The vehicle body parts
play a critical role in the manufacturing of numerous commercial vehicles since they play together in sync to make the manufactured vehicle work smoothly. The global automotive body parts market size is anticipated to reach USD 37040 million by 2026, expanding at a Compound Annual Growth Rate (CAGR) of 3.8 percent over the forecast period. Major factors driving the growth of this market include significant growth in the automotive industry
and the manufacture of customized commercial vehicles. Other factors driving the Commercial Vehicle body parts market growth include the surge in demand for technologically advanced vehicles, in which advanced automotive body parts are installed.
Moreover, increasing demand for modified motor pumps and high-density vehicle batteries are also anticipated to bolster this market growth. Another major factor driving the growth of the vehicle body parts include the rise in manufacturing of automobile parts across the major regions around the globe that is contributing to a larger extent in the market growth.
However, factors hindering the market growth include the high tax on vehicle imports, increasing threats of substitutes, and a surge in demand for electric vehicles.
The global automotive body parts market is mainly classified into six types. These comprise the company, region, type, application, players, and stakeholders. Based on the regional analysis, the Asia Pacific region is anticipated to grow significantly and contribute a major revenue share due to the flourishing automobile industry in this particular region. Increasing governmental support to the automotive industry in the Asia Pacific region and the presence of suitable environments are also the other factors driving the market growth in this particular region.
Customized car and commercial vehicle demand
In the North American region, an increasing number of customized car demand and commercial vehicle bodybuilder companies is predicted to propel the growth of the commercial vehicle body parts market in this region. Also, the Middle East and African markets are gaining attraction of the investments for the companies for more scope in the regions.
Based on the vehicle types, the passenger car is anticipated to grow at a faster pace. This is due to the increasing number of consumers who are interested in purchasing personal vehicles. The Light Commercial Vehicle segment is anticipated to witness remarkable growth during the forecast period. The factors influencing this segment include the surge in demand for public lightweight vehicles which includes private vans and pooling cars.
Based on the segment, the Indian automotive components market is classified into drive transmission and steering parts, engine parts, suspension and brakes, and body and chassis. Due to increasing automotive manufacturing in the country, the automotive components market is expected to witness a double-digit growth. Moreover, owing to its cost-effective manufacturing base, the Indian automotive market is predicted to contribute largely to this market growth.