Body in White (BIW) Market: Global Industry Analysis and Forecast (2023-2029), Technology Trends, Sales Revenue, Price, Share, Size.

Global Body in White (BIW) Market size was valued at US$ 77.62 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 2.05% through 2023 to 2029, reaching nearly US$ 89.46 Bn.
Body in White (BIW) Market Overview:
Body in white (BIW) refers to a car body sheet that has been welded together except for moving parts, trimmings, and chassis subassemblies. Cold Stamping, Hot stamping, and Roll forming are some of the manufacturing methods of the body in white (BIW). Comfortable strength, low weight material, corrosion resistant, strength & stiffness, and aerodynamic and good appealing structure are some of the requirements of the Body in White (BIW) Structure. Aluminum, Magnesium, CFRP, and Steel are some of the material types of the Body in White (BIW). Monocoque, and Frame Mounted are the structure or product types of the Body in White (BIW).

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Though market forecasting through 2029 is based on real output, demand and supply of 2020, 2020 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2029 is done based on past data from 2022 to 2029 with the impact of global lock down on the market in 2020 and 2021.
Body in White (BIW) Market Dynamics:
The market is expected to grow as global vehicle production of passenger cars, electric vehicles, light commercial vehicles, and medium and heavy commercial vehicles increases. Vehicle weight is reduced to satisfy fuel efficiency and emission criteria.

Light weighing is a significant component of next-generation product development, adopting cost-effective alternative materials such as aluminum, composite materials, and global positioning systems (GPS) in high-end cars due to its many advantages. During the forecast period 2023-2029, it has become common in low-end vehicles as well. The Body in White (BIW) makes up half of the vehicle's weight, although there is still a possibility for weight savings by using other materials.

The car industry has always preferred steel because of its simplicity of manufacture. Still, as fuel prices have risen and recycling regulations have become more severe in recent years, it has been essential to reduce vehicle weight. Steel, aluminum, and CFRP are the principal materials utilised in the BIW structure (Carbon fiber reinforced plastic). However, the high initial cost of different manufacturing technologies is the major restraining factor that hampers the growth of the global market during the forecast period 2023-2029.

As governments become more focused on non-renewable energy resources due to extreme climatic change, which has resulted in global warming, the need for environmentally friendly technologies and products is growing. The automobile industry is concentrating on innovation and technologies for vehicles with non-fossil fuel primary propulsion systems. For example, the European Regional Development Fund (ERDF)-funded Low Carbon Vehicle Technology Project (LCVTP) has taken steps to minimize fuel consumption and save renewable energy resources, presenting various attractive chances for the body-in-white market's important participants. Designing a lightweight Body-In-White (BIW) specifically designed to suit the drive train and general packaging needs of a Hybrid Electric Vehicle was part of the project (HEV). An approach called has been used to examine prospects for optimising the new lightweight vehicle architecture.
Body in White (BIW) Market Segment Analysis:
Based on the Material Type, the market is segmented into Aluminum, Magnesium, CFRP, Steel, and Others. Steel material type segment is expected to hold the largest market share of xx% by 2029. Steel is the most common material utilised to make BIW components. Due to the significant rise in oil and gas prices, as well as the fluctuation in petrol and diesel prices, the vehicle industry is under pressure to develop an alternative and minimise fuel usage. Due to this factors, manufacturers are focusing increasingly on low-cost, safe, and light-weight materials. These are the key drivers that are expected to boost the growth of this segment in the global market during the forecast period 2023-2029.

Based on the Product Type, the market is segmented into Monocoque, and Frame Mount. Monocoque segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This construction is commonly seen in all sorts of passenger vehicles as well as some utility vehicles. In monocoque structure, all of the body's parts are load-bearing and integrated with one another. There is no external chassis because the chassis is incorporated inside the BIW itself. With the help of the suspension system, the wheels are directly fastened to the BIW. All passenger cars and, to a lesser extent, utility vehicles use it.

Based on the Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, and Electric Vehicles. Electric Vehicles segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Electric vehicles are lighter, and because they generate all of their power from a standstill, their acceleration capacity can be surprising. Certain brands, such as Tesla, have done a lot to change people's minds about electric vehicles — the Tesla Model S is one of the fastest-accelerating automobiles on the market, going from zero to sixty miles per hour in just 2.5 seconds.


Regional Insights:
Asia Pacific dominates the Global Body in White (BIW) market during the forecast period 2023-2029. Asia Pacific is expected hold the largest market share of 60% by 2029. The growth of the market in Asia Pacific is driven by the growth of the automotive industry, which is expected to grow at a CAGR of xx% in countries like India, China, Malaysia, and Vietnam during the forecast period 2023-2029. The market has seen a positive increase in vehicle sales in 2020, and the launch of new hybrid and electric vehicles has driven the growth of the body-in-white market in these regions. These are the major factors that drive the growth of this region in the Global market during the forecast period 2023-2029.

North America is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Government laws in favour of renewable energy are attributed with driving market growth in North America, and as a result, automotive manufacturers in the region are investing more in R&D to find answers to fuel consumption. With rising global warming and its negative impacts on the environment, governments are focusing more on renewable energy and eco-friendly products in the United States. In North America, rising per capita income has produced numerous attractive opportunities for the body-in-white market during the forecast period 2023-2029.

The objective of the report is to present a comprehensive analysis of the Global Body in White (BIW) Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Body in White (BIW) Market dynamic, structure by analyzing the market segments and project the Global Body in White (BIW) Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Body in White (BIW) Market make the report investor’s guide.
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Global Body in White (BIW) Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 77.62 Bn.


Forecast Period 2023 to 2029 CAGR:
2.05%
Market Size in 2029:
US $ 89.46 Bn.


 Segments Covered:
by Material Type
Aluminum
Magnesium
CFRP
Steel
Others


by Product Type
Monocoque
Frame Mounted


by Vehicle Type
Passenger Cars
Light Commercial Vehicles
Medium & Heavy Commercial Vehicles
Electric Vehicles


by Manufacturing Method
Cold Stamping
Hot Stamping
Roll Forming
Other Methods



Global Body in White (BIW) Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Global Body in White (BIW) Market Key Players
1. Martinrea International Inc.
2. Magna International Inc.
3. Voestalpine Group
4. CIE Automotive
5. Tower International
6. Aisin Seiki
7. KIRCHHOFF Automotive
8. Dura Automotive
9. Gestamp Automicion SA
10. ArcelorMittal
11. ThyssenKrupp Systems Engineering
12. Hyundai Rotem Company
13. AIDA Engineering Ltd.
14. BENTELER International AG
15. Eagle Press & Equipment Co.
16. Roland Berger
17. Norsk Hydro ASA
Frequently Asked Questions:
1] What segments are covered in Global Body in White (BIW) Market report?
Ans. The segments covered in Global market report are based on Material Type, Product Type, Vehicle Type, and Manufacturing Method.

2] Which region is expected to hold the highest share in the Global Body in White (BIW) Market?
Ans. Asia Pacific is expected to hold the highest share in the Global market.

3] Who are the top key players in the Global Body in White (BIW) Market?
Ans. Martinrea International Inc., Magna International Inc., Voestalpine Group, CIE Automotive, and Tower International are the top key players in the Global market.

4] Which segment holds the largest market share in the Global Body in White (BIW) market by 2029?
Ans. Steel Material Type segment hold the largest market share in the Global market by 2029.

5] What is the market size of the Global Body in White (BIW) market by 2029?
Ans. The market size of the Global market is US $89.46 Bn. by 2029.

6] What was the market size of the Global Body in White (BIW) market in 2022?
Ans. The market size of the Global market was worth US $77.62 Bn. in 2022.