Global Automotive Active Body Panel Market Size, Share, Forecast Report, 2020-2027
The automotive active body panel is also known as reconfigurable body panel in the automobile that can adjust according to situations such as vehicle collision or crash. The active body panel is, now, one of the emerging products in automotive. There would be further improvements in its materials to enhance the design and development process.
Global automotive active body panel market has seen remarkable growth; expected to rise at a CAGR of ~4%.
Increased number of road collisions will be the major driving factor that ensures high demand for active body panel during the forecast period. Additionally, growing production and sale of the automobiles will enhance the demand for the automotive active body panels. Improvements in the material quality and new technologies are the major factors that would enhance the global sales for the automotive active body panel in the market. According to the Population Reference Bureau, the major causes of death by injury are road traffic accidents and an estimated 1.2 million deaths in road crash, every year. It is predicted that if the scenario continues, road accidents will become the third leading contribution to injuries by 2020. Moreover, accidents will damage the body parts and will increase the demand for changing damaged parts such as an active body panel. Growing advancements in the material technologies and development in the product and solution will create opportunities in the global market. Furthermore, the increase in sales of an electric vehicle, would lead to development of new and improved active body panels, by storing the additional energy for the driving of the vehicles. However, the global automotive active body panel market is highly concentrated owing to fewer competitors in the global market.
Segmentation: Automotive Active Body Panel Market
Global automotive active body panel market is segmented on the basis of type, application, end market, vehicle type, and region. On the basis of type, the market has been segmented into traditional body panels and energy-storing body panels. On the basis of application, the market has been segmented into front and rear. On the basis of end market, the market has been segmented into OEM, and aftermarket. On the basis of vehicle type, the market has been segmented into passenger car, commercial vehicle, and electric vehicle.
Geographically, the global automotive active body panel market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific will dominate the market in terms of both, value and volume followed by Europe. Presence of China, India, Japan, South Korea, and Thailand where a continuous increase in the demand for the automotive active body panel in the vehicle will further enhance the market size for the global market. Increase in per capita disposable income and growing purchasing power will enhance the revenue market share for Asia-Pacific.
The prominent players in the global automotive active body panel market include General Motors (US), Daimler AG (Germany), Ford Motor Company (US), and Honda Motor Company, Ltd. (Japan). Nissan Motor Company Ltd, (Japan), Volvo Cars (Sweden), and Porsche AG (Germany) are among others.