Motor vehicle parts market comprises of sales of motor vehicle parts & related services by entities (sole traders, organizations, and partnerships) that produce motor vehicle electrical & electronic equipment, motor vehicle gasoline engines & engine parts, motor vehicle steering & suspension components (except springs), motor vehicle transmission & power train parts, motor vehicle metal stampings, motor vehicle brake systems, motor vehicle seating & interior trim, and other motor vehicle parts and accessories. The market includes sale of rebuilt motor vehicle parts. This market also includes sales of both new and used vehicles.
According to study, “Motor Vehicle Body Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global motor vehicle body market are Blue Bird Global Corporation, Gillig, Mickey Truck Bodies, Motor Coach Industries International, Utilimaster Corporation, McNeilus Companies, Truck Bodies & Equipment International, Morgan Truck Body, Morgan Olson, Reading Truck Body, Auto Truck Group, VT Hackney, Miller Industries, Cottrell, J. B. Poindexter & Co., New Flyer of America, Gvw Group, Truck Accessories Group, The Heil Co, A.R.E. Accessories, Supreme Corporation, McNeilus Truck and Manufacturing, Metalsa-Roanoke, Ic Bus, Volvo Trucks North America, The Larson Group, The Reading Group, Utilimaster Holdings, Horton Vans, Volvo Group North America, Bae Systems Resolution.
Based on type, motor vehicle body market is segmented as motor vehicle engine, motor vehicle body, power train & parts, stamped metal & other parts, steering suspension & interiors and motor vehicle electrical & electronics equipment. Based on application, market is segmented as commercial vehicle and passenger vehicle. In addition, baed on end-use, market is segmented as aftermarket and OEM.
The motor vehicle body market is driven by increase in production of passenger cars, buses, light commercial vehicles, and heavy trucks. However, fluctuating prices of metals such as iron, steel, and aluminum may impact the market.
Outbreak of Coronavirus disease (COVID-19) acted as an immense restraint on the motor vehicle parts manufacturing market in 2020 as supply chains were disrupted owing to trade restrictions & consumption declined because of lockdowns imposed by governments globally. COVID 19 virus is an infectious disease with flu-like symptoms including cough, fever, and difficulty in breathing. The outbreak is estimated to continue to have a negative impact on businesses during 2020 and into 2021. However, it is also estimated that the motor vehicle parts market will recover from the shock across the forecast period because it is a ‘black swan’ event and not related to ongoing and fundamental weaknesses in the market or global economy.
Based on geography, the Asian-Pacific region holds major share in global motor vehicle body market growth in production of motor vehicles in the region. The North-American and European regions are expected to witness higher growth rate due to rise in investment by government over the forecast period. The global motor vehicle body market was valued at US $398.58 billion in 2019 and it is likely to grow at a compound annual growth rate (CAGR) of 10.76% and reach US $599.87 billion by 2023.
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Ankur Gupta, Head Marketing & Communications