Automotive Exterior Trim Parts Market to grow at a CAGR of 4.6%, And will reach a valuation of US$ 30.3 Bn by the end of the year 2030
Future Market Insights, an ESOMAR certified market research firm, in its latest study on the automotive exterior trim parts opines that the market will reach a valuation of US$ 30.3 Bn by the end of the year 2030.
Newer trends such as embedding of cutting-edge connectivity systems in exterior body parts of vehicles, with weight reduction will continue to give an uptick to body aesthetics in the market for automotive exterior trim parts.
Automotive Exterior Trim Parts Market Outlook & Key Findings
- Automotive exterior trim parts market to grow at a CAGR of 4.6% through 2030
- Sales in top 3 countries collectively accounted for nearly 46% of overall market in 2019
- Compression molded composites touted to be 20%-30% lighter than aluminum will gain traction in new generation of vehicles
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Key Takeaways of Automotive Exterior Trim Parts Market
- Achieving light-weighting by 40%, aluminum in body panels to remain preferred over steel
- With 54% volume share in automotive production in 2018, China, India and Australia will witness high demand for automotive exterior trim parts
- A drop by 200-250 BPS is anticipated for the market amidst the ongoing pandemic with recovery anticipated in the first quarter of 2022
- High focus on aesthetics in the mid-size passenger car segment to give traction to sales
Recyclable and Lightweight Materials Finds its Takers
Sustainability and light-weighting are key focal points by manufacturers for design of exterior trim parts.
Aludium, a European midstream aluminum manufacturer has introduced a highly cost-effective exterior trim called as the 55AT that gives a high-end aluminum finish to window frames, roofs and other decorative parts of the vehicle. During casting Aldium uses an advanced filtration system that not only anodises but also brightens the external trim of the vehicle. These products are also provided in very short lead times.
Similarly Norsk Hydro, a Norwegian aluminum manufacturer has launched its CIRCAL range of products that are being made with recycled aluminum scrap. By using very advanced sorting processes the aluminum being used is not only sophisticated but also contains 75% recycled consumer scrap. This has enabled the company to maintain its carbon footprint in the market.
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Automakers Suspend Operations to Keep COVID-19 at Bay
The first quarter of 2020 saw OEMs and manufacturers scrambling to keep production lines for automotive parts up and running as the virus took its hold in Asia and many parts of Europe and North America.
With government advisories being issued, parts and component facilities started to be shuttered at various countries around the world. A dip in discretionary spending and reduced customer footfalls have dampened demand for automotive exterior parts considerably.
While asset impairments are predicted in the near-term. For the time being, quarantine measures, just in time production and reduced workforce is helping manufacturers to obviate the liquidity crunch due to decrease in sales.
Automotive exterior trim parts Market: Segmentation
- Front Bumper
- Rear Bumper
- Outside Rear View Mirror (ORVM)
- Rocker Panel (Under Cover)
- Radiator Grills
- Wheel arch Cladding (Fender Liner)
- Outside Door Handles
- Exterior Car Door Trim
- Mud Guard
- Exterior trims parts
- Passenger Cars
- Commercial Vehicles
- Heavy Trucks and Buses
- First Fit
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Find More Valuable Insights on Automotive Exterior Trim Parts Market:
FMI in its new market research study, offers an unbiased analysis of the automotive exterior trim parts market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report offers complete analysis on global automotive exterior trim parts market through four different categories – By Product Type, By Vehicle Type, By Sales Channel and region. The global automotive exterior trim parts market study provides information of pricing by different life cycle analysis, product life cycle, key market trends and technologies which are being implemented in the production of the automotive exterior trim parts and product adoption in varied end use industries.
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Published Sun, 27 Feb 2022 23:54:38 -0600