Body in White (BIW) Market is Expected to Reach USD 91.70 Billion By 2028

Body in White (BIW)Market Size- USD 78.48 Billion in 2020, Market Growth - CAGR of 1.90%, Market trends- Rising competition in the automobile industry,

NEW YORK, NY, UNITED STATES, February 10, 2022 /EINPresswire.com/ -- Overall growth of the automobile sector especially in the commercial vehicles, increasing demand for fuel efficient vehicles, and stringent regulations around carbon emission will drive the market at a high CAGR during the forecast period.

According to the current analysis of Reports and Data, The global body in white (BIW) market was valued at USD 78.48 Billion in 2020 and is expected to reach USD 91.70 Billion by year 2028, at a CAGR of 1.90% CAGR during the forecast period (from 2018 – 2028). The major drivers of the growths are – robust growth in commercial car production globally, increasing usage of high cost material, reduction in the vehicle weight to reduce the fuel economy and meet the emission standards; however, the market is expected to face headwind due to the high cost of manufacturing methods is considered as a restraining factor for the growth in the market.

Body in white (BIW) refers to the stage in automotive manufacturing in which the body component of sheet metal of an vehicle have been welded/ joined together. In other words, body in white (BIW) is the frame structure of the vehicle before painting and assembly of chassis, engine, seat, glass, hood, doors, and other such sub-assemblies.

The conventional metallic materials of body in white (BIW) structural components are getting replaced by lightweight materials such as light weight steels, fiber reinforced plastics, and aluminium and magnesium alloys for all types of automobile vehicles, ranging from passenger cars to commercial trucks and from gasoline powered vehicles to electric vehicles. The primary driving force behind this improvement is the rising demand for fuel efficient vehicles along with the stringent emission and safety regulations.

In 2018, Asia Pacific region was the largest market share in the global body in white (BIW) market. This region has witnessed rapid year-on-year growth, even with a slowdown in the production of passenger cars. With ~25 million cars produced every year, China has been the major contributor to the body in white (BIW) market in the APAC region. It is the major revenue generator for the body in white (BIW) market. However, Japan is expected to be the fastest-growing market during the forecast period with the adoption of stringent emission regulations and adoption of light weight electric vehicles, which makes the region the largest revenue market for BIW globally.

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Further key findings from the report suggest-

• Automobile manufacturers are more focusing on upgrading their services to accommodate advanced materials which are high in cost and require diverse manufacturing process and production techniques like roll forming, hot stamping, and other methods
• The commonly used metallic materials of body in white (BIW) structural components are getting replaced by lightweight materials such as light weight steel, fiber reinforced plastics, and alloys of aluminium and magnesium for all types of vehicles, ranging from commercial trucks to passenger vehicles
• Steel is majorly used material for body in white (BIW) component production and it held for the largest share in the global body-in-white component market in 2018.
• By material type, Aluminium sub-segment of automotive body-in-white component market is expected to gain dominant during the forecast period due to its low cost and higher strength of the material. However, steel may not be used in its conventional form but is widely used under several grades categorised based on the strength of the material.
• Improving sales of electric vehicle is another major driver for the body in white (BIW) revenue growth, as electric vehicles require lightweight solutions in the form of material as well as manufacturing methods to achieve higher battery efficeincy.
• Growing demand for light weight vehicles to improve the overall vehicle mileage is expected to fuel the body in white (BIW) market. Further, considering the historical trends and anti-corrosion and light weight functionalities, it is expected that aluminum cast metal will be the major revenue generator in the body in white (BIW) market in the near future.

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/body-in-white-biw-market

For the purpose of this study, Reports and Data have segmented the industry by Material, by Manufacturing process, by structure, by Propulsion type, by Vehicle type and by Region:

Body in White by Material (Revenue, USD Million; 2018–2028)

• Aluminium
• Steel
• Composites
• CFRP (Carbon fiber reinforced polymer)
• Magnesium
• Other

Body in White by Manufacturing Process (Revenue, USD Million; 2018–2028)

• Hot Stamping
• Cold Stamping
• Hydroforming
• Roll Forming
• Others

Body in White by Structure (Revenue, USD Million; 2018–2028)

• Monocoque
• Frame Mounted

Body in White by Propulsion Type (Revenue, USD Million; 2018–2028)

• Gasoline Powered
• Electric Vehicle

Body in White by Vehicle Type (Revenue, USD Million; 2018–2028)

• Passenger vehicles
• Commercial vehicles

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Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
• Europe
• Asia Pacific
• Rest of the World

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Tushar Rajput
Reports and Data
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