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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