Light weight vehicle industry is on the rise as reduced weight provides enhanced performance.
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Growing emission issues have enforced manufactures to invest in research and development activities of light weight vehicles. Achieving emission targets and fuel economy has become a priority for automakers.
Light weight vehicles boost fuel economy and provide better energy efficiency. Moreover, manufacturers are developing innovative materials such as carbon-fiber composites to reduce vehicular weight without compromising durability and strength.
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Government authorities are providing better safety ratings and automakers are striving to develop light weight models over heavy steel vehicles.
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Stringent emission & fuel economy regulations, weight reduction targeting by regulatory authorities, potential market in the Asia-Pacific region are the factors that drive the growth of the global light weight vehicles market. Expensive advanced lightweight materials and scarcity of raw material in developing countries restrain the market growth.
On the other hand, growth in sales of electric vehicles create new opportunities in the industry.
The global light weight vehicles market is segmented based on material type, application, vehicle type, and geography. Based on material type, the market is classified into metal, rubber, composite, and plastic.
Application segment is classified into body-in white, powertrains & closure, chassis & suspension, interiors, and others. Based on vehicle type, the market is segmented into electric vehicles (EV) and internal combustion engine (ICE).
The market scenario is analyzed for different geographical regions, including North America, Asia-Pacific, Europe, and LAMEA.
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Key manufacturers operating in the global light weight vehicles industry are
- BASF SE,
- Covestro AG,
- ThyssenKrupp AG,
- Lyondellbasell N.V.,
- ArcelorMittal S.A.,
- Toray Industries,
- Novelis Inc.,
- PPG Industries Inc.,
- Alcoa Inc.
- Owens Corning.
They have adopted different strategies such as expansion, collaborations, mergers & acquisitions, joint ventures, agreements, partnerships, and others to consolidate their position in the industry and gain competitive edge.
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