Motor Vehicle Body, Stamped Metal & Other Parts Global Market Report 2021: COVID 19 Impact and Recovery to 2030 – GlobeNewswire

New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motor Vehicle Body, Stamped Metal & Other Parts Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025339/?utm_source=GNW 25 billion in 2020 to $1424.33 billion in 2021 at a compound annual growth rate (CAGR) of 4.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1928.67 billion in 2025 at a CAGR of 8%.

The motor vehicle body, stamped metal, & other parts market consists of sales of motor vehicle bodies, stamped motor vehicle metals, & other motor vehicle parts and related services by entities (organizations, sole traders and partnerships) that produce motor vehicle stampings, such as fenders, tops, body parts, trim, and moldings or produce and/or rebuild motor vehicle parts and accessories (except motor vehicle gasoline engines and engine parts, motor vehicle electrical and electronic equipment, motor vehicle steering and suspension components, motor vehicle brake systems, motor vehicle transmissions and power train parts, motor vehicle seating and interior trim, and motor vehicle stampings). The motor vehicle body, metal stamping & other parts market is segmented into motor vehicle body; stamped metal and other parts.

Asia Pacific was the largest region in the global motor vehicle body, stamped metal & other parts market, accounting for 45% of the market in 2020. Western Europe was the second largest region accounting for 26% of the global motor vehicle body, stamped metal & other parts market. Africa was the smallest region in the global motor vehicle body, stamped metal & other parts market.

Motor vehicle parts manufacturers are using IoT to reduce unscheduled downtimes, thereby increasing operational efficiency. IoT is a system of "connected devices" with the ability to collect and exchange data over a network without any human intervention and assistance. IoT helps motor vehicle parts manufacturers to increase their efficiency by providing real-time information about production processes. In addition, IoT can be used by automobile parts manufacturers to obtain wear and tear data that can prevent equipment failures. For instance, German car parts maker Robert Bosch signed an agreement with software company SAP to connect its manufacturing machinery, tools and vehicles to SAPs back-end software. This IoT technology uses SAPs real-time database HANA to monitor and support the production of automobile parts. The global automotive IoT market is expected to reach 106.32 billion by 2023. According to IDC and SAP, 60 % of global manufacturers use analytics data tracked from IoT connected devices to analyse the manufacturing processes.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicle body, metal stamping & other parts market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the Peoples Republic of China and spread globally including Western Europe, North America and Asia. Transportation manufacturers depend heavily on supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the motor vehicle body, metal stamping & other parts market will recover from the shock across the forecast period as it is a black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Advances in technology are expected to be a continued driver of market growth in the forecast period. The motor vehicle body, metal stamping & other parts industry has experienced many technological advances in the last decade and this trend is expected to intensify. According to Forbes, the ten new features to expect in vehicles by 2020 include autonomous driving, driver override systems, biometric vehicle access, comprehensive vehicle tracking, active window displays, remote vehicle shutdown, active health monitoring, four-cylinder supercars, smart and personalized in-car marketing and reconfigurable body panels. These innovations are expected to drive the motor vehicle body, metal stamping & other parts market during the forecast period.

Read the full report: https://www.reportlinker.com/p06025339/?utm_source=GNW

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Motor Vehicle Body, Stamped Metal & Other Parts Global Market Report 2021: COVID 19 Impact and Recovery to 2030 - GlobeNewswire