Passenger Vehicles to Command 74.3% of the Total Revenue Generated in Automotive Body in White Market through 2031 - Future Market Insights
Future Market Insights (FMI) in its latest market study highlights key developments across various segments in the global automotive body in white market including product type and vehicle type. The study also offers insights into market strategies adopted by the leading market players.
DUBAI, U.A.E, Sept. 28, 2021 /PRNewswire/ -- Future Market Insights, Dubai: As per recent data released by ESOMAR-certified consulting firm Future Market Insights (FMI), the global automotive body in white market size is projected to reach US$ 59.7 Bn in 2021. Driven by increasing automobile sales worldwide, the market is forecast to register growth at a 3.4% CAGR over the assessment period 2021-2031.
Despite increasing production in certain pockets, unimpressive automotive sales in mature markets and disruptions witnessed amidst COVID-19 have negatively affected the market for automotive body in white.
However, FMI projects steady recovery in sales and production as pandemic-induced restrictions are gradually lifted. According to the study, the market is expected to register 3.1% year-over-year in 2021.
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In addition, the implementation of BS-VI regulations and growing demand for passenger vehicles for private commute post-pandemic will continue driving the global automotive body in white market in the forthcoming years.
To curb rising concerns regarding environmental pollution and carbon emissions, government authorities have imposed stringent regulations in several countries. This has led to the increasing demand for sustainable and cleaner manufacturing processes and products.
The need for sustainable practices and products in the automotive sector is encouraging manufacturers to incorporate sophisticated technologies that will helping in controlling carbon footprint. These developments are expected to augment market growth in the coming years.
Besides this, the introduction of lightweight automotive components to improve fuel efficiency and overall mobility of vehicles, is resulting in increased sales. Lightweight vehicles offer easy maneuverability and are made of sustainable components. This trend is anticipated to bode well for the global automotive body in white market.
FMI has projected China to emerge as the biggest automotive body in white market in East Asia. Easy availability of low-cost raw material and expansion of manufacturing and production units in the country will continue pushing sales of automotive body in white.
"Automotive body in white sales are expected to surge in response to the increasing production of electric vehicles. In order to capitalize on existing opportunities, market players are likely to focus on strategic collaborations," says a FMI analyst.
Key Takeaways:
- On the basis of product type, the chassis segment is set to witness high growth, holding 53% of the total market share.
- In terms of vehicle type, passenger vehicles are estimated to account for 74.3% of the total market share.
- The U.S. is projected to dominate the North America automotive body in white market, offering an absolute $ opportunity of US$ 4,439 Mn during the assessment period.
- Owing to increasing sales of automobiles in China, the automotive body in white market revenue in the country is anticipated to reach US$ 7.4 Bn between 2021 and 2031.
- Germany is anticipated to lead the European automotive body in white market, creating an absolute $ opportunity of US$ 2.8 Bn in 2021.
- The Indian automotive body in white market is projected to grow at a 3.9% CAGR, due to rising disposable income and increasing urbanization.
- The automotive body in white market in Japan is estimated to expand at a 3.7% CAGR.
- South Korea and Japan will collectively account for 9.1% of the global market share.
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Prominent Drivers:
- Intensive research and development to develop lightweight and innovative automotive body components are anticipated to drive market growth.
- Increasing sales of autonomous and hybrid vehicles will propel sales of automotive body in white in the upcoming years.
Restraints:
- High costs associated with lightweight material and its production process might stunt market growth.
Competitive Landscape
Prominent players operating in the global automotive body in white market are focusing on production facility expansions to cater to the growing consumer demand. Apart from this, intensive research and development to develop innovative and unique products will remain a part of key players' growth strategies during the forecast period. For instance:
- In July 2021, Benteler International, a German metal processing specialist, launched a new door concept that eliminated the need for a B-pillar. The product is lighter than existing products in the market and offers improved material and safety features. The new product not only makes mobility light, safer and sustainable, but also makes vehicles more convenient and simplifies vehicle entry.
- In July 2019, metal automotive components maker Gestamp Automoción opened a new production facility in Nitra, Slovakia, with an aim to improve production of aluminum automotive parts.
Leading players operating in Automotive Body in White Market profiled by FMI include:
- Kirchhoff Automotive GmbH
- Voestalpine AG
- Benteler International
- CIE Automotive
- JBM Auto
- ThyssenKrupp AG
- Gestamp Automocion
- Magna International Inc.
- Dura Automotive Systems
- Martinrea International Inc.
- Autokiniton Global Group Multimatic Inc.
- Futaba Industrial Co., Ltd.
- H-One Co., Ltd
- Shiloh Industries
More Insights on FMI's Automotive Body in White Market
The latest market study on the automotive body in white market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global automotive body in white market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Product:
- Body Structure
- Bumper Beam
- Crossmember
- Roof Frame
- Cross Car Beam
- Others
- Body Component
- Quarter Panel
- Floor Panel
- Rocker Panel
- Chassis
Vehicle:
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in Automotive Body in White Market Report
- The report offers detailed insights into automotive body in white market demand outlook for 2021-2031
- The market study also highlights projected sales growth for automotive body in white market between 2021 and 2031
- Automotive body in white market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Automotive body in white market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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