According to Trends Market Research, the global vehicle lightweighting technologies market should reach $250.9 billion by 2024, advancing at a 13.6 per cent compound annual growth rate (CAGR) during the forecast period of 2019 to 2024. In 2019, the global lightweighting technologies reached a value of $132.8 billion.
Vehicle lightweighting refers to the process by which vehicles are designed and manufactured to incorporate elements and equipment that weigh less than conventional equipment.
The report states that lightweighting is presently a major and significant trend in the automotive industry and all major and moderate-scale vehicle original equipment manufacturers (OEMs) are currently developing and deploying multiple new and advanced lightweighting technologies.
"Based on information collected in support of this study, physically larger and higher-horsepower vehicles are now frequently some of the heaviest consumers of lightweighting technology," the report said."This may come as somewhat of a surprise for those on the periphery of the industry, wherein classic examples of vehicle lightweighting have included, or had the potential to include, vehicle and engine downsizing and the reduction of both power and mass to save fuel," it underlined.
It further added primary and secondary suppliers are also involved in the trend, supplying lightweighted components and materials needed for today’s lower-weight vehicles.
From a materials perspective, the report pointed out high strength steel, aluminum, magnesium, advanced polymers and plastics, composites, and natural products are the key materials that are relevant to global lightweighting markets.
As per market experts, the necessity to comply with stringent norms is also pushing manufacturers worldwide to increase their focus on automotive lightweighting. Therefore, increasing automotive production along with an increasing focus on lightweighting is anticipated to drive market demand over the forecast period.
