The global automotive sheet metal components market will exhibit a CAGR of 4.6% from 2020 to 2027 to account for US$ 151.41 bn in 2027. The study has considered the base year as 2020, which estimates the market size of market and the forecast period is 2020 to 2027. The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.
Product innovation and development are key strategies adopted by most leading market players. New product innovation is an important strategy to combat the stiff competition in the market. Companies are focusing more on research and development activities to create innovative products to capture and maintain larger market share globally. Focus on expansion across emerging economies with a huge and rising appetite for high-end and passenger vehicles has also significantly increased.
Steel to Remain Most Preferred Metal for Automotive Sheet Metal Components
In terms of material, steel contributed nearly 62% to the overall revenue accumulated by the global automotive sheet metal components in 2019 and is expected to remain the most preferred metal over the forecast period as well. In terms of geography, the global automotive sheet metal components market is presently led by the Asia Pacific market. China, one of the largest manufacturer of sheet metal components globally and one of the leading consumers of passenger vehicles, is expected to continue to drive the Asia Pacific market over the next few years, helping the regional market retain its top spot in the global market over the forecast period.
Rising Production of Vehicles Globally to Drive Market
In the past few years, there has been a vast rise in the production of vehicles across the globe owing to the rising demand and usage of passenger vehicles. This, coupled with the rising demand for lightweight vehicles, is driving the demand and growth of sheet metal components used in the production of automobiles. A small percentage of hybrid and electric vehicles are already available in the market and the percentage is expected to grow at a healthy pace in the coming years owing to their least impact on the environment in the form of emission of pollutants.
With the rise in the number of hybrid and electric vehicles in the automobile market, the application and market for sheet metal components in such vehicles is also expected to flourish in the near future. Moreover, the strengthening trend of engine downsizing of automobiles is expected to influence the growth of the automotive sheet metal components market globally.
Fluctuating Prices of Steel and Aluminum to Hinder Growth Prospects
As steel and aluminum are the two most used materials used for the manufacturing of automotive sheet metal components so their availability and fluctuation in prices make a huge impact on the overall market of automotive sheet metal components. China is the presently the leading producer of aluminum and steel globally. However, the country has been curbing its production of these metals to curb the level of air and water pollution.
This has been creating a huge gap between the supply and demand of aluminum and steel across the world. Moreover, concerns relating to the volatility in prices of aluminum and steel have also increased globally. Therefore, availability and volatility in the pricing of aluminum and steel are expected to inhibit the global automotive sheet metal components market, where the two materials find immense application.
Asia Pacific to Continue to Lead with Healthy Future Growth Prospects
Asia Pacific contributed the dominant share of around 35% to the revenue of the global automotive sheet metal components market in 2019. China is the leading automotive sheet metal components market in Asia Pacific. The country has huge resource and technological capabilities in the automotive sector. Moreover, increasing demand for passenger vehicles in China and India is propelling the growth of automotive sheet metal components market in the Asia Pacific region.
Europe contributed more than 28% to the global automotive sheet metal components market in the said year, with Germany being the dominant market. The rising applications of sheet metal components in new segment of vehicles such as electric and hybrid cars are expected to bolster the growth of the market in Europe at a healthy rate over the forecast period. The automotive sheet metal components market in North America is projected to expand significantly during the forecast period. In terms of revenue, North America generated around 20% of the total revenues in the global automotive sheet metal components market in 2016, with the market in the U.S. holding the dominant share.
Key Players
Some of the leading companies operating in the global automotive sheet metal components market profiled in the report are Novelis Inc., Aleris International Inc., Mayville Engineering Company, Inc., O’Neal Manufacturing Services, General Stamping and Metal Works, Larsen Manufacturing, LLC, Amada Co. Ltd., Paul Craemer GmbH, Frank Dudley Ltd., and Omax Autos Ltd.
Segmentation
Global Automotive Sheet Metal Components Market: By Material
Global Automotive Sheet Metal Components Market: By Application
Global Automotive Sheet Metal Components Market: By Geography
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers