World News: 02:00 GMT Tuesday 14th January 2020. [Reports and Data via Globe Newswire via SPi World News]
New York, Jan. 13, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, The global body in white (BIW) market was valued at USD 74.5 billion in 2018 and is expected to reach USD 88.9 billion by year 2026, at a CAGR of 2.2% CAGR during the forecast period (from 2018 – 2026). 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.
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:
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Globe Newswire: 02:00 GMT Tuesday 14th January 2020
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