BIW market is expected to grow US$ 125.6 billion by 2025 from US$ 88.7 billion in 2016. The sales of BIW is largely influenced by numerous factors. Amongst the factors, material type markets influence their sales. Aluminium, steel, magnesium and CFRP are the material types for BIW. These types are expected to have a large impact on the growth of BIW market.
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High rate of global passenger car production in Asian countries such as China, Japan, Korea and India provide significant opportunities for the global suppliers of BIW to increase the market share in these countries. These countries contribute almost 90% of the total production of passenger cars across Asia Pacific, and will strongly support the overall growth of global BIW market.
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Increasing use of lightweight materials in the development of electric vehicles for better efficiency on enhanced use and better mileage is also one of the major reason for the growth of the BIW market. For this, the electric vehicles are manufactured using different materials such as steel grades range, high cost aluminium and CFRP composites.
High capital investment for high-end manufacturing capabilities could arise as a restraining factor in the market such as advanced manufacturing and fabrication techniques for lightweight components. Therefore, only few large players in the market are able to fulfill the demands of the OEMs, which restricts the market growth.
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The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. It also provides the overview and forecast for the global automotive body-in-white components market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the BIW industry.
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