Automotive body panels are body parts of the vehicle that are made of conventional material such as steel, iron, magnesium, aluminum, and other materials. Automotive body panels are a primary and integral part of the vehicle, as they cover the vehicle. Automotive body panels are mounted on the chassis and engine of the vehicle and act as cover in order to protect the passengers against the elements. An automotive body panel includes the roof, bumper, hood, and doors.
Rise in demand for automotive body panels due to their extensive usage in vehicles, is expected to be a key factor driving the automotive body panels market during the forecast period. Increase in the production of automotive body panels with advance technology by reducing the weight and providing the light weight body panels, which reduces the weight of the vehicle and makes vehicle more efficient are also projected to boost the automotive body panels market during the forecast period. Automotive body panels offer several benefits such as reliability, ease of maintenance, and availability in any region.
Lightweight body panels are changing the automotive body panels dynamic in the market, as they provide desired strength for the components with reduced weight. This is likely to provide lucrative opportunities to the automotive body panels market. Lightweight body panels are more expensive on account of the availability of raw material and strength. This is expected to hamper the growth of upgraded automotive body panel market during the forecast period.
The automotive body panels market can be segmented based on components, vehicle type, end-user, and region. Based on components, the automotive body panels market can be segregated into bumper, hood, door panels, roof, and others. The door panels segment accounts for a major share of the market, as compared to the others. The door panels segment is followed by the bumper segment, which is expected to expand at a significant growth rate during the forecast period.
In terms of vehicle type, the automotive body panels market can be segregated into passenger vehicles and commercial vehicles. The passenger vehicles segment can be further sub-segmented into hatchback cars, sedans, multi-purpose vehicles, and sport-utility vehicles. The commercial vehicles segment can be further split into lightweight commercial vehicles and heavy commercial vehicles.
Based on end-user, the automotive body panels market can be classified into original equipment manufacturers (OEMs) and aftermarket. The aftermarket segment holds a major share of the market, as compared to the OEMs segment. This is due to increase in accident ratio and maintenance.
In terms of geography, the automotive body panels market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and Rest of the World. Asia Pacific accounts for a major share of the global automotive body panels market, due to the high adoption rate and infrastructural developments, especially in China, India, Japan, and Korea. The automotive body panels market in Europe, especially in Germany, France, Italy, and the U.K., is also expected to expand due to rapid expansion in industrialization and technological advancements in the automotive production sector. The automotive body panels market is also expected to expand in North America due to the upgrade of existing infrastructure.
Key players operating in the global automotive body panels market include GORDON AUTO BODY PARTS CO., LTD., AUSTEM COMPANY LTD., Gestamp, Magna International Inc., KUANTE AUTO PARTS MANUFACTURE CO., LTD., and FLEX-N-GATE Corporation.