The global automotive active body panels market is expected to exhibit a stable 4% CAGR over the forecast period till 2030, according to the latest research report from Market Research Future (MRFR). The global automotive active body panels market is mainly driven by the growing demand for easily replaceable and reparable panels on automobiles. The report presents a detailed evaluation of the major drivers and restraints affecting the global automotive active body panels market.
Major players operating in the global automotive active body panels market are also profiled in detail in the report. The impact of the COVID-19 pandemic on the global automotive active body panels market is also assessed in detail in the report.
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Automotive active body panels are body panels that adjust their shape in case of a collision or crash. The growing number of automotive collisions around the world is the major driver for the global automotive active body panels market. Around 1.35 million people die in road crashes every year, with an additional 20-50 million people suffering non-fatal injuries from road accidents. Poor road infrastructure, unsafe driving, and lax enforcement of traffic laws are held up as the major causes for the increasing number of road accidents.
Vehicle on vehicle crashes make up for a significant portion of this total. In case of accidents, body panels on automobiles need to be easy to remove and replace. This has driven the demand for automotive active body panels in recent years. Due to the growing disposable income of car owners and commercial vehicle fleet owners, replacing automotive panels has emerged as a preferred tactic instead of repairing the panel, which may take more time. This is also likely to be a major driver for the global automotive active body panels market over the forecast period.
The increasing production of automobiles around the world is also likely to be a major driver for the global automotive active body panels market over the forecast period. Due to the increasing disposable income of consumers around the world, the demand for automobiles has increased steadily over the last few years. Emerging regions such as the Middle East and Asia Pacific have emerged as major consumers of automobiles due to the increasing disposable income of consumers in these regions. This has driven the global production of automobiles in recent years.
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Automotive Active Body Panel Market Competitive Leaderboard:
- General Motors (US)
- Ford Motor Company (US)
- Daimler AG (Germany)
- Honda Motor Company Ltd. (Japan)
- Volvo Cars (Sweden)
- Nissan Motor Company Ltd (Japan)
- Porsche AG (Germany).
Automotive Active Body Panel Market Segmentation:
The global automotive active body panels market is segmented on the basis of type, application, end market, vehicle type, and region.
By type, the global automotive active body panels market is segmented into traditional body panels and energy-storing body panels. The energy-storing body panels segment is likely to grow at a handsome growth rate over the forecast period due to the growing demand for smart energy conserving solutions in the automotive industry. Energy generation due to automotive processes such as braking has been harnessed for further use. This is likely to lead to a growing demand for energy-storing body panels.
By application, the global automotive active body panels market is segmented into front and rear. Both segments of the global automotive active body panels market are likely to grow over the forecast period.
By end market, the global automotive active body panels market is segmented into OEM and aftermarket. The OEM segment dominates the global automotive active body panels market and is likely to retain its dominance over the forecast period, as it is quite difficult to change body panels aftermarket and install active body panels in place of conventional body panels.
By vehicle type, the global automotive active body panels market is segmented into passenger cars, commercial vehicles, and electric vehicles.
Automotive Active Body Panel Market Regional Analysis:
Asia Pacific is likely to dominate the global automotive active body panels market over the forecast period due to the growing production of automobiles in countries such as China, India, Japan, and South Korea.
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