Automotive Body-In-White Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Automotive Body-in-white Market was valued at USD 92.86 billion in 2021, and it is expected to reach USD 112.94 billion by 2027, registering a CAGR of 3.32% during the forecast period (2022 - 2027).
The COVID-19 pandemic hampered the growth of the automotive body-in-white market as production of vehicles declined owing due to the shutdown of manufacturing units. However, with the ease of restrictions post-pandemic, the market is expected to regain momentum during the forecast period.
Stringent environmental regulations and emission norms, along with the rising adoption of lightweight materials in vehicles to achieve fuel efficiency, are expected to propel the market demand during the forecast period.
Moreover, ongoing R&D on new alloys and efficient manufacturing techniques and increasing investments in automation and robots in the production process are likely to offer new opportunities for players in the market. Apart from this, the body in white is an integral structure for all automobiles. Hence, the development of the automobile sector will also add to the growth of the global body-in-white market.
The Asia-Pacific region is anticipated to have significant growth, followed by Europe and North America during the forecast period. Asia-Pacific is expected to witness optimistic growth due to the government initiatives adopted in countries like India and China, promoting manufacturing and contributing to the growth of this market.
Automotive Body-in-White Market TrendsGrowing Demand for Light-weight Vehicles to Drive the Automotive Body-in-White MarketThe body-in-white market is seeing advancements in lightweight material developments such as aluminum, magnesium alloy, and fiber-reinforced plastics (FRP), which are enabling the production of the body in white for lighter vehicles. The other influencing factors for lightweight materials technology are customer-driven requirements like styling, aesthetic appearance, reduced NVH (noise, vibration, harshness) aspects, and comforts.
The primary driving force behind the rising demand for fuel-efficient vehicles is the implementation of stringent emission and safety regulations. Accordingly, to comply with stricter emissions and fuel economy standards, while some automobile manufacturers are focusing on reducing the overall weight of the car and enhancement of fuel efficiency, others are entering into collaborations, partnerships, etc., to stabilize their position in the market. For instance,
Therefore, with manufacturers focusing on adopting innovative technologies and manufacturing processes to stand unique from their competitors, the automotive body-in-white market is expected to accumulate notable growth during the forecast period.
Asia-Pacific Region Likely to Exhibit Fastest Growth During the Forecast PeriodThe Asia-Pacific region is expected to contribute significantly over the forecast period. Growing automotive production and increasing governments focus on designing policies and initiatives encouraging electric vehicles likely to boost the body-in-white market during the forecast period. The rising prominence of major countries like India and China is anticipated to supplement the development of the market in the Asia-Pacific region. For instance,
With several key players investing heavily and entering joint ventures with other players to cater to the growing demand, the market is likely to remain highly competitive during the forecast period. For instance,
With the aforementioned trends and developments, it is expected that the market in the Asia-Pacific region will grow at a healthy rate during the forecast period.
Automotive Body-in-White Market Competitive AnalysisThe automotive body-in-white market is a moderately consolidated one due to the presence of regional and global established players. These companies have strong distribution networks at a global and regional level and are adopting strategies to offer an extensive product range in this market. They are entering into collaborations, contracts, and agreements to sustain their market position. For instance,
Magna International Inc., Norsk Hydro ASA, Gestamp Automocion SA, Aisin Seiki, and Thyssenkrupp AG are some of the key players in the market.
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