Asia Pacific – Leading Market for Automotive BIW Component
The Asia Pacific automotive BIW component market is projected to grow at a CAGR of 4.8% during the forecast period 2016-2025, to reach US$ 77.59 Bn by 2025.
Asia Pacific includes countries such as India, China, Japan, and South Korea. This region accounted for over 58% of the global automotive BIW component market owing to the presence of prominent vehicle manufacturing countries such as China, japan and South Korea. Production of passenger cars in China grew at around 15% over the previous year. Major global OEMs are in a bid to open manufacturing facilities in India and China owing to the availability of cheap labor, raw materials, and favorable government regulations. Price of raw material to produce different materials such as steel, aluminum, magnesium is much minor than other regions of the world. This has welcomed OEMs around the world to set up their manufacturing unit in the Asia Pacific region.
Frame mounted body structure holds the prime market share in this region owing to the production of low budget intensive SUVs for the Asian market. The demand for automotive BIW components is expected to increase during the forecast period in arrears to the increase in the production of vehicle over the forecast period. Asia Pacific region is expected to display less outsourcing of BIW surface components than the other regions of the world due to vertical integration of Chinese, Japanese, Korean and Indian OEMs. On the other hand, chassis components are outsourced at a rate at par with the global scenario.
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Body-in-white is referred to a stage in the manufacturing and design of automotive vehicles. It is basically the assembly of panels and frames made up of homogenous materials (such as steel, aluminum, and composites). Growing demand for reduced vehicle weight thus, improving overall vehicle mileage is expected to transform the body-in-white market. It is expected that aluminum cast metal will be dominating the body-in-white market in the near future, with light weight and anti-corrosion functionalities being one of the major trends.
Growing importance of vehicle safety, awareness towards ENCAP ratings and aerodynamics will drive the market in coming years whereas reasons such as high composites price can act as a restraining factor in the market. The rise of monocoque body structure has opened a potential avenue of application for body-in-white market and will bring new opportunities in the market.
The “Global Body-in-white Components Market Analysis to 2025” is a specialized and in-depth study of the automotive body-in-white industry with a focus on the global market trend. The report aims to provide an overview of global body-in-white market with detailed market segmentation by component position, material type, component type, body structure and geography. The global body-in-white market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global body-in-white market based on product and application. It also provides market size and forecast till 2025 for overall body-in-white market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 15 counties globally along with current trend and opportunities prevailing in the region.
Besides this, the report analyzes factors affecting market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the market in these regions.
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Also, key body-in-white market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered, financial information of last 3 years, key development in past five years. Some of the key players influencing the market are Santec Group, Hyundai Rotem, Orchid International and Schuler group among others.
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