Global Automotive Reconfigurable Body Panel Market – Introduction
Advances in technologies and manufacturing techniques in the automotive industry are leading to the development of smarter and safer vehicles. Automakers are spending significantly on research and development to manufacture and develop innovative production techniques and components for the automotive industry. An automotive reconfigurable body panel is a new technology used in the manufacturing of vehicles. The automotive reconfigurable body panel is a relatively new concept, and it is still in the development phase. Several major OEMs/automakers, such as BMW and Toyota, are developing vehicles with reconfigurable body panels. These panels are able to change colors, they can change shape, are lightweight, and easy to assemble.
Automotive reconfigurable panels can change the esthetics appearance or style of the vehicle as per the requirement of the vehicle owner. The panels can adapt the shape as per the configuration of the vehicle and the requirement of the vehicle owner. The panels are expected to contain a motor that allows the driver to adjust and setup or customize the panel, according to his requirement.
Global Automotive Reconfigurable Body Panel Market – Competition Landscape
BMW AG was founded in 1916, and currently has its headquarters in Munich, Germany. BMW AG is a leading automobile manufacturer in the automobile industry. The company operates through two major segments: automotive segment and motorcycles segment, which is further divided into various product verticals such as hatchbacks, sedan, coupe, SUV and others. The company operates through 31 production centers located across 15 countries, worldwide. The company has research and development centers located in over 16 countries globally, while it invested over US$ 5.79 Bn on research and development in 2018. The BMW Group’s major brands include MINI, Rolls Royce, and BMW.
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FCA was founded in 1925. The company, with headquarters in Detroit, Michigan, U.S., is a leading vehicle manufacturer for the automobile industry across the globe. FCA is an acronym of FIAT CHYRSLER AUTOMOBILES. Chrysler is focused on the development of concept vehicles with reconfigurable body panels. FCA’s brands include Alfa Romeo, Chrysler, Jeep, Dodge, Maserati, RAM, LANCIA, and Mopar. The company manufactures passenger vehicles such as hatchback, sedan, crossovers, coupe, and SUVs.
TOYOTA MOTOR CORPORATION
TOYOTA MOTOR CORPORATION was founded in 1937, and presently, it has headquarters in Toyota City, Japan. The company has over 370,870 employees located across the globe. The company invested over US$ 9.908 Bn on research and development in 2018. The TOYOTA MOTOR CORPORATION’s major brands include Toyota, Lexus, Ranz, TRD, Gazoo Racing, and Daihatsu.
Rising demand for vehicles globally
Rising demand for vehicles, globally, is estimated to be a major factor that is likely to drive the automotive reconfigurable body panel market. Moreover, demand for vehicles is increasing consistently, as Europe, Asia Pacific, and North America are major producers and consumers of automobiles globally. Disposable income and per capita income of people in these regions are increasing, which in turn is driving sales of vehicles. Demand for customizable panels and systems in vehicles along with customizable technologies to enhance the esthetic appearance of vehicles is also increasing. This, in turn, is estimated to propel the automotive reconfigurable body panels market during the forecast period.
Rising demand for lightweight and high strength panels for vehicles
Automakers are investing significantly in research and development to manufacture lightweight panels for vehicles in order to improve the efficiency and safety of their vehicles. Rise in demand for lightweight panels is estimated to drive the automotive reconfigurable body panels market during the forecast period.
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Global Automotive Reconfigurable Body Panel Market – Segmentation
The global automotive reconfigurable body panel market can be segmented based on:
- Panel Type
- Vehicle Type
Global Automotive Reconfigurable Body Panel Market – By Application
Based on application, the global automotive reconfigurable body panel market can be classified into:
- Inside vehicle (Interior)
- Outside Vehicle (Exterior)
Global Automotive Reconfigurable Body Panel Market – By Panel Type
Based on panel type, the global automotive reconfigurable body panel market can be split into:
- Door panels
Global Automotive Reconfigurable Body Panel Market – By Vehicle Type
Based on vehicle type, the global automotive reconfigurable body panel market can be segregated into:
- Passenger Vehicle
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