Market Research Report
Automotive Body-in-White Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)
|Automotive Body-in-White Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 125 Pages
Delivery time: 2-3 business days
The Automotive Body-in-white Market was valued at USD 86.78 billion in 2020, and it is expected to reach USD 109.32 billion by 2026, registering a CAGR of 3.32% during the forecast period (2021 - 2026).
The COVID-19 pandemic hindered the growth of automotive body-in-white market owing to decreased automotive sales, shut down of manufacturing facilities worldwide. However, as restrictions eased post-pandemic market expected to regain momentum during forecast period.
Growing stringent environmental regulations and emission norms along with rising adoption rate of lightweight materials in the vehicles to achieve fuel efficiency to propel demand in the market during the forecast period. Moreover, automakers are investing in research and development to improve the fuel efficiency of vehicles by reducing their weight through the use of lightweight materials, which is anticipated to drive the growth of the market.
Apart from this, the body in white is an integral structure for all automobiles, and hence, the development of the automobile sector will also add to the growth of the global body-in-white market. Asia-Pacific region is anticipated to have significant growth during the forecast period owing to the government initiatives in countries, like India and China, as it will promote manufacturing and contribute to the growth of this market.
The conventional metallic materials of body-in-white (BIW) structural components are getting replaced by lightweight materials such as lightweight steels, fiber-reinforced plastics, and alloys of aluminum and magnesium for all types of vehicles, ranging from commercial trucks to passenger cars and from gasoline-powered vehicles to electric vehicles. The primary driving force behind this improvement is the rising demand for fuel-efficient vehicles along with the stringent emission and safety regulations.
Stringent emission standards across developing and developed nations are fueling the demand for lightweight vehicles. To further comply with stricter emissions and fuel economy standards, automobile manufacturers are focusing on reducing the overall weight of the car and enhancement of fuel efficiency resulting in the growth of the body-in-white (BIW) market. For instance,
Therefore, growing demand for vehicles and advanced technology anticipated to increase demand for these other types of materials in the automotive body-in-white market during the forecast period.
The Asia-Pacific region is expected to hold significant share in the automotive body-in-white market. Rising automotive production, government initiatives to encourage adoption of electric vehicles expected to boost demand for body-in-white market during the forecast period. Growing demand for automotive vehicles in major countries like India, China anticipated to supplement the development of market in Asia-Pacific region.
China has been the major contributor to the automotive body-in-white market in the Asia-Pacific region, with approximately 25 million cars produced every year. It is the largest revenue generator for the market. In addition, Japan estimated to be one of the fastest-growing market with the adoption of strong emission regulations and the purchase of electric vehicles with lightweight solutions, which makes the region the largest revenue market for BIW globally.
With recent changes in emission norms, manufacturers were forced to launch new car models with upgraded engines. As part of this change, most manufacturers are investing heavily in the research and development of the latest technologies and coming up with new materials to reduce the vehicle weight. These aspects have made Asia-Pacific the favored automotive manufacturing hub, which will drive the automotive body-in-white market in the future.
The Automotive body-in-white market is consolidated and is led by globally and regionally established players. These companies have strong distribution networks at a global and regional level and adopting strategies to offer an extensive product range in this market. They are entering into collaborations, and contracts, and agreements to sustain their market position. For instance,
Magna International Inc, Norsk Hydro ASA, Gestamp Automocion SA, Aisin Seiki, Thyssenkrupp AG are some of the key players in the market.