lighting systems and strategic partnerships and collaborations.

Player-adopted strategies in the motor vehicle body market include focus on enhancing operational capabilities through business expansions, focus on strengthening business operations through strategic collaborations and partnerships and focus on enhancing business capabilities through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the motor vehicle body companies to focus on use of lightweight materials, focus on use of augmented reality, focus on advanced lighting systems, focus on fast-growing vehicle types, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and focus on fast-growing end-use segments.