Overview and Scope
Automotive sheet metal components refer to the various parts and components of a vehicle that are made from sheet metal. These sheet metal are sturdy and durable, and can frequently tolerate more pressure and heat than plastic parts.
Sizing and Forecast
The automotive sheet metal components market size has grown steadily in recent years. It will grow from $129.21 billion in 2023 to $135.22 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to traditional manufacturing processes, vehicle production volumes, cost-effectiveness, structural strength requirements, design flexibility.
The automotive sheet metal components market size is expected to see steady growth in the next few years. It will grow to $162.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to electric vehicle adoption, integration of advanced safety features, global regulatory standards, smart connectivity requirements, supply chain resilience. Major trends in the forecast period include lightweighting for fuel efficiency, complex geometries and advanced forming techniques, electrification impact on component design, increased use of aluminum alloys, supply chain resilience and localization.
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Segmentation & Regional Insights
The automotive sheet metal components market covered in this report is segmented –
1) By Material: Steel, Aluminum
2) By Distribution Channel: Offline Sales, Online Sales
3) By Application: Interior, Drivetrain, Engine, Exterior, Chassis
Asia-Pacific was the largest region in the automotive sheet metal components market in 2023. The regions covered in the automotive sheet metal components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for electric vehicles is expected to propel the growth of the automotive sheet metal components market going forward. The electric vehicle is automotive that can be powered by an electric motor that takes electricity from a battery and can be charged from an external source. Electric vehicles (EVs) rely significantly on lightweight materials to boost efficiency, automakers are expected to replace typical steel components with aluminum, magnesium, and other lightweight alloys, this shift in material preferences is likely to boost demand for sheet metal components that can be shaped, stamped, and welded into complicated forms. For instance, in September 2022, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million units sales. Additionally, the sales of electric cars worldwide in 2021 have a sales share of 4%. Therefore, the rising adoption of electric vehicles will drive the automotive sheet metal components market.
Key Industry Players
Major companies in the automotive sheet metal components market are focused on strategic collaboration with major manufacturing companies to strengthen their position in the market. Strategic collaborations empower companies to forge alliances with other firms possessing the necessary expertise to transform their envisioned concepts into tangible realities. For instance, in July 2022, Novelis Inc., a US-based industrial aluminum manufacturing company specializing in aluminum rolling and recycling, announced a strategic partnership with Sortera Technologies, Inc., a US-based metal processing company offering industrial scrap metal sorting and recycling. Novelis intends to leverage Sortera’s cutting-edge sorting technologies, such as data analytics and sophisticated sensors, to recycle and repurpose a greater volume of automotive post-production and post-consumer scrap. Sortera’s innovative sorting technology will assist Novelis in segregating different alloys from automotive trash, including aluminum sheet components, and re-directing them back into the same goods, encouraging a more sustainable industry.
The automotive sheet metal components market report table of contents includes:
1. Executive Summary
2. Automotive Sheet Metal Components Market Characteristics
3. Automotive Sheet Metal Components Market Trends And Strategies
4. Automotive Sheet Metal Components Market – Macro Economic Scenario
5. Global Automotive Sheet Metal Components Market Size and Growth
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31. Global Automotive Sheet Metal Components Market Competitive Benchmarking
32. Global Automotive Sheet Metal Components Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Sheet Metal Components Market
34. Automotive Sheet Metal Components Market Future Outlook and Potential Analysis
35. Appendix
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