Increasing adoption of high cost material combined with rise in overall consumption will be major driving factor for growth in the Body in White Market between 2016 and 2025
The Body in White Market has experienced high growth and adoption rate in the last few years and is also expected to experience a significant growth and adoption rate in years to come. One of the major reasons for high adoption of BIW is the rise in the overall consumption with adoption of high cost material. Low emission standards across developing & developed economies are pushing the demand for lightweight vehicles. To further comply with stringent emissions and fuel economy standards vehicle manufacturers are focusing towards weight reduction and enhance propulsion efficiency of vehicles. This unwavering focus towards weight reduction is encouraging the adoption of materials low on weight for vehicle component production. Employing light weight material and achieving safety standards at the same time urges manufacturers to seek for materials which are not only high in cost but also requires superior fabrication and production techniques. Cost of such materials may sometimes reach three to four times of conventional material thereby increasing the overall cost of vehicle component in a way driving the revenue growth in global automotive component in Body in White Market. Although, adoption of light material is leading to net reduction in average mass per vehicle, but overall material demand remains high owing to increasing production of CUV’s and SUVs. The BIW market is further segmented on the basis of material type, component position, component type and body structure, across five major geographical regions. Thus, high material cost combined with upsurge in overall material consumption will lead to increase in the revenue for automotive BIW component.
The types of materials of BIW have been broadly categorized into following four categories as aluminum, steel, magnesium and CFRP. Five major geographical regions considered within the scope of Body in White Market are North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).
Some of the major players influencing Body in White Market are Gestamp Servicios, Magna International Inc. and Benteler International AG. Also, ThyssenKrupp Systems Engineering, Hyundai Rotem Company, and AIDA Global are other key companies in the BIW market. Many companies are investing in various initiatives such as expansion and acquisition to get the competitive advantage over their competitors and stay ahead in the Body in White Market.
