The global body in white market for the automotive industry is estimated to grow from USD 77.0 billion in 2019 to reach USD 90.5 billion by 2027, at a CAGR of 2.0%
Increase in stringent emission standards by reduction of vehicle weight to achieve higher fuel efficiency in various countries are significant factors for the growth of the body in white market globally.
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NEW YORK, Sept. 16, 2019 /PRNewswire/ -- The global body in white market for the automotive industry is estimated to grow from USD 77.0 billion in 2019 to reach USD 90.5 billion by 2027, at a CAGR of 2.0%. Increasing production of passenger cars, electric vehicles, light commercial vehicles and medium & heavy commercial vehicles globally and reduction in the weight of the vehicle to meet the fuel economy and emission standards are expected to boost the market. However, the high cost of manufacturing is likely to restrain the growth of the market.
Increasing demand for electric vehicles is likely to propel the growth of the body in white market.
Increase in electric vehicle sales is another driver for the BIW revenue growth, as the vehicles need lightweight solutions in material as well as manufacturing method to achieve higher mileage by the battery. Most of the BIW component manufacturers have introduced new lightweight solutions for its customer, which are in line with electric vehicle safety standards.
Europe market is expected to register the fastest growth during the forecast period
Europe is estimated to be the fastest-growing market during the forecast period.Germany is expected to lead the market due to the presence of large automakers and focus on R&D on new technology.
The massive sales of electric vehicles in the region coupled with the projected boost in sales due to the presence of supporting regulations towards the manufacture and use of these automobiles is expected to subsequently drive the growth of the market during the forecast period.
Asia Pacific is expected to be the largest market during the forecast period
The Asia Pacific region was the largest market for body in white in the world in 2018. This market has witnessed rapid year-on-year growth, even with a slowdown in the production of passenger cars; however, the other vehicle segments have been steadily growing, and there is no adverse impact on the market revenue with the increase in the adoption of lightweight solutions.
China has been the major contributor to the BIW market in the APAC region, with approximately 25 million cars produced every year.It is the largest revenue generator for the market.
However, Japan is estimated to be 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.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: OEM - 28%, and Tier 1 & 2 Suppliers - 72%
• By Designation: C Level - 50%, Directors Level - 33%, and Others - 17%
• By Region: North America - 25%, Europe - 25%, and Asia Pacific - 50%
The body in white market is led by globally and regionally established players such as Gestamp Automoción (Spain), Voestalpine Group (Austria), Magna (Canada), Benteler International (Austria), CIE Automotive (Spain), Tower International (US), Martinrea International (Canada), Aisin Seiki (Japan), KIRCHHOFF Automotive (Germany), Dura Automotive (US), Thyssenkrupp (Germany) and JBM Auto (India).
Research Coverage:
The market study covers the global body in white market across segments.It aims at estimating the market size and future growth potential of this market across different segments such as vehicle type, construction, manufacturing method, material type, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall body in white market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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