As per a Future Market Insight (FMI) analysis, the automotive body in white demand is expected to rise at a year-on-year (YoY) growth of 3.1%, reaching US$ 59.7 billion in 2021. The increasing demand for passenger vehicles will drive the automotive body in white sales at 3.4% CAGR over the forecast period from 2021 to 2031.
Automotive body in white market is set to be valued at US$ 59.66 Bn in 2021, with a lucrative long-term projection, according to latest study conducted by Future Market Insights (FMI).
The rising demand for sustainable means of transportation is expected to propel the automotive body in white market growth.
Some of the leading manufacturers are focusing on providing high quality body in white and are expected to invest in new technologies and advanced manufacturing procedures in order to stay ahead of the competition.
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The rise in the automotive production globally is expected to drive the demand for body in white during the forecast period. Governments in various parts of the world are introducing regulations to encourage the incorporation of innovative technology.
Body in white manufacturing companies are entering into merges and acquisitions with leading automotive OEMs and tier 1 suppliers in order to expand their market presence.
The global automotive industry suffered a major decline of production and sales in 2020 due to pandemic, but the market is slowly recovering as the manufacturing facilities have resumed production of automotive vehicles.
According to research, the global automotive body in white market is projected to exhibit growth between 3% and 4% during the tenure of 2021 to 2031
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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)
Key Takeaways from Market Study
- Global demand for automotive body in white is rising due to the increase in the production and sales of passenger vehicles in developed and developing countries.
- In terms of product type, body structure is projected to grow at an impressive CAGR, ranging from 5% to 4%.
- In the vehicle type segment, passenger vehicles segment holds lucrative growth opportunities and is anticipated to create incremental $ opportunity worth US$ 18,875Mn between 2021 and 2031
- The market in East Asia is projected to expand at a CAGR of close to 2%from 2021 to 2031.
“The market is predicted to grow due to the increasing global production of automobiles and the deployment of innovative manufacturing procedures” says a Future Market Insights analyst.
Competitive Landscape
The market is consolidated with key players serving leading OEMs and automotive tier 1 suppliers. These players are likely to invest in new technology developments and expansion of their networks in order to increase their market shares. Some of the key players in this industry are Kirchhoff Automotive GmbH, Benteler International, Voestalpine AG, Gestamp Automocion, CIE Automotive, ThyssenKrupp AG, Magna International Inc., JBM Auto, Martinrea International Inc., Shiloh Industries, Dura Automotive Systems, H-One Co., Ltd, Autokiniton Global Group, Multimatic Inc. and Futaba Industrial Co., Ltd.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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