Automotive Light Weight Body Panel Market Research Report - Global Forecast to 2023
Automotive Light Weight Body Panel Market Is Estimated To Grow At 3.9% CAGR. Increased Environmental Concerns Drive the Lightweight Body Panel Market In The North American Market.
Market Overview
According to a recent research report published by the Market Research Future (MRFR), the global market for Automotive Light Weight Body Panel is expected to witness rapid growth by 2027. The global Automotive Light Weight Body Panel market is likely to generate an approximate revenue of USD 87.3 billion by the end of the forecast period. The market is estimated to grow at a CAGR of 3.9%. The market is anticipated to witness slow but steady growth by 2027. The growth of the global Automotive Light Weight Body Panel market can be attributed to the factors such as progress in technology, strict government regulations to meet fuel emission standards, surging focus of car makers on automotive light weighing vehicles. However, the costs associated with the light weighting materials are likely to hinder its extensive adoption. This factor is anticipated to limit the growth of the global Automotive Light Weight Body Panel market during the forecast period. Automotive Light Weight Body Panels play a significant role in enhancing fuel efficiency and performance of vehicles by dipping the overall weight of the automotive.
The rise in the innovation of technology in automotive industry along with the surging global automotive production are some of the factors which can be projected to accelerate the development of the Automotive Light Weight Body Panels market. Manufacturers are primarily focusing on implementing lightweight body panels in vehicles to abide by the government norms pertaining to the greenhouse gas emissions. A rapidly increasing demand can be witnessed for fuel efficiency in vehicles across the world. With manufacturers increasingly focusing on the growth of lightweight components for vehicles, precisely focusing on the expanding application of lightweight materials such as carbon fiber, in order to improve a vehicle’s fuel efficiency, the lightweight body panel is set to experience a sharp rise in demand. On the other hand, strict government policies in the form of emission taxes and fines collectively with the increasing cognizance about environmental preservation is estimated to aid the growth of Automotive Light Weight Body Panels globally.
Market Segmentation
The market has been segmented based on components, vehicle type and materials. Based on components, the market has been segmented as door panel, bumpers, roof and others. Based on vehicle type, the market has been segmented into commercial vehicle and passenger vehicle. Passenger vehicles accounted for the highest market share of the global Automotive Light Weight Body Panels market. Based on materials, the market has been segmented into polymer, rubber metal, composites, and other. Metal segment is likely to lead the global Automotive Light Weight Body Panel owing to their capability of improving product life and freedom of design.
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Regional Analysis
As per the reports presented by Market Research Future, the Automotive Light Weight Body Panel market is lead by the North American region over the forecast period. The growth in North America is owing to the prevalence of key manufacturers such as Fiat Chrysler Automobiles N.V. and Ford Motor Company. Increased awareness about the environment amongst the vehicle manufacturers coupled with the stringent government norms to meet emission standards, are some of the key factors propelling the market growth for Automotive Light Weight Body Panels. The development in the Asia-Pacific region is expected to reach new heights owing to the increase in automobile production along with a ensuing growth in the demand for fuel efficient automobiles. Emerging economies such as Japan, South Korea, and China has major contribution in the augmentation of the market.
Key Players
The global Automotive Light Weight Body Panel market has been dominated by key players such as ArcelorMittal S.A. ( Luxembourg), Austem Company Ltd (Korea), BASF SE (Germany), Hwashin Tech Co Ltd (South Korea), Plastic Omnium (France), Alcoa Corporation (U.S.), ThyssenKrupp AG (Germany), Magna International Inc(Canada), and Kuante Auto Parts Manufacture Co. Limited(China).
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