Global Automotive Body-in-White Market to record 2% CAGR through 2027

February 17, 2021


According to the research report titled ‘Global Automotive Body-in-White Market Size study by Material Type (Aluminum, Steel, Magnesium, CFRP), by Component Position (Structural, Inner, Exposed), by Component Types (Fenders, Closures, Shock Towers, A-Post/ B-Post, Others), by Body Structure (Frame Mounted Structure, Monocoque Structure) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global automotive body-in-white market was worth USD 77 billion in 2019 and is projected to expand at a CAGR of 2% during 2020-2027.
 

Increasing automotive production, escalating demand for vehicle weight reduction to comply with emission standards and improve fuel efficiency, along with advancements in manufacturing processes for superior strength material are the key factors propelling global automotive body-in-white market growth.
 

As per the International Organization of Motor Vehicle Manufacturers (OICA), production of commercial vehicles globally was recorded to be 24.6 million units in 2019, an improvement of 1.6% from 2017, accounting for around 23.8 million commercial vehicle units. This upward trend in the number of sales will continue to stimulate the industry expansion in the forthcoming years.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2764855/
 

For those unfamiliar, automotive body-in-white is the phase where the metal sheet body components of an automobile are welded simultaneously. In simple terms, it is the frame composition of the automobile prior to the assembly of hood, seat, engine, glass, doors, chassis, as well as other such sub-assemblies.
 

Automobile body-in-white comprises of a material with enough mechanical strength to endure the weight of components and frames, along with providing a stable and rigid suspension platform to control the vehicle effectively. In the case of a crash, it also enables the passenger module to better protect the occupants. In the current scenario, manufacturers are required to reduce the weight of the automotive frame in order to reduce the total weight of the cars, thereby effectively lowering carbon emissions below the appropriate limit.
 

Elaborating on the restraints, hefty costs of material for light weight solutions and high investment for hot stamping are anticipated to hamper worldwide automotive body-in-white industry remuneration over the forecast timespan. Moreover, COVID-19 pandemic outbreak has adversely impacted every single sector of the global economy, including the automotive sector, resulting in a major decline in passenger car and commercial vehicle production.
 

Considering the geographical perspective, Asia Pacific currently holds considerable portion of global automotive body-in-white market share, attributable to mounting government efforts to decrease carbon emission and rising automobile production in the region.
 

On the other hand, Europe automotive body-in-white industry is anticipated to amass high profits over the coming years, on account of strong inclination towards research & development of new technology and presence of major automakers.

 

Established firms in global automotive body-in-white market sphere are Magna International Inc., Martinrea International Inc., Benteler International AG, Eagle Press & Equipment Co. Ltd., AIDA Engineering Ltd., Hyundai Rotem Company, ThyssenKrupp Systems Engineering GmbH, and Gestamp Automocion SA.

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