September 16, 2022 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 16, 2022 (GLOBE NEWSWIRE) -- The global lightweight automotive body panels market is anticipated to reach a valuation of US$ 183.5 Bn in 2032, with the demand growing at an average CAGR of 4.6% over the forecast period of 2022 to 2032. Scaling up form a value of US$ 111.5 Bn in 2021, the lightweight automotive body panels market is likely to reach an estimated US$ 117.0 Bn by the end of 2022. A surge in the production of commercial vehicles because of rising demand from logistics sector coupled with escalating demand for fuel efficient and economic vehicles are fueling the market expansion of the lightweight automotive body panels market during this assessment period.
Improving economic conditions and increasing disposable income of consumers have resulted in a sharp rise in the production and sales of vehicles all over the world. As a result of more vehicular traffic, greenhouse gas emissions has also increased. Governments across the globe are implementing strict regulations to counteract this rise in greenhouse gas emissions. These governments are enacting fuel emission standards in this regard. Consequently, automobile manufacturers are expected to raise their focus on automotive light weighting to comply with such strict regulations. This is likely to foster an environment of growth for the lightweight automotive body panels market during the forecast period.
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Besides, the expanding Electric Vehicle sector is generating a swell in demand for the light weight vehicle body panels as these lightweight panels assist automobile manufacturers in designing and manufacturing vehicles with precise power to bodyweight ration. EVs are an up-and-coming trend in the automotive industry as these vehicles considerably reduce carbon emission levels and save fuel expenses. Due to this factor, more and more consumers are gradually inclined towards electric vehicles. This factor will further boost the market expansion of the lightweight automotive body panels market over the forecast period.
“Rising demand for enhancing fuel efficiency of vehicles coupled with a swift increase in the production of commercial vehicles is expected to spur the sales of lightweight automotive body panels over the forecast period,” says an FMI analyst.
GORDON AUTO BODY PARTS CO. LTD., AUSTEM COMPANY LTD., Gestamp, Plastic Omnium, Magna International Inc., Stick Industry Co. Ltd., Changshu Huiyi Mechanical & Electrical Co. Ltd., KUANTE AUTO PARTS MANUFACTURE CO. LIMITED, Hwashin, FLEX-N-GATE CORPORATION, and ABC Group, Inc among others are some of the major players in the lightweight automotive body panels market that are profiled in the full version of the report.
In a highly competitive market, leading players are concentrating on product development and new product releases. These businesses are keen on partnerships, collaborations, and establishing new facilities to gain more opportunities.
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More Insights into Lightweight Automotive Body Panels Market Report
In its latest report, FMI offers an unbiased analysis of the global lightweight automotive body panels market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type (metals (high-strength steel, magnesium, aluminum), polymers & composites (carbon fiber reinforced plastics, glass fiber reinforced plastics, other polymer and composite material)), component type (bumpers, roof, door panels, trunk lids, hood, others), vehicle type (light commercial vehicle, heavy commercial vehicle), and region.
According to the latest FMI reports, based on region, the lightweight automotive body panels market in China is anticipated to present considerable growth during the forecast period. Registering a CAGR of 7.1% in 2022, the market is driven by the rapidly expanding automotive industry, heightened R&D activities for developing innovative lightweight materials, support from the government, and the growing need for fuel-efficient and lightweight vehicles. Apart from China, the united States will also register impressive growth during the forecast period, accounting for over 1/4th of the global market share during the forecast period.
Based on segmentation, the metal material type will account for more than 90% of market share value in 2022 and is likely to continue this growth. In terms of component type, the door panels segment is predicted to dominate the market during the forecast period.
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3.1. Key Trends Impacting the Market
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