Wilmington, Delaware, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global car body-in-white market is projected to flourish at a CAGR of 3.89% from 2021 to 2031. As per the report published by Transparency Market Research, a valuation of US$ 106.3billion is anticipated for the market in 2031. As of 2023, the market for car body-in-white is expected to close at US$ 75.3billion.
The increasing global population and their per capita income, changing economic conditions, rise in employment, and an increasing number of industries have propelled the automobile sector, which is likely to drive the growth of the car body-in-white market
The increase in the sale of premium automobiles, combined with increased consumer buying power, is boosting the global car body-in-white market as premium sedans and utility vehicles have a greater quantity of body-in-white components composed of high-quality materials.
The increasing environmental regulations aimed at reducing carbon emissions and promoting sustainability have spurred innovation in car body-in-white materials and manufacturing processes to minimize environmental impact. The manufacturers are working on reducing overall vehicle weight and improving fuel efficiency, resulting in the expansion of the car body-in-the-white market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 67.20 Bn | |
| Estimated Value | US$ 106.35 Bn | |
| Growth Rate - CAGR | 3.89% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 252 Pages | |
| Market Segmentation | By Category, Car Type, Regions | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | KIRCHHOFF Automotive GmbH, Gestamp Automoción, S.A., ThyssenKrupp AG, Autokiniton Global Group, LP, Magna International Inc., Martinrea International Inc., JBM Group, Benteler International, CIE Automotive, Dura Automotive Systems, Shiloh Industries, H-one Co., Ltd., Toyoda Iron Works Co. Ltd., Unipres Corporation, Metalsa SA de CV, Multimatic Inc., Astea Co., Ltd., AK Automotive d.o.o., Futaba Industrial Co., Ltd., Aisin Corporation | |
Key Takeaways from the Market Study
- As of 2022, the car body-in-white market was valued at US$ 72.5 billion.
- Based on car type, the compact segment dominated the global car body-in-white market, as the popularity of these vehicles is increasing.
- Based on category, the body structure segment dominated the global car body-in-white market in 2020. It is anticipated to maintain its dominance during the forecast period.
Car Body-in-White Market: Key Trends and Opportunistic Frontiers
- The increasing adoption of advanced materials such as high-strength steel, aluminum, composites, and carbon fiber-reinforced plastics in body-in-white construction allows for weight reduction and improved structural integrity.
- The expansion of automotive manufacturing into emerging markets has increased demand for car body-in-white structures. Automakers are establishing production facilities in regions with lower labor costs, driving market growth.
- The growing integration of advanced manufacturing technologies, including automation, robotics, and digital design tools, has improved the efficiency and precision of car body-in-white production processes
- The market players are spending on research and development to increase vehicle fuel efficiency by lowering vehicle weight with lightweight materials, which is expected to boost market growth
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Car Body-in-White Market – Regional Analysis
- North America is expected drive the to car body-in-white market during the forecast period. The growing automotive industry and production of a wide range of vehicles, including trucks, SUVs, and passenger cars. The market for Car BIW is influenced by consumer preferences for larger vehicles and stricter safety and emission regulations.
- Asia Pacific held a prominent share of the global car body-in-white market in 2020 due to the high production of cars in countries such as China, India, Japan, and South Korea. The Car body-in-white market is characterized by the rapid growth of EV production and increasing demand for lightweight materials.
Competitive Landscape
The leading players are focusing on technical advancements and enhancing the production processes. To increase their reach and worldwide visibility, several firms are now forming strategic alliances with top automobile OEMs and tier 1 suppliers. Key players operating in the global car body-in-white market are
- KIRCHHOFF Automotive GmbH
- Gestamp Automoción, S.A
- ThyssenKrupp AG
- Autokiniton Global Group, LP
- Magna International Inc.
- Martinrea International Inc.
- JBM Group
- Benteler International
- CIE Automotive
- Dura Automotive Systems
- Shiloh Industries
- H-one Co., Ltd.
- Toyoda Iron Works Co. Ltd.
- Unipres Corporation
- Metalsa SA de CV
- Multimatic Inc.
- Astea Co., Ltd.
- AK Automotive d.o.o.
- Futaba Industrial Co., Ltd.
- Aisin Corporation
Key Developments in the Car Body-in-White Market
- In May 2023 BENTELER officially inaugurated a new production building with four bays at its Schwandorf site. The plant extension began in the summer of 2022. This is the third expansion within just a few years.
- Toyota has a strong focus on sustainable BIW manufacturing and has integrated advanced materials like high-strength steel and aluminum in their vehicle structures. They are also leaders in hybrid and electric vehicle BIW design.
- General Motors has worked on lightweighting initiatives and advanced joining technologies, such as aluminum-intensive BIW structures for vehicles like the Chevrolet Silverado and GMC Sierra trucks.
Partial Table of Content (ToC):
1. Executive Summary
1.1. Demand & Supply Side Trends
1.2. TMR Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Key Market Trends
2.3.1. Key Trends Impacting the Market
2.3.2. Product Innovation / Development Trends
2.4. Market Background
2.4.1. Macro-Economic Factors
2.4.1.1. Global GDP Growth Outlook
2.4.1.2. Global Industrial Growth Outlook
2.4.1.3. Global Urbanization Growth Outlook
2.4.1.4. Global Population Growth Outlook
2.4.1.5. Global Automotive Industry Growth Outlook
2.5. Forecast Factors - Relevance & Impact
2.5.1. Global Automotive Production Growth Outlook
2.5.2. Global Automotive Sales Growth Outlook
2.5.3. Global Vehicle Parc Outlook
2.6. PESTLE Analysis
2.7. Porter’s Five Forces Analysis
2.8. Value Chain Analysis
2.8.1. List of Suppliers
2.8.2. List of OEMs
2.8.3. Profitability Margins
2.9. Market Dynamics
2.9.1. Drivers
2.9.2. Restraints
2.9.3. Opportunity
2.10. Covid-19 Crisis – Impact Assessment
3. Global Car Body-in-White Market, by Category
3.1. Market Snapshot
3.1.1. Introduction, Definition, and Key Findings
3.1.2. Market Growth & Y-o-Y Projections
3.1.3. Base Point Share Analysis
3.2. Global Car Body-in-White Market Value (US$ Mn) Analysis & Forecast, by Category, 2017‒2031
3.2.1. Body Structure
3.2.2. Body Components
3.2.3. Chassis
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Car Body-in-White Market – Key Segments
Category
- Body Structure
- Body Components
- Chassis
Car Type
- Compact
- Mid-size
- Luxury
- SUV
Region
- North America
- Europe
- Asia Pacific
- Central & South America
- Morocco
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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