With stringent vehicle regulations, growing customer needs and New Car Assessment Program (NCAP) ratings, several automakers across the globe are focused on minimising the development cost and time of vehicles, eventually leading the players operating in the car body-in-white market to invest in R&D projects for different custom services related to passenger car body-in-white (BiW). This phenomenon drives the BiW market to expand at a CAGR of 3.89% till 2031, reaching $ 106.35 billion, a recent study by Transparency Market Research said.
According to the market research company, these researches mainly focus on developing lightweight designs of car BiW. In addition, several market players are taking the help of engineers and researchers to produce 3-dimensional Computer-Aided Design (3D CAD) data for a BiW using automotive 3D scanning and reverse engineering, which assist in crashworthiness assessment of car BiW.
Some of the key players in the market include Gestamp Automoción, Kirchhoff Automotive, Autokiniton Global, ThyssenKrupp, Martinrea International, Magna, Benteler International, JBM Group, Dura Automotive Systems, CIE Automotive, H-one, Shiloh Industries, Unipres Corporation, Toyoda Iron Works, Multimatic, Metalsa, AK Automotive, Astea, Aisin Corporation and Futaba Industrial.
Digital Factories
Transparency Market Research noted that the digital factories help players offer superlative and timely services. Companies in the car BiW market are improving their overall services and incorporating technologically advanced tools. In order to achieve this goal, these companies are focused on giving quick responses to the demands of clients, customers, and partners. A case in point here is Automotive Technology by ThyssenKrupp. The firm is being publicised for its digital factory that provides top-shelf software solutions for various activities, including designing complete systems and digital process planning. Moreover, several enterprises offer multi-flexible lines and single-model solutions for a wide range of vehicle models, the report noted.
Ready-to-build Aluminum Solutions
Transparency Market Research said that aluminium is gaining impetus as an ideal solution for car BiW, as it offers tensile strength, excellent energy absorption, and is lightweight. Moreover, the integration of aluminium parts can help in reducing the weight and assembly cost of car BiW. With the growing knowledge on these advantages of aluminium, several companies such as Norsk Hydro ASA provide top-notch aluminium solutions for players operating in the global car body-in-white market.
Growth Boosters
The report said that improving economic conditions, a growing number of industries and surging employment opportunities across the globe are resulting in the expansion of the automobile sector, which, in turn, is accelerating the demand prospects in the car body-in-white market.
Moreover, many countries have implemented new regulations or amendments to the existing transportation and vehicles laws pertaining to fuel economy and occupant safety. This factor is fueling market expansion, the research company said.
Key Developments
Analysing the key developments in the BiW market, the report said that companies are focused on offering several features such as high tensile strength, stiffness against bending, static, torsional, and dynamic forces in their products. Owing to these features, there is a remarkable growth in the use of high strength materials in the manufacturing process of BiW. However, their less formability is resulting in problems in the manufacturing procedures. Thus, several players are adopting the multi-material approach in order to combine non-ferrous and ferrous materials in cars, the report added.
Courtesy: Transparency Market Research. NB: Photo is representational; courtesy: Hyundai Motor India.