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.

Steel Body in white (BIW) refers to the stage in automotive manufacturing in which the Steel Body component of sheet metal of an vehicle have been welded/ joined together. In other words, Steel 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 growth in revenue is primarily attributed to factors such as the increasing penetration of mobile devices, such as smartphones, tablets, and smartwatches, increased affordability and accessibility of the Internet for people worldwide, and rapid digitalization across various industrial sectors. Other factors such as rapid adoption of emerging technologies, such as AI, machine learning, big data analytics, IoT, and cloud computing, the emergence of the 5G technology, rising demand for advanced Wi-Fi systems, increasing need for faster internet services, and growing concerns about user data safety and privacy are also expected to contribute to the global market revenue growth.

To download a PDF sample copy of the report, visit @ https://www.reportsanddata.com/sample-enquiry-form/2334

Rising investments in the automotive sector: Increased investments in the automotive industry contribute to market revenue growth. The construction of new manufacturing facilities and the expansion of existing ones are expected to boost vehicle production. With the growing demand for electric vehicles (EVs), there is a need for a specific type of BIW (Steel Body in White) that can accommodate the battery and motor, further driving the demand for BIWs.

Implementation of modern manufacturing technologies: The adoption of advanced manufacturing technologies, such as robots and automation, plays a significant role in driving market revenue growth. These technologies help reduce labor costs, enhance productivity, and improve product quality. Additionally, incorporating Industry 4.0 technologies like Artificial Intelligence (AI) and Internet of Things (IoT) further enhances manufacturing efficiency.

High cost of lightweight materials: One factor that could restrain market revenue growth is the high cost of lightweight materials used in BIWs. Lightweight materials, such as aluminum and carbon fiber composites, are often used to improve fuel efficiency and meet regulatory standards. However, the higher cost of these materials can pose a challenge for manufacturers.

Intricacy of the BIW manufacturing process: The complexity of the BIW manufacturing process affects both production time and cost, which could restrain market revenue growth. Assembling a BIW involves various steps, including stamping, welding, and painting, requiring precision and expertise. Any inefficiencies in the process can impact the overall cost and time required for production.

Inquiry before buying @ https://www.reportsanddata.com/inquiry-before-buying/2334

The global market is further segmented into type and application:

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

  • Steel
  • Steel
    • Advanced high strength steel
    • Ultra high strength steel
    • Others
  • Composites
  • CFRP (Carbon fiber reinforced polymer)
  • Magnesium
  • Other

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

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

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

  • Monocoque
  • Frame Mounted

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

  • Gasoline Powered
  • Electric Vehicle

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

  • Passenger vehicles
    • Luxury Cars
    • Non-Luxury Cars
  • Commercial vehicles
    • LCV
    • M&HCV

 Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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 Steel Body in white (BIW) structural components are getting replaced by lightweight materials such as light weight steel, fiber reinforced plastics, and alloys of Steel and magnesium for all types of vehicles, ranging from commercial trucks to passenger vehicles

·       The main driving force behind this advancement is the increasing demand for fuel economy along with meeting the stringent emission regulations, safety and crashworthiness legislations.

·       Steel is majorly used material for Steel Body in white (BIW) component production and it held for the largest share in the global Steel Body-in-white component market in 2018.

·       By material type, Steel sub-segment of automotive Steel 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 Steel 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.

·       Majority of the Steel Body in white (BIW) component manufacturers have proposed new lightweight solutions for their customers, which are in line with the safety standard of the electric vehicles manufacturers

·       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.

 Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/2334

Thank you for reading our report. We also offer customized report as per client requirement. Kindly connect with us to know more about customization plan and our team will offer you the altered report.

Explore More Industry Research by Reports and Data:

Commercial Aircraft Disassembly, Dismantling, and Recycling Market - https://www.reportsanddata.com/report-detail/commercial-aircraft-disassembly-dismantling-and-recycling-market

Military Antenna Market - https://www.reportsanddata.com/report-detail/military-antenna-market

Blockchain Technology Market - https://www.reportsanddata.com/report-detail/blockchain-technology-market

Micro Mobility Market - https://www.reportsanddata.com/report-detail/micro-mobility-market

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

Contact Us:

John W

(Head of Business Development)

Reports and Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Blogs | Press Release | Industry News | Our competencies

Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports

Browse More Latest Reports @ https://www.reportsanddata.com/report

Browse More ICT Industry Related Reports @ https://www.reportsanddata.com/report/category/information-technology

Browse More Automotive and Transportation Industry Related Reports @ https://www.reportsanddata.com/report/category/automotive-services

Browse More Banking, Financial Services & Insurance (BFSI)  Industry Related Reports @ https://www.reportsanddata.com/report/category/bfsi

Browse More Defence And Space Industry Related Reports @ https://www.reportsanddata.com/report/category/defence-and-space