Transportation Vehicle Body Market

The article discusses the increasing demand for bodies for motor vehicles for the transportation of people worldwide. The market is expected to continue growing with an anticipated CAGR of +8.2% from 2022 to 2030, reaching 76M units by the end of 2030. In 2022, consumption increased slightly to 41M units, after showing a strong increase in previous years. Slovakia, China, and the United States were the top countries in consumption and production. Import and export trends, along with pricing fluctuations, are also analyzed in detail.

Market Forecast

Driven by increasing demand for bodies for motor vehicles for the transporting people worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +8.2% for the period from 2022 to 2030, which is projected to bring the market volume to 76M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.9% for the period from 2022 to 2030, which is projected to bring the market value to $565.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Bodies For Motor Vehicles For The Transporting People

In 2022, consumption of bodies for motor vehicles for the transporting people increased by less than 0.1% to 41M units, rising for the second year in a row after two years of decline. Over the period under review, consumption showed a strong increase. Over the period under review, global consumption attained the maximum volume at 49M units in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

The global transportation vehicle body market revenue was estimated at $286.8B in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted a strong expansion. Over the period under review, the global market reached the peak level in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Slovakia (8M units), China (6.1M units) and the United States (3.5M units), together comprising 43% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Slovakia (with a CAGR of +56.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Slovakia ($90.7B), Russia ($72.8B) and the United States ($43.5B) constituted the countries with the highest levels of market value in 2022, together accounting for 72% of the global market.

In terms of the main consuming countries, Slovakia, with a CAGR of +56.3%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of transportation vehicle body per capita consumption in 2022 were France (14 units per 1000 persons), Japan (13 units per 1000 persons) and Germany (13 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +56.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Bodies For Motor Vehicles For The Transporting People

In 2022, production of bodies for motor vehicles for the transporting people increased by 0.8% to 40M units, rising for the second consecutive year after four years of decline. Overall, production recorded a buoyant increase. The growth pace was the most rapid in 2016 when the production volume increased by 87% against the previous year. As a result, production reached the peak volume of 45M units. From 2017 to 2022, global production growth remained at a somewhat lower figure.

In value terms, transportation vehicle body production reduced to $189.3B in 2022 estimated in export price. Over the period under review, production continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 72% against the previous year. Global production peaked at $260.2B in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Slovakia (8M units), China (6.4M units) and the United States (3.5M units), with a combined 45% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Slovakia (with a CAGR of +48.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Bodies For Motor Vehicles For The Transporting People

In 2022, supplies from abroad of bodies for motor vehicles for the transporting people was finally on the rise to reach 2.6M units after three years of decline. Overall, imports saw a modest expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 58%. As a result, imports reached the peak of 8.7M units. From 2019 to 2022, the growth of global imports failed to regain momentum.

In value terms, transportation vehicle body imports expanded remarkably to $2.6B in 2022. In general, imports, however, continue to indicate a deep slump. The growth pace was the most rapid in 2013 with an increase of 31% against the previous year. As a result, imports attained the peak of $6.2B. From 2014 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

In 2022, France (512K units), the UK (381K units) and Spain (375K units) was the major importer of bodies for motor vehicles for the transporting people in the world, mixing up 48% of total import. It was distantly followed by the Czech Republic (160K units), India (156K units), Kazakhstan (145K units) and Morocco (120K units), together creating a 22% share of total imports. The following importers - Malaysia (114K units), Myanmar (83K units), Italy (82K units), Algeria (52K units), Slovakia (50K units) and Canada (49K units) - together made up 16% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Myanmar (with a CAGR of +69.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($937M) constitutes the largest market for imported bodies for motor vehicles for the transporting people worldwide, comprising 37% of global imports. The second position in the ranking was taken by Morocco ($415M), with a 16% share of global imports. It was followed by the UK, with an 11% share.

In Kazakhstan, transportation vehicle body imports expanded at an average annual rate of +24.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Morocco (+6.1% per year) and the UK (+3.4% per year).

Import Prices By Country

The average transportation vehicle body import price stood at $976 per unit in 2022, dropping by -12.9% against the previous year. Over the period under review, the import price showed a abrupt slump. The growth pace was the most rapid in 2019 when the average import price increased by 90% against the previous year. Global import price peaked at $2,208 per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kazakhstan ($6,447 per unit), while Myanmar ($9.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+26.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Bodies For Motor Vehicles For The Transporting People

In 2022, shipments abroad of bodies for motor vehicles for the transporting people increased by 92% to 1.7M units, rising for the second consecutive year after two years of decline. Overall, total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +154.8% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, transportation vehicle body exports surged to $2.5B in 2022. Over the period under review, exports, however, showed a deep slump. The global exports peaked at $4.6B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China (231K units), the UK (196K units), Spain (188K units), Morocco (182K units), Hong Kong SAR (162K units) and France (146K units) represented roughly 64% of total exports in 2022. The following exporters - Italy (75K units), Germany (72K units), Slovakia (65K units), Belgium (59K units), Thailand (51K units), India (46K units) and Uzbekistan (41K units) - together made up 24% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Uzbekistan (with a CAGR of +1,325.5%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest transportation vehicle body supplying countries worldwide were Germany ($715M), China ($656M) and Uzbekistan ($244M), together accounting for 64% of global exports.

Uzbekistan, with a CAGR of +1,401.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average transportation vehicle body export price amounted to $1,468 per unit, reducing by -27.9% against the previous year. Overall, the export price continues to indicate a abrupt contraction. The growth pace was the most rapid in 2020 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices hit record highs at $3,937 per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($9,878 per unit), while Hong Kong SAR ($11 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+15.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform