Body In White Market to Grow at a steady CAGR through 2025
Increasing demand for electric vehicles to drive the market
growth of body in white market
According to TechSci Research report, “Global
Body
In White Market
By Construction (Monocoque, Frame Mounted),
By Manufacturing Method (Cold Stamping, Hot
Stamping, Roll Forming, Hydro Forming), By Material (Steel, Aluminium, Magnesium, CFRP, Composites and
Others), By Vehicle Type (Electric
Vehicles, Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial
Vehicles), By Region, Forecast & Opportunities, 2025”, global market for body in white is expected to grow
at a steady rate during the forecast period. Due to increase in pollution,
there is rising demand for electric vehicles which is anticipated to propel body
in white market across the globe. Body in white is a stage in automobile
manufacturing process in which all the components of the automobile are joined
together to form the structure of the automobile using a particular technique,
for instance, welding. Manufacturers have initiated upgrading the material of
the body of the automobiles to high-strength steel to increase the material
cost on strong and durable automobile structures. Thus, this has led to an
increase in the demand for body in white (BIW) market. The growth of the market
is greatly influenced by the motive of reducing CO2 emissions due to
which, the demand for electric vehicles is anticipated to rapidly increase as
they assist in reducing the emissions. However, the high cost of manufacturing
the body might acts as a hurdle in the growth of the market.
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The global body in white market is segmented based on construction,
manufacturing method, material, vehicle type, and region. The vehicle type
segment is divided into electric vehicles, passenger vehicles, light commercial
vehicles and heavy commercial vehicles. In 2019, electric vehicles witnessed
the highest growth rate as their demand is increasing due to strict regulations
pertaining to GHG emissions and subsidies offered by the government.
Based on regional analysis, APAC region held the
largest share in 2019 and the trend is likely to continue in the coming years
as well, as the region has witnessed continuous growth with every passing year.
Even with the retardation in the manufacture of automobiles like passenger
cars, there has been no impact on the overall revenue of the region as there
has been constant manufacture of other automobile segments. Countries like
China contribute majorly to the market share as they produce around 25 million
cars every year. Also, countries like Japan have shifted to light weight
automobiles to strictly reduce emissions into the environment. This has led the
region to attain a lion’s share in the market.
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Some of the leading players
in global body in white market include Gestamp Automoción, Voestalpine Group, Magna,
Benteler International, CIE Automotive, Tower International, Aisin Seiki, Kirchhoff
Automotive, Dura Automotive, Thyssenkrupp, JBM Auto, Autoneum Holding AG, KWD
Automotive AG & Co. KG, Badve Group, PANSE Group of Companies, Plastic
Omnium Co., AKKA Technologies, etc. These companies maintain efficient
distribution channels to distribute their automobiles all over the world. The
basic strategies adopted by the players to maintain their position in the
market include mergers and acquisitions and launching new products, etc.
“Asia-Pacific
dominated the global body in white market during the forecast period; however,
Europe is anticipated to grow at the fastest rate during the forecast period
due to the presence of pre-existing automakers companies and their focus on
technological advancements in the automotive sector. The region has high demand
and supply of electric vehicles as countries in the region have stringent
emission norms, which is driving the body in white market in the region.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Body In White Market By Construction (Monocoque, Frame Mounted), By
Manufacturing Method (Cold Stamping, Hot
Stamping, Roll Forming, Hydro Forming), By Material (Steel, Aluminium, Magnesium, CFRP, Composites and
Others), By Vehicle Type (Electric
Vehicles, Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial
Vehicles), By Region, Forecast & Opportunities, 2025”, has
evaluated the future growth potential of global body in white market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global body in white market.
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