The automotive body in the white market is expected to be worth US$ 61.5 Billion in 2022. The market is anticipated to surpass US$ 89.4 Billion by 2033 from US$ 63.5 Billion in 2023. The demand for the automotive body in white is predicted to grow at a 3.5% CAGR during the forecast period.
The market for the automotive body in white products is being driven by an increase in motorization rates caused by rising disposable income levels among populations globally. The desire for the unique body in white solutions is being driven by the ongoing development of electric and autonomous vehicles, which drives creativity in vehicle structure design to accommodate enormous battery packs and new crash testing criteria.
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During the forecast period, the worldwide automotive body in white market is anticipated to grow as a result of the changing specifications of the body in white solutions brought on by the introduction of next-generation automobiles. The market for the automotive body in white is primarily driven by three factors: rising vehicle demand, demand for lighter, more fuel-efficient automobiles, and demand for stronger, more durable vehicles. The market for automotive body in white is primarily driven by three factors: rising vehicle demand, demand for lighter, more fuel-efficient automobiles, and demand for stronger, more durable vehicles.
The necessity for transportation, economic growth, and population increases all influence the demand for automobiles. To cut greenhouse gas emissions and save money on gasoline, automobiles must become lighter and more fuel-efficient. To increase safety and lower repair costs, cars must become stronger and more resilient.
According to figures from the American Trucking Association, trucks carried 72% of the domestic freight in the United States in 2019. The fleet of active Class 8 trucks climbed by 2% in 2019 to a total of 3.91 million units, according to the report. Consequently, the global automotive body in the white market is being driven by the growth of the automotive industry.
Key Takeaways from Automotive Body in White Market –
- The increased production and sales of passenger cars in both established and developing nations are driving up demand for the automotive body in white on a global scale.
- The demand for automotive robotics is expected to rise in East Asia.
- For automotive applications, the chassis’ weight and strength are key considerations. Its CAGR is -2.0% from 2017 to 2022 and 3.3% from 2023 to 2033.
- The main trends in Automotive Body in White include increasing the use of aluminum, cutting-edge materials, robots and automation, and 3D printing.
- From 2021 to 2031, the market for white automobile bodies in Japan is anticipated to expand at a CAGR of 3.7%.
- According to projections, Germany is likely to witness high sales of the automotive body in white Europe. Sales revenue in Germany is anticipated to total US$ 2.8 billion in 2021.
- The evaluation predicts that from 2021 to 2031, China is likely to generate an absolute $ opportunity of US$ 7.4 billion.
- The U.S. market is expected to grow rapidly during the forecast period, reaching US$ 17.0 billion as a result of industry participants’ swift investments.
Who is Winning?
Due to the existence of prominent regional and international competitors, the vehicle body-in-white market is a relatively consolidated one. These businesses have robust regional and international distribution networks and are implementing plans to provide a wide choice of products in this market. To maintain their market position, they are entering into partnerships, contracts, and collaborations.
Kirchhoff Automotive GmbH, Benteler International, ThyssenKrupp AG, Voestalpine AG, Martinrea International Inc., Gestamp Automocion, Magna International Inc., CIE Automotive, Autokiniton Global Group, H-One Co., Ltd., JBM Auto, Dura Automotive Systems, Futaba Industrial Co., Ltd., Shiloh Industries, and Multimatic Inc. are a few of the leading businesses operating in the market.
Recent Developments –
- In November 2020, Solvay stated that it would be working with Penso to develop manufacturing processes, composite structures, and materials. Multi-material body in white body constructions will be produced on a massive scale using technologies, designs, and materials.
- Impression Technologies Limited (ITL) and Fischer Group partnered in August 2019. For OEMs catering to emerging markets like electric vehicles, Fischer Group will use Hot Form Quench (HFQ) to produce body in white components.
- A new plant for Benteler, an Austrian supplier of steel and automotive goods, opened in Mos, Spain, in June 2019. The company’s new facility, which is a part of the automotive division, will produce rear-axle components for a new PSA platform (a global automotive manufacturer). Additionally, Mos’ production will prioritize laser cutting, welding, and painting.
Automotive Body in White Market by Category
By Product Type:
- Body Structure
- Bumper Beam
- Crossmember
- Roof Frame
- Cross Car Beam
- Others
- Body Component
- Quarter Panel
- Floor Panel
- Rocker Panel
- Chassis
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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