Automotive lightweight materials offer several positive benefits, playing a crucial role in enhancing vehicle fuel economy, safety, and performance. Reducing a vehicle's weight, these materials decrease the energy required for acceleration, leading to improved fuel efficiency. A 10% weight reduction can result in a 6% to 8% increase in fuel economy. Moreover, lighter vehicles exhibit better handling, braking, and maneuverability, enhancing the overall driving experience and safety. The use of lightweight materials also reduces carbon emissions, contributing to environmental sustainability. Additionally, improved fuel efficiency translates into cost savings for consumers, making lightweight materials an attractive choice for automakers and consumers alike, promoting a greener and more efficient automotive industry.
According to Data Bridge Market Research, the Global Automotive Lightweight Material Market is expected to reach a value of USD 68.1 billion in 2021 and is expected to reach a value of USD 123.27 billion by 2029, at a CAGR of 7.70%% during the forecast period of 2022-2029
" Vehicle weight reduction surge market demand"
Vehicle weight reduction is a key driver for adopting lightweight materials in the automotive industry. Utilizing materials such as carbon fiber composites, aluminum alloys, and high-strength steels, automakers can reduce the overall weight of vehicles. This results in improved fuel efficiency, as it takes less energy to move a lighter vehicle. Additionally, lighter vehicles exhibit enhanced agility and handling, providing drivers with a more responsive and enjoyable driving experience, and contributing to increased customer satisfaction and loyalty.
What restraints the growth of the global automotive lightweight material market?
" High cost can impede the market growth”
The high cost of lightweight materials is a significant restraint in their widespread adoption. The initial investment and production costs of advanced lightweight materials, such as carbon fiber composites and high-strength alloys, can be considerably higher than traditional materials such as steel or aluminum. As a result, automakers may face challenges in offering affordable lightweight vehicles, especially in price-sensitive markets. Cost optimization efforts, technological advancements, and economies of scale will be crucial in making lightweight materials more cost-effective and accessible to a broader consumer base.
Segmentation: Global Automotive Lightweight Material Market
The global automotive lightweight material market is segmented on the basis of material, application, component, vehicle type, electric and hybrid vehicle type, and material type.
- On the basis of material, the global automotive lightweight material market is segmented into metal, composite, plastic, elastomer
- On the basis of application, the global automotive lightweight material market is segmented into body in white, chassis and suspension, powertrain, closures, interiors, and others
- On the basis of component, the global automotive lightweight material market is segmented into frame, wheel, bumper and fender, engine & exhaust, transmission, doors, hood & trunk lid, seats, instrument panel, fuel tank
- On the basis of vehicle type, the global automotive lightweight material market is segmented into passenger car, light commercial vehicle, heavy commercial vehicle
- On the basis of electric and hybrid vehicle type, the global automotive lightweight material market is segmented into battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, electric truck, electric bus
- On the basis of material type, the global automotive lightweight material market is segmented into metal, composite, plastic, and elastomers.
Regional Insights: Asia-Pacific dominates the Global Automotive Lightweight Material Market
The Asia-Pacific region holds a significant share of the global automotive lightweight materials market, driven by the rapid growth of the automotive industry in countries such as Japan and China. The increasing demand for fuel-efficient and eco-friendly vehicles in these nations is encouraging the adoption of lightweight materials to improve vehicle performance and fuel economy. As a result, the automotive lightweight materials market in Japan and China is expected to witness substantial expansion during the forecast period, fueled by the region's thriving automotive sector and evolving consumer preferences.
Middle East and Africa, along with Latin America, have a high demand for lightweight vehicles due to several factors. The regions experience extreme weather conditions, making fuel efficiency a crucial consideration. Additionally, infrastructural developments and urbanization have led to increased traffic congestion, driving the need for agile and fuel-efficient vehicles. Rising environmental concerns and government initiatives promoting cleaner transportation also contribute to the demand for lightweight vehicles, making them an attractive option for consumers seeking cost-effective and eco-friendly mobility solutions in these regions.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-automotive-lightweight-material-market
The Prominent Key Players Operating in the Global Automotive Lightweight Material Market Include:
- KIRCHHOFF Automotive (Germany)
- Magna International Inc. (France)
- Gestamp (Spain)
- TOYOTA BOSHOKU CORPORATION (Japan)
- AISIN CORPORATION (Japan)
- Trinseo (U.S.)
- GEDIA Automotive Group (U.S.)
- G-TEKT CORPORATION (Japan)
- Martinrea International Inc. (Canada)
- Autokiniton (U.S.)
- BENTELER (Germany)
- Meleghy Automotive GmbH & Co. KG (Germany)
- Shiloh Industries (U.S.)
- Unipres Corporation (Japan)
- ACMA India (India)
- Pillar Innovations (U.S.)
- NVH KOREA INC. (South Korea)
- SMR Deutschland GmbH (Germany)
- HUTCHINSON (France)
Above are the key players covered in the report, to know about more and exhaustive list of global automotive lightweight material market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Automotive Lightweight Material Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
