PUNE, India, March 23, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, ” Body in White Market by Vehicle Type (Passenger Cars, Electric Vehicles, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, and Others), Material Type (Aluminum, CFRP, Magnesium, Steel, Composites, and Others), Component (Inner, Exposed, and Structural), Structure (Monocoque and Frame Mounted), Manufacturing Process (Hot Stamping, Cold Stamping, Roll Forming, and Others), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031“, the market was valued at USD 82.2 billion in 2022 and is expected to reach USD 98.2 billion, expanding at a CAGR of 2.2% by the end of 2031. The growth of the market is attributed to the rapid expansion of the automobile industry and the rising production of electric vehicles.
Key Market Players Profiled in the Report
- Gestamp Automocion S.A
- Martinrea International Inc.
- Gestamp Automocion S.A
- Norsk Hydro ASA
- KIRCHHOFF Automotive GmbH
- Santec Exim Pvt Ltd.
- thyssenkrupp AG
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include vehicle type, material type, component, structure, manufacturing process, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the Body in White Market
Based on vehicle type, the global body in white market is divided into passenger cars, electric vehicles, light commercial vehicles, medium & heavy commercial vehicles, and others. The electric vehicles segment is estimated to grow at a considerable CAGR during the forecast period, due to growing environmental concerns. They exhibit significant features as compared to conventional fuel vehicles, thus, driving the market expansion.
On the basis of material type, the market is segmented into aluminum, CFRP, magnesium, steel, composites, and others. The steel segment is expected to hold a key share of the market in the coming years. The growth is attributed to the high acceptance of steel in end-product formation. The high strength offered by steel and its easy availability is expanding the market growth.
In terms of component, the market is segregated into inner, exposed, and structural. The structural components segment is anticipated to expand at a significant pace during the projected period, as it forms the main framework of the vehicles. The vehicle’s framework is attributed to the rigidity and strength of the materials used in making the components.
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Based on structure, the body in white market is bifurcated into monocoque and frame mounted. The monocoque segment is estimated to have a key market share in the coming years due to the lightweight construction of the body frame and safety factors. Thus, it is widely applied in passenger cars and utility vehicles.
In terms of manufacturing process, the market is categorized into hot stamping, cold stamping, roll forming, and others. The hot stamping segment is projected to generate a major revenue share during the forecast period, owing to its correlating nature of hot forging and cold stamping technology. The growth of the segment is due to the growing demand for passenger vehicles.
Based on region, the global body in white market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The Asia Pacific is anticipated to account for a key share of the market revenue, due to the growing popularity and high adoption rate of passenger cars and lightweight vehicles in the region.
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Key Takeaways from the Study:
- Body in white is used for developing high-strength materials and to reduce the weight of vehicles without compromising the quality of the product.
- This technique is used in the automotive manufacturing stage, where a metal body and frame of a vehicle are produced and integrated into the structure.
- Structure of the body in white is made of homogeneous materials including aluminum, steel, and magnesium.
- Assembling of the body parts is done with the application of different methods such as hot stamping, cold stamping, and roll forming.
- Rapid growth of the automobile industry and the developments in the manufacturing processes are the key factors driving the market.
- Electric vehicles provide environmentally friendly and sustainable facilities, thus driving the market.
- Advancements are implemented to produce energy-efficient products to maintain environmental norms for vehicle emissions.
- Anti-corrosive function for the vehicles is expected to have robust growth in demand and create lucrative opportunities for the body in white market.
Read 173 Pages Research Report with Detailed ToC on “Body in White Market by Vehicle Type (Passenger Cars, Electric Vehicles, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, and Others), Material Type (Aluminum, CFRP, Magnesium, Steel, Composites, and Others), Component (Inner, Exposed, and Structural), Structure (Monocoque and Frame Mounted), Manufacturing Process (Hot Stamping, Cold Stamping, Roll Forming, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031″
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Key Segments Covered
- Passenger Cars
- Electric Vehicles
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
- Frame Mounted
- Manufacturing Process
- Hot Stamping
- Cold Stamping
- Roll Forming
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
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