Future Market Insights, an ESOMAR certified market research firm, in its latest study on the automotive exterior trim parts marketsize will reach a valuation of US$ 30.3 Billion at CAGR of 4.7% by the end of the year 2030.
Recyclable and Lightweight Materials Finds its Takers
Sustainability and light-weighting are key focal points by manufacturers for design of exterior trim parts.
A high-end aluminium finish is provided to window frames, roofs, and other aesthetic components of the car by Aludium, a European major aluminium manufacturer, with its 55AT external trim. Aldium employs a cutting-edge filtering technology during casting that not only anodizes but also illuminates the exterior trim of the car. Additionally, these goods are delivered with very short lead times.
A similar product line manufactured from recycled aluminium scrap has been introduced by Norsk Hydro, a Norwegian aluminium manufacturer. The aluminium utilised is not just sophisticated but also contains 75% recycled consumer trash thanks to the employment of very complex sorting methods. As a result, the business has been able to maintain its carbon footprint in the market.
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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 aluminium will gain traction in new generation of vehicles
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
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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
Product type
- 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
Vehicle Type
- Passenger Cars
- Compact
- Mid-size
- Luxury
- Sedan
- SUVs
- Commercial Vehicles
- Heavy Trucks and Buses
Sales Channel
- First Fit
- Replacement
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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