The global lightweight automotive body panels market size is projected to be valued at US$ 183.5 billion in 2032, with sales growing at an average CAGR of 4.6% from 2022 to 2032. Valued at US$ 111.5 billion in 2021, the market recorded a historical CAGR of 2.6% from 2014 to 2021. There are several factors that are responsible for the steady growth of the market during the forecast period. Factors like increasing demand for lightweight and energy-efficient vehicles, growing production of commercial vehicles, and rising government support shape the prospects for the lightweight automotive body panels market.
The surging production of commercial vehicles owing to heightened demand from the logistics sector coupled with an elevated demand for economic and fuel-efficient vehicles spearheads the growth of the lightweight automotive body panels market and will continue to do the same over the next couple of years. The immense demand for lightweight door panels will also contribute to the steady growth of the target market.
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The surging production and sales of lightweight electric vehicles will further stimulate market growth during 2022 and 2032. The use of body panels that are lighter than conventional body panels lessens the overall weight of the automobile. Thus, manufacturers are keen on utilizing lightweight body panels for electric vehicles as they assist in achieving the precise power-to-bodyweight ratio.
Recent years have witnessed a surge in environmental concerns due to growing pollution. The execution of strict pollution control rules, especially carbon emission regulations, will also encourage the adoption of lightweight automotive body panels.
The usage of lightweight body panels helps manufacturers to comply with stringent emission regulations as these reduce vehicle weight and aid the vehicle to be more fuel-efficient. In addition, increasing government support across countries for the adoption of fuel-efficient vehicles also spurs the demand for lightweight automotive body panels. Other factors like rising disposable income, growing demand for automobiles, and increasing production of the same also facilitate the growth of the lightweight automotive body panels market during the projection period.
Key Takeaways:
- North America, driven by the US, will retain the dominant position in the lightweight automotive body panels market.
- The US lightweight automotive body panels market, valued at US$ 30.1 billion in 2022, is propelled by the implementation of strict emission regulations.
- The lightweight automotive body panels market in China will expand at a strong CAGR of 7.1% due to a thriving automotive industry.
- By component, the door panel category will hold over 33.9% of the overall market share because of an increasing need to reduce extra weight of the vehicle.
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Competitive Landscape
Plastic Omnium, Magna International Inc., Gestamp, AUSTEM COMPANY Ltd, Stick Industry Co., Ltd, and GORDON AUTO BODY PARTS CO., LTD, among others, are some of the primary players in the lightweight automotive body panels market profiled in the full version of the report.
In an intensely fragmented and competitive environment, eminent market players are expanding their manufacturing facilities and launching new products. These businesses also engage in strategic partnerships, collaborations, mergers, and acquisitions to gain the upper hand.
More Insights into Lightweight Automotive Body Panels Market
FMI offers an unbiased and detailed analysis of the global lightweight automotive body panels market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of material type, component type, vehicle type, and region.
According to the reports, based on segmentation, the metal category held over 90% of the lightweight automotive body panels market share in 2022. This is due to the increasing use of metals like aluminum alloy and high-strength steel. In terms of components, the door panels category will likely dominate the overall mark by accounting for over 1/3rd of the market This can be attributed to the manufacturers’ desire to reduce the extra weight of the vehicles. Based on region, the lightweight automotive body panels market in North America will assume the lead in the market. With favorable government support, the lightweight automotive body panels market in the US will aid the regional market growth in North America. Besides North America, the Asia Pacific region will also make notable contributions to the global growth of the lightweight automotive body panels market.
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Key Segments Covered in Lightweight Automotive Body Panels Market Analysis
By Material Type:
- Metals
- High-strength Steel
- Magnesium
- Aluminum
- Polymers & Composites
- Carbon Fiber Reinforced Plastics
- Glass Fiber Reinforced plastics
- Other Polymer & Composite Materials
By Component Type:
- Bumpers
- Hood
- Door Panels
- Trunk Lids
- Roof
- Others
By Vehicle Type:
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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