Dublin, Oct. 08, 2024 (GLOBE NEWSWIRE) -- The "Automotive Aerodynamic Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global automotive aerodynamic market has grown strongly in recent years. It will grow from $26.81 billion in 2023 to $28.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The automotive aerodynamic market is expected to see strong growth in the next few years. It will grow to $35.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
The growth in the historic period can be attributed to growth in regulatory standards for emissions, growth in globalization, growth in environmental awareness, rise in the development of hybrid vehicles, increased consumer demand for performance, and rise in demand for high-end luxury vehicles.
The growth in the forecast period can be attributed to rising demand for automobiles, rising demand for electric vehicles, increasing investments in research and development, rising fuel prices, and increasing urbanization. Major trends in the forecast period include technological advancements, adoption of advanced computational fluid dynamics, integration of lightweight materials, development of aero-efficient EV designs, and aerodynamic wheels and tires.
Major companies operating in the automotive aerodynamic market are Volvo Truck, Continental AG, Magna International Inc., 3M Company, Valeo SA, Plastic Omnium SA, Flex-N-Gate Corporation, Hella GmbH & Co. KGaA, Toyoda Gosei Co Ltd., Rehau Group, Rochling Group, Johnson Electric, Autoneum Holding AG, Ariel Limited, Torch Technologies Inc., Sonceboz, Scribd, SimScale, HBPO GmbH, Polytec Holding AG, Batz S Coop, Vectoflow GmbH, and Dynamon.
Automotive Aerodynamic Market Driver: Rising Demand for Electric Vehicles Fueling Growth of Automotive Aerodynamics Market
The rising demand for electric vehicles is expected to propel the growth of the automotive aerodynamics market going forward. Electric vehicles (EVs) utilize electric motors powered by stored electricity, rather than internal combustion engines, for propulsion. The rising demand for electric vehicles is due to environmental consciousness, governmental support through incentives, technological progress in batteries, reduced operational expenses, and efforts to enhance urban air quality.
Automotive aerodynamics in electric vehicles (EVs) enhance efficiency by reducing drag, improving range, and optimizing stability at high speeds, ensuring maximum performance from the stored energy in their batteries. The rising demand for electric vehicles is driving the growth of the automotive aerodynamics market.
Global Automotive Aerodynamic Market Trend: Automakers Innovate Aerodynamic Drag-Reducing Systems to Boost Efficiency and Performance
Major companies operating in the automotive aerodynamics market are focused on developing innovative technologies, such as aerodynamic drag-reducing systems, to enhance fuel efficiency, improve vehicle performance, and reduce carbon emissions. Aerodynamic drag-reducing systems are technologies and design strategies to minimize the resistance that a vehicle, aircraft, or other moving object encounters from the air as it moves.
This cutting-edge system features active flaps integrated into the vehicle's front bumper and underbody, automatically adjusting to optimize airflow based on driving conditions. The vehicle at higher speeds deploys the flap to reduce drag, enhancing fuel efficiency and performance. Conversely, the flaps retract at lower speeds or when cooling is required to allow for better airflow to the engine and brakes.
Automotive Aerodynamic Market Merger and Acquisition: Conmet Acquires Xstream Trucking to Enhance Fuel Efficiency and Reduce Emissions In Commercial Vehicles
In November 2023, Consolidated Metco Inc., a US-based manufacturer of components for the commercial vehicle industry, acquired TruckLabs for an undisclosed amount. With this acquisition, ConMet aims to expand its portfolio of fuel-saving technologies, bring efficiency benefits to more customers, leverage its manufacturing expertise, and position itself as a one-stop shop for improving the overall efficiency of heavy-duty trucks and trailers. TruckLabs is a US-based company that develops aerodynamic solutions for the trucking industry.
Asia-Pacific was the largest region in the automotive aerodynamic market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive aerodynamic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive aerodynamic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $17.1 Billion |
| Forecasted Market Value (USD) by 2028 | $25.06 Billion |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Global |
Competitive Landscape and Company Profiles
- Volvo Truck
- Overview
- Products and Services
- Strategy
- Financial Performance
- Continental AG
- Magna International Inc.
- 3M Company
- Valeo SA
Other Major and Innovative Companies
- Plastic Omnium SA
- Flex-N-Gate Corporation
- Hella GmbH & Co. KGaA
- Toyoda Gosei Co Ltd.
- Rehau Group
- Rochling Group
- Johnson Electric
- Autoneum Holding AG
- Ariel Limited
- Torch Technologies Inc.
- Sonceboz
- SimScale
- HBPO GmbH
- Polytec Holding AG
- Batz S Coop
Key Topics Covered:
1. Executive Summary
2. Automotive Aerodynamic Market Characteristics
3. Automotive Aerodynamic Market Trends and Strategies
4. Automotive Aerodynamic Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Automotive Aerodynamic Market Size and Growth
5.1. Global Automotive Aerodynamic Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Automotive Aerodynamic Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Automotive Aerodynamic Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Automotive Aerodynamic Market Segmentation
6.1. Global Automotive Aerodynamic Market, Segmentation by Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Services
- Software
6.2. Global Automotive Aerodynamic Market, Segmentation by Mechanism, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Active System
- Passive System
6.3. Global Automotive Aerodynamic Market, Segmentation by Electric Vehicles, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
6.4. Global Automotive Aerodynamic Market, Segmentation by Vehicle, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
6.5. Global Automotive Aerodynamic Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Air Dam
- Diffuser
- Gap Fairing
- Grille Shutter
- Side Skirts
- Spoiler
- Wind Deflector
- Other Applications
7. Automotive Aerodynamic Market Regional and Country Analysis
7.1. Global Automotive Aerodynamic Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Automotive Aerodynamic Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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