Rockville, MD, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, has published a new report, which reveals that during the forecast period of 2022-2032, the automotive front-end module market is scheduled to embark on a positive trajectory, recording a CAGR of 5.07% to secure US$ 205.1 Billion.
The electric vehicle demand is rising owing to the need for addressing future energy demands. The need to achieve a sustainable transportation method plays a vital role in increasing EV demand. The EV market is emerging as an important part of the automotive sector and acts as a significant catalyst toward achieving energy efficiency, along with lessened emissions of pollutants and other greenhouse gasses.
Growing environmental concerns, along with favorable government initiatives are some of the significant factors benefitting the market during the forecast period. Increasing energy costs and growing competition among energy-efficient technologies are likely to propel the market growth in the forthcoming time. Increasing demand for lightweight vehicles is expected to offer a conducive environment of growth during the forecast period.
Since lightweight auto parts lessen the overall weight of the vehicles and reduce CO2 emission and cost, the market will expand significantly in the forecast period.
In July 2020, an advanced integrated bolster produced with a ‘hybrid’ plastic-metal composite technology for the Ford Kuga SUV, is manufactured with steel panels and Durethan BKV30H2.)EF, fiberglass-reinforced nylon 6 from Lanxess, Pittsburgh, Penn. The fully assembled front-end module was developed and is offered by Germany’s Montaplast GmbH, a global system supplied by the automotive industry. However, increasing safety and technological constraints involved in lightweight fems, increasing vehicle parts modernization, and emerging competitors are projected to be the most significant factors that can hamper the market during the forecast period.
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Key Takeaways from the Market Study:
- The global automotive front-end module market is expected to have held a value worth US$ 119 Billion in 2021.
- By the end of the forecast period, the front-end module market in Europe is expected to claim about 40% of the global revenue.
- The passenger segment of the automotive front-end module market is expected to display a CAGR of 6% during the forecast period.
- The automotive front-end module market in North America is expected to display a CAGR of 4.8% during the forecast period.
“Increasing demand for lightweight vehicles and growing demand for EVs are expected to benefit the global automotive front-end market during the forecast period,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Front End Module Market:
Key players in the global automotive front-end module market include Hyundai Mobis Co. Ltd., Faurecia S.A, MAHLE GmbH, Denso Corporation, HBPO GmbH, Murata Manufacturing Co. Ltd., Samvardhana Motherson Automotive Systems Group B.V, Montaplast GmbH, Compagnie Plastic Omnium S.A, Magna International Inc., Valeo S.A, and SL Corporation.
Automotive Front End Module Industry News:
- Hyundai Mobis declared in December 2020 that the board of directors had given its approval for the purchase of Hyundai Autron's semiconductor division. Hyundai Mobis intends to use this endeavour to differentiate its integrated control technology in the future automotive industry by providing the capacity to design, develop, and verify semiconductors for automobiles.
- Through its subsidiary Samvardhana Motherson Reflectec, Motherson Group completed the purchase of a majority interest in Turkey's Plast Met Group in May 2021. The deal was completed successfully, giving Motherson Group access to the sizeable Turkish auto industry.
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More Insights Available:
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive front-end module market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Vehicle Type (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial vehicles), Raw Material (Metal, Composite, and Others), and Region (North America, Europe, and Rest of the World).
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