Market Size of Europe Automotive Lightweight Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Automotive Lightweight Car Market Analysis
The Europe Automotive Lightweight Car market was valued at USD 79.40 billion in 2021 and is expected to reach USD 125 billion by 2027 registering a CAGR of above 9% during the forecast period.
The COVID-19 pandemic hindered the growth of the market as lockdowns and shutdowns of manufacturing facilities across Europe during 2020 resulted in delays in the delivery of key models and a decline in the production of the vehicles.
However, restrictions eased across major countries in Europe by the first half of 2021, and demand started slowly picking up pace however the market is still impacted by supply chain disruptions caused by the ongoing Russia-Ukraine war. Despite such challenges during the forecast period owing to the presence of key sports car manufacturers across countries like Germany, United Kingdom, etc. the market is anticipated to see positive trends in the market during the forecast period.
Over the medium term, increasing regulations to reduce emissions along with increasing demand for fuel economy are expected to grab the attention of OEM manufacturers to decrease the overall automobile weight. In addition, an increase in automotive production, and growing consumer interest to adopt safe and comfort features are anticipated to further boost demand in the market.
However, the high price of lightweight materials, such as carbon fibers as well as few composite materials compared to generic materials increases the overall cost of the vehicle and this is expected to restrict the market growth. Besides this, various research activities to reduce the cost of materials are expected to abate the effect of this restraint in the coming years.
The surge in the production of electric vehicles is expected to propel the growth of the lightweight car market over the coming years across the region. Lightweight materials such as carbon-fiber-reinforced plastic are used in modern electric vehicles, allowing them to run purely on electricity and avoid being classified as hybrids. Besides these, New product developments and compositions are gaining significant popularity in the market as the adoption of the latest technologies offers new opportunities for players in the market.
Germany, United Kingdom, France, and Italy are expected to play a dominant role in the growth of the market during the forecast period. These countries have stringent emission norms for automobiles because of increasing carbon percent in the environment at an alarming rate creating a positive outlook for the market. Further, the presence of key sports car manufacturers like Porsche, Lamborghini, and others is likely to augment the demand in the market during the forecast period.
