DUBAI, U.A.E, July 23, 2020 /PRNewswire/ -- According to Future Market Insights, the automotive exterior trim parts market is expected to be valued at US$ 30.3 Bn by 2030-end.
The need for light-weight materials has radically transformed automotive exterior trim parts manufacturing, with the introduction of light plastics. These have not only assisted in weight reduction but also provide resistance to hostile weather conditions and reduction in fuel emissions.
Some of the plastics used for this purpose are thermoplastic olefins, polyamides, polypropylene and polyesters. Besides offering the aforementioned advantages, these plastics are recyclable, thus enabling manufacturers to improve their environmental footprints. Additionally, the incorporation of hybrid materials using a combination of plastic and steel in exterior trim parts to provide greater structural strength and cost-savings is boding extremely well for the market.
"Automotive exterior trim parts manufacturers are leveraging digital platforms to deepen market penetration, along with enhanced mobility solutions, ushering in consummate changes in market dynamics," infers an FMI analyst.
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Key Takeaways from FMI's Automotive Exterior Trim Parts Report
- Automotive exterior trim parts market will expand at 4.6% CAGR through 2030
- Greater emphasis on automobile aesthetics to provide major traction to specialized exterior trim parts
- Sustainability and light-weight are the key focal points of manufacturers
- Bumpers shall capture 13% of the total value share of the automotive exterior trim parts market
- Emerging economies shall contribute over half of the total revenue share in the automotive exterior trim parts market
Automotive Exterior Trim Parts Market- Key Trends
- Recyclable polymers and plastics are acquiring immense ground, enabling manufacturers to reduce their carbon footprints
- Sustainable materials such as honeycombs are used to manufacture car bumpers, reducing chances of crash damage
- Use of renewable feedstocks such as sugarcane and castor beans are being utilized to manufacture bio-plastics for automotive exterior trim parts
- Aluminum-based body panels are being preferred over conventional iron and steel ones, as they are 2/5th times lighter
- COVID-19 has led to a market drop by 200-250 BPS, with recovery anticipated during the first quarter of 2022
Automotive Exterior Trim Parts Market- Region-wise Analysis
- East-Asia shall spearhead the global automotive exterior trim parts market growth, accounting for an impressive 33% market share by 2020-end
- Demand is mostly stimulated from China, attributed to a proliferating automotive industry
- North America shall be the 2nd most lucrative market, with the US capturing over 4/5th of the market share
- Japan and Germany are the leading suppliers of automotive trim parts, collectively comprising over 40% of the global market share
Automotive Exterior Trim Parts Market- Competitive Landscape
Market players are relying on several strategies to augment their market presence. Majority of the players concentrate on acquisitions and product innovations to remain afloat. There are less entry barriers, thus rendering the landscape fairly fragmented.
Mergers & Acquisitions constitute a major chunk of market expansion strategies. For instance, Johnson Controls collaborated with HASCO in China to provide exterior trim parts to automobile behemoths such as Ford, Mercedes-Benz, BMW and GM. Additionally, the entry of foreign players and usage of sustainable raw materials is also driving the market towards a positive direction.
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Automotive Exterior Trim Parts Market Taxonomy
- Front Bumper
- Rear Bumper
- Outside Rear View Mirror (ORVM)
- Rocker Panel (Under Cover)
- Radiator Grills
- Wheel and 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
- Rest of LATAM
- Rest of Europe
- Rest of South Asia
- South Korea
- Northern Africa
- South Africa
- Rest of MEA
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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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