Global Body in White Market Insights | Key Players: Gestamp Automoción (Spain), Voestalpine Group (Austria), Magna (Canada), Benteler International (Austria), Tower International (US)...

The global body in white market for automotive is projected to reach USD 90.5 billion by 2027 from an estimated value of USD 77.0 billion in 2019, growing at a CAGR of 2.0% during the forecast period.

Increasing global vehicle production of passenger cars, electric vehicles, light commercial vehicles, and medium & heavy commercial vehicles along with a reduction in the vehicle weight to meet the fuel economy and emission standards are expected to boost the market. However, the high cost of manufacturing methods is considered as a restraining factor for the growth in the market.

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Electric vehicles sales segment is estimated to witness the fastest growth during the forecast period

Increasing electric vehicle sales is another driver for the BIW revenue growth, as these vehicles require lightweight solutions in the form of material as well as manufacturing methods to achieve higher mileage by the battery. The majority of the BIW component manufacturers have introduced new lightweight solutions for their customers, which are in line with the electric vehicles manufacturing safety standards.

The Asia Pacific is expected to be the largest market during the forecast period

The Asia Pacific region was the largest market for the body in white in the world in 2018. This market has witnessed rapid year-on-year growth, even with a slowdown in the production of passenger cars; however, the other vehicle segments have been steadily growing, and there is no adverse impact on the market revenue with the increase in the adoption of lightweight solutions.

China has been the major contributor to the BIW market in the APAC region, with approximately 25 million cars produced every year. It is the largest revenue generator for the market. However, Japan is estimated to be the fastest-growing market with the adoption of strong emission regulations and the purchase of electric vehicles with lightweight solutions, which makes the region the largest revenue market for BIW globally.

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Europe market is expected to register the fastest growth during the forecast period

Europe is estimated to be the fastest-growing market during the forecast period. Germany is expected to lead the market due to the presence of large automakers and focus on R&D on new technology. The massive sales of electric vehicles in the region coupled with the projected boost in sales due to the presence of supporting regulations towards the manufacture and use of these automobiles is expected to subsequently drive the growth of the market during the forecast period.

The body in white market is led by globally and regionally established players such as Gestamp Automoción (Spain), Voestalpine Group (Austria), Magna (Canada), Benteler International (Austria), CIE Automotive (Spain), Tower International (US), Martinrea International (Canada), Aisin Seiki (Japan), KIRCHHOFF Automotive (Germany), Dura Automotive (US), Thyssenkrupp (Germany), and JBM Auto (India).

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