Dallas, March 03, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global body in white (BIW) market is expected to grow from USD 63.03 Billion in 2020 to USD 92.72 Billion by 2028 at a CAGR of 4.28% during the forecast period 2021-2028.
Surge in the production of vehicle globally and demand for light weight vehicles to improve the overall vehicle mileageare some of the factors fuelling the body in white (BIW) market.
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BIW is called before painting and before the motor, chassis sub-assemblies, or trim (glass, door locks/handles, seats, upholstery, electronics, etc.) have been gathered in the frame structure. The name comes from when automobile bodies were made by outside firms on a separate chassis with an engine, suspension, and fenders attached, in the past. Body in white (BIW) part accounts for 20 – 30 % of curb weight of the entire vehicle and hence signifies high revenue potential for component suppliers/ automobile ancillaries across the automotive value chain. Though new technologies such as electric / hybrid vehicle, expansion of driverless and connected vehicles are disrupting the entire automobile industry, body in white (BIW) components are consistent segment of the automotive industry and connected as the major business segment in the overall automotive industry.
High material cost for lightweight solutions is one of the restraining forces. With the rising demand for fuel efficiency, the lightweight solution is the main issue in the automotive industry. Automobile industries are kept implementing new lightweight materials for body, chassis, interior, power train and under-the-hood applications, for better fuel efficiency. But the lightweight materials are having a higher price than the older parts. The new materials are definitely increasing the fuel efficiency for the buyer but also increase the price of the vehicles. This could play both sides either the demand of the car would decrease, or the organization has to decrease its profit margin, which could hamper the size of next purchase lot of lighter vehicles, for smooth running. However, advancements in manufacturing processes for high strength material and reduction in component weight are anticipated to provide lucrative opportunities in the upcoming years.
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Key players operating in the global body in white (BIW) market include GestampAutomoción, Voestalpine Group, Magna, Benteler International, CIE Automotive, Tower International, Martinrea International, Aisin Seiki, KIRCHHOFF Automotive, Dura Automotive (US), Thyssenkrupp and JBM Auto among others. To build their market position in the global Body in White (BIW) market, the key players are now concentrating on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• In September 2019, Autokiniton US Holdings, Inc had completely acquired Tower International, Inc. The acquisition of the tower will significantly enhance AGG's position as a leading North American manufacturer of metal formed components for the automotive industry.
• In June 2019, Benteler inaugurated its eighth plant in Spain. The automobile component manufacturer Benteler has opened its eighth Spanish plant in Mos (Pontevedra), and is also the Austrian company's first smart factory in southern Europe.
The steel segment was having the highest market value of USD 23.45 Billion in 2020
The material segment is divided into aluminium, steel, composites, CFRP, magnesium and other. Steel is anticipated to be the largest segment of the market, reflecting a market value of USD 23.45 Billion in 2020. These days steel may not be used in its conventional form but is widely used in various grade categories based on the strength of the material. However, Aluminium sub-segment of automotive body-in-white component market is expected to gain dominance during the forecast period due to its low cost and high strength of a material.
The cold stamping segment is dominating the market with the highest market value of USD 17.76 Billion in 2020
The manufacturing process segment includes hot stamping, cold stamping, hydroforming, roll forming and others. Cold stamping segment accounts for the highest market value of USD 17.76 Billion in 2020. The hot stamping process is expected to gain more market share in the body in white (BIW) market during the forecast period.
The monocoque segment is dominating the market with the market value of USD 34.60 Billion in 2020
The structure segment includes monocoque and frame-mounted. The Monocoque segment in the global body in white (BIW) market accounted for the highest market value of USD 34.6 Billion in 2020. This type of structure is primarily used in all types of passenger cars and also in some utility vehicles. Monocoque Constructions are also getting used in bigger vehicles now which can provide a more lightweight solution.
The Passenger segment was having the highest market value of USD 47.11 Billion in 2020
The Vehicle type segment includes passenger and commercial. The passenger segment in the global body in white (BIW) market is accounted for the highest market value of USD 47.11 Billion in 2020. The vehicle production has seen a huge increase in Asia Pacific owing to the increased mobility needs and nature of emerging economies in China and India.
The Electric Powered segment will witness the highest CAGR of 5.12% in the forecasting period
Propulsion segment includes gasoline and electric powered. Electric vehicles are expected to witness the highest CAGR of 5.12% during the forecast period as these vehicles require a lightweight body as well as manufacturing methods to achieve higher battery efficiency.
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Regional Segment Analysis of the Body in White (BIW)Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the BIW market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region is accounted for the highest market value of USD 19.82 Billion in 2020. This is due to the increasing production of passenger cars in the region. The other vehicle segments are showing rapid growth, along with the adoption of new technology and material along. Europe is estimated to be the fastest-growing market during the forecast period. Germany is anticipated to lead the market due to the presence of large automobile industries in the region.Avail access to The Brainy Insights and our exceptional market research database.
About the report:
The global body in white (BIW)market is analysed on the basis of value (USD Billion), volume (Units), consumption (Units), imports (Units) and exports (Units).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
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