Automotive Light Weight Body Panel Market Forecast With Top Companies, Growth Factors, Classification
The automotive light weight body panel market is garnering continual traction worldwide. Lightweight body panels are quickly being absorbed in the automotive industry due to the stringent government regulations for fuel-efficient vehicles. Resultantly, the market growth attributes to the rising production and demand for lightweight vehicles. Besides, the growing production & sales of electric vehicles foster the growth of the automotive body panel market.
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Moreover, rising uses of
light-weighting materials such as carbon-and-composite to make automotive body
panels escalate market growth. According to a leading research firm Market
Research Future (MRFR), the global automotive light weight body panel market
valuation is expected to grow to USD 87.3 BN by 2025. MRFR, in its industry
analysis, also asserts that this market rise would be registered at 3.9% CAGR
during the assessment period (2022-2030).
Lightweight carbon-and-composite car
body structures are revolutionizing the way electric cars are made, offering up
to 45 % weight reduction over steel bodies and 20 percent over aluminum bodies.
Government initiatives to reduce fuel emissions and meet greenhouse gas
requirements promote lightweight structures to significantly reduce the
vehicle's weight.
Additionally, the increasing sales of
passenger vehicles across the globe substantiate market demand. Improving
economic conditions worldwide provide significant impetus to market growth.
Also, the explosive demand and subsequent growth in the electric vehicle sector
foster the development of the market.
Conversely, high costs associated with
light-weighting materials are major factors projected to impede the market.
Also, the price volatility and the demand-supply gap in raw materials pose
significant concerns restraining the growth of this market. Nevertheless,
stringent government regulations to meet fuel emission standards and
advancement in technology would support market growth throughout the assessment
period.
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Automotive Light Weight Body
Panel Market – Segments
The report is segmented into four
dynamics;
By Material
: Metal, Polymer
& Composites, Rubber, and others.
By Component
: Bumpers, Door
panel, Roof, and others.
By Application
: Commercial and
Passenger vehicles.
By Regions
: Americas, Europe, Asia Pacific, and the
Rest-of-the-World.
Automotive Lightweight Body
Panel Market – Regional Analysis
North America dominates the global
automotive light weight body panel market. The largest market share attributes
to the rising lightweight automotive body panel production and stringent
regulations to meet fuel emission. Besides, the presence of many notable
automakers & industry players and high automotive safety regulations in the
region drive the market growth. Moreover, the high per capita income of
demographics and early adoption of advanced technologies boost the market
growth in the region.
Also, increased preference for external
styling & customization in vans, pickup trucks, and utility vehicles
substantiate the regional market's development. The US and Canada hold notable
shares in the regional market. The North American automotive light weight body
panel market is projected to retain its dominance throughout the estimated
period.
Europe stands second in the global
automotive light weight body panel market. The market growth is driven by the
rising demand for environment-friendly vehicles and industrialization across
the region. Additionally, the presence of large industry players and
well-established automotive industries in the region pushes the growth of the
market.
Furthermore, engineering innovation
and focus on fuel efficiency & sustainability boost the regional market's
growth. Germany dominates the regional market landscape with its sizeable
automotive industry, followed by France, Sweden, and Italy. The European
automotive light weight body panel market is predicted to create a substantial
revenue pocket over the assessment period.
The automotive light weight body panel
market in the Asia Pacific region is growing rapidly. The region is a
competitive automotive manufacturing hub and holds a prominent position in the
global automotive light weight body panel market.
Furthermore, the availability of a
cost-competitive workforce increases the automotive plants in the region.
Besides, factors such as the growing production and sales of passenger cars and
commercial vehicles contribute to the largest market share. The APAC automotive
light weight body panel market is projected to register substantial growth over
the forecast period.
Automotive Light Weight Body
Panel Market – Competitive Landscape
Highly competitive, the automotive
light weight body panel market appears fragmented due to the presence of
several well-established players. To gain a larger competitive share, players
incorporate strategic initiatives such as mergers & acquisitions, expansion,
and product & technology launches.
Major Players:
Players leading the global automotive
lightweight body panel market include ArcelorMittal SA ( Luxembourg), Hwashin
Tech Co Ltd (South Korea), Austem Company Ltd (Korea), Alcoa Corporation (US),
BASF SE (Germany), Plastic Omnium (France), Magna International Inc(Canada),
ThyssenKrupp AG (Germany), and Kuante Auto Parts Manufacture Co.
Limited(China), among others.
Industry/ Innovation/ Related
News:
November 12, 2020 ---- BMW AG (Germany), a multinational luxury vehicle
and motorcycles company, provided the first look of BMW iX electric SAV much
ahead of its US launch in 2022. With its completely newly developed design, the
electric BMW iX is the first representative of a generation of cars intended to
redefine the driving experience, the feeling of space inside, and the
relationship between vehicles and those on board.
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