Press release
Automotive Body in White Market Set to Reach US$ 89.4 Billion by year 2033 with a 3.5% CAGR Forecast from 2023 | Future Market Insights, Inc.
The global automotive body in white market is worth US$ 63.5 Billion as of now and is expected to reach US$ 89.4 Billion by the year 2033 at a CAGR of 3.5% between 2023 and 2033.Industrialization, globalization, and expanded supply chains are into strengthening transportation and logistics sector. Plus, there is an increase in the usage of lightweight materials in automobiles for improving fuel efficiency. These factors are expected to take the automotive body in white market going forward.
Automotive body in white is expected to possess higher tensile strength along with resistance against torsional, dynamic, static, and bending forces. As such, high-strength materials are used for producing automotive body in white.
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At the same time, the fact that automobile companies' supply chains are more complex can't be ignored. This factor could restrain the automotive body in white market in the near future.
Future Market Insights has walked through these facts with future prospects in its latest market study entitled 'Automotive Body in White Market'. It has its indigenous team of analysts and consultants to deploy a bottom-up approach in its primary, secondary, and tertiary modes of research.
"With transportation and logistics sector gaining traction, the global automotive body in white market is expected to grow on a robust note in the forecast period", says an analyst from Future Market Insights.
Key Takeaways from Automotive Body in White Market
The Asia-Pacific is expected to witness maximum growth in the automotive body in white market in the forecast period. China and India dominate the scene. Coming to production, Japan rules the roost and the scenario is expected to remain unchanged even in the forecast period. South Korea and Taiwan are the other torchbearers. China backs on low-cost materials being available. India rides on availability of cheap labor.
North America holds the largest market share with the US being subject to notable investments in manufacturing automobiles with various cutting-edge features.
Europe is led by Germany with passenger vehicles' higher sales in combination with supporting rules for producing and using vehicles. The status quo is expected to remain unchanged even going forward.
Competitive Analysis
Mercedes-Benz, in January 2021, did give a huge order to KUKA to engineer, build, assemble, and commission numerous body in white manufacturing lines for an influx of Mercedes vehicles all over North America.
ThyssenKrupp, in March 2021, came up with its business unit called 'Automotive Body Solutions'; which emphasizes on assembly solutions with creating lightweight body components for the clients in car vertical.
Magna Cosma Casting, in April 2021, did announce that it was on the verge of spending US$ 31.9 Million for building close to 50K square feet of Battle Creek Factory for creating more manufacturing capacity regarding lightweight automobiles.
Autokiniton Global Group, in July 2019, acquired Tower International Inc.at US$ 900 Million.
Gestamp, in June 2019, did inaugurate a novel plant at Nitra (Slovakia). It specializes in aluminum. This plant is known for producing various skin panels and body's structural parts using aluminum in conjunction with steel.
Benteler, in June 2019, tabled a novel plant at Mos (Spain). It's, since then, a part of its automotive division and would be producing rear-axle components for a new-fangled platform for PSA. The production would also focus on painting, welding, and laser cutting.
Kirchhoff Automotive, in May 2019, came up with second plant at Piteti (Romania). The plant is known for supplying stamping parts to European Kirchhoff Automotive's locations.
Marelli Talbros Chassis Systems, in January 2021, announced that it received multi-year orders from a big car manufacturer based out of Europe to supply body in white design parts.
NIO Inc., in April 2021, completed manufacturing the first body in white part of ET7 sedan at its production site at Hefei (Anhui Province).
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.
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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)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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