According to the new research report published by The Insight Partners, titled “Automotive Body-In-White Component Market–Global Analysis and Forecast to 2025”, the global automotive body-in-white component market is expected to reach US$ 125.61 Bn in 2025, registering a CAGR of 4.1% during the forecast period 2017-2025.
Within the global automotive body-in-white component market, various regions are observed to exhibit different growth trends. The automotive body-in-white component market is in line with production of automotive vehicle. Further, BIW component including chassis is estimated to register value of US$ 1,300 per vehicle globally. This number is further expected to increase in the future owing to adoption of high costs material and superior manufacturing techniques for vehicle production. Adoption of high cost material is primarily driven by stringent emission and fuel efficiency regulations globally. This trend is more pronounced in matured economies including North America and prominent countries of Europe. Increasing use of lightweight materials in the development of electric vehicles for better efficiency on enhanced use and better mileage is also one of the major reason for the growth of the automotive body-in-white market. For this, the electric vehicles are manufactured using different materials such as steel grades range, high cost aluminium and CFRP composites.
The global market for automotive body-in-white component has been segmented by material type (Aluminium, Steel, Magnesium and CFRP), component position (Structural, Inner, and Exposed), component types (Fenders, Closures, Shock Towers, A-Post / B-Post, and Others) and body structure (Frame Mounted Structure and Monocoque Structure), and regions (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).
Key findings of the study:
North America, Asia Pacific and Europe in total hold more than 95% of the global automotive BIW component market and are expected to continue their dominance in the forecast period. Whereas, regions such as Middle East and Africa and South America capture minimal share owing low vehicle production in the region.
Market share of Asia Pacific region is expected to increase over the years and it is anticipated to register a CAGR of more than 4.0%.
High rate of global passenger car production in Asian countries such as China, Japan, Korea and India provide significant opportunities for the global suppliers of BIW to increase the market share in these countries. These countries contribute almost 90% of the total production of passenger cars across Asia Pacific, and will strongly support the overall growth of global automotive body-in-white market.
The key companies profiled in this report include Gestamp Automicion SA, ThyssenKrupp Systems Engineering, Hyundai Rotem Company, AIDA Engineering Ltd., BENTELER International AG, Eagle Press & Equipment Co., Magna International Inc., and Martinrea International Inc.
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