The anticipated size of the automotive exterior trim parts market in 2022 was USD 21.03 billion and is estimated to be USD 42.5 billion in 2023. This scenario shows potential advancements in probabilities for the vendors working in the automotive exterior trim parts market.
The rise in demand for passenger cars and commercial vehicles is one of the primary drivers of the automotive exterior trim parts market. Future Market Insights has mentioned in its reports that the automotive exterior trim parts market is predicted to expand at a CAGR of 4.0% between 2023 and 2033, totaling around USD 62.9 billion by 2033.
Rising at a steady CAGR of 4.7% from 2022 to 2030, the global automotive exterior trim parts market, which accounts for a net worth of USD 21.03 billion in 2022. It is estimated to surge to a valuation of USD 30.34 billion by the end of 2030.
Increasing demand for a luxury finish in cars is expected to propel the demand for products such as car exterior black plastic polish and chrome tape for car exteriors. The sales of automotive exterior trim parts account for a 27% share of global automotive extruded parts market revenue.
A half-yearly comparison of the growth forecast for the market of automotive exterior trim parts along with the market’s key developments has been presented by Future Market Insights, which is principally associated with manufacturers of automotive exterior trim parts. Further, these can reduce their carbon footprint and achieve sustainability goals by using lightweight and sustainable goods.
The ability of bumpers to increase weight without degrading performance and optimize the aerodynamics of the vehicle is anticipated to further support bumper demand over the projected period.
Market for the automotive exterior trim components has been growing, which is one of the main causes of this change in growth rate. Moreover, global sales of sedans and convertibles are also on the rise. The rise in passenger car sales has raised demand for interior and exterior trim components.
The need for comfort and luxury in cars as well as a quiet interior has dramatically fueled the expansion of the worldwide automotive exterior trim parts market. Moreover, luxury automobile sales are expected to double by 2020 as a result of improvements in vehicle technology and the expansion of the economies of developing nations.
| Attribute | Details |
|---|---|
| Projected Forecast Value (2022) | USD 21.03 billion |
| Projected Forecast Value (2023) | USD 42.5 billion |
| Projected Forecast Value (2033) | USD 62.9 billion |
| Growth rate | 4.0% CAGR |
| Forecast period | 2023 to 2033 |
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The global automotive exterior trim parts market expanded at a CAGR of 3.2% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 4.0% between 2023 and 2033.
Increasing sales of passenger cars have significantly influenced the automotive exterior trim parts market potential over the past few years. Moreover, there are a few factors that are expected to be key trends influencing automotive exterior trim part sales over the forecast period such as
Automotive exterior trim part suppliers are investing in the establishment of new manufacturing facilities to meet the increasing demand from the automotive industry. Further, increasing focus on luxury looks and rising demand for aftermarket options are expected to drive demand for car exterior black plastic polish, chrome tape for car exterior, car exterior trim adhesive tape, etc.
Increasing Disposable Income to Significantly Influence Market Potential
Disposable income of the general population across the world has substantially increased over the past few years and this has spawned a new demand for passenger cars as many people are veering toward buying them. Subsequently, this trend is also promoting automotive exterior trim part shipments on a global scale. Especially, demand from emerging economies like India and China is anticipated to be prominent.
Provision of Lucrative Setting for Automotive Exterior Trim Part Consumption
North America’s automotive exterior trim parts industry holds a market share of 48.6% at present in the global automotive exterior trim parts marketplace. Additionally, the majority of revenue share is predicted to be influenced by the United States as the presence of automotive exterior trim parts suppliers increases in the nation where it holds a market share of 22.9%.
Increasing demand for passenger cars and the rising popularity of luxury cars are expected to influence the automotive exterior trim parts demand in Latin America. Moreover, Latin America’s automotive exterior trim parts market accounts for 8.4% of the global automotive exterior trim parts consumption.
The Presence of Key Automotive Manufacturers to Provide Lucrative Setting for Automotive Exterior Trim Part Sales
Europe has been a highly notable market for automotive manufacturers, and the presence of major automotive companies in this region is expected to boost sales of automotive exterior trim parts in this region. Further, Germany is expected to be a prominent market to watch out for in Europe over the forecast period followed by the United Kingdom. Europe holds a significant share of 25.2% of the global industry landscape.
Germany is known for its highly leading automotive industry with a market share of 19.24% whereas the United Kingdom market is said to expand at a CAGR of 9.9% as it is home to key manufacturers like automotive companies including Mercedes, BMW, and Volkswagen.
Sales of car window exterior trim, car exterior trim adhesive tapes, window exterior molding, etc. are expected to have a bright outlook over the forecast period. Also, an increasing focus on sustainability is expected to promote automotive exterior trim part manufacturers to use eco-friendly materials for production.
Proficient Manufacturing & Production Sector to Boost Automotive Exterior Trim Part Demand
The market in Asia Pacific is expected to have a bright outlook over the forecast period and hold a dominant market share of 34%. China is predicted to have a dominant outlook in this region holding a market share of 20.2%. Japan is also expected to be a highly significant market for automotive exterior trim parts suppliers which is likely to expand at a CAGR of 8.88%.
India is a prominent market for automotive exterior trim parts due to its highly extensive production capabilities with a market share of 7.87%. Asia Pacific is thus a key exporter of automotive components and has a highly rewarding aftermarket industry with a lot of potential.
Front Bumper Products to Experience Prominent Increase in Demand
Front bumpers have become a crucial aspect of overall automotive design mentality and increasing focus on the aesthetics of automotive has further bolstered research and development of these products with a market share of 62.7%. Further, increasingly intricate designs for bumpers are used to create aesthetic designs and propel sales.
The usage of lightweight and sustainable products is also helping automotive exterior trim part manufacturers decrease their carbon footprint and attain sustainability goals. Moreover, the proficiency of bumpers in optimizing the aerodynamics of the vehicle and enhancing weight without compromising performance is expected to further aid demand for bumpers over the forecast period.
The adoption of Commercial Vehicles is Said to Lead this Market
Commercial vehicle segments are set to retain their leading positions in the automotive exterior trim parts market. The rapid expansion of the e-commerce, logistics, and construction industries across the globe is one of the significant factors expected to drive growth in this segment with a market share of 44.8%
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Some of the prominent players profiled in the global market are-
Important Developments of the Key Players in the Market
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.0% from 2023 to 2033 |
| Market value in 2023 | USD 42.5 billion |
| Market value in 2033 | USD 62.9 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Product Type, By Vehicle Type, By Sales Channel, By Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | AISIN Group; CIE Automotive; DURA Automotive Systems; Ficosa Internacional SA; GEDIA Automotive Group; GRONBACH; Hayashi Telempu Corporation; IDEAL Automotive; KASAI KOGYO Co. Ltd.; KIRCHOFF Automotive; Knauf Industries; NOVARES; NVH Korea; Samvardhana Motherson Group; TOYOTA BOSHOKU Corporation; Plastic Omnium |
| Customization Scope | Available on Request |
The market is valued at USD 42.5 billion in 2023.
AISIN Group, CIE Automotive, and DURA Automotive Systems are key market players.
The market will reach USD 62.9 billion by 2033.
Technological advancements will drive sales.
From 2018 to 2022, the market registered a CAGR of 3.2%.
| Estimated Value (2024) | USD 18,217.7 million |
|---|---|
| Projected Size (2034) | USD 45,561.7 million |
| Value-based CAGR (2024 to 2034) | 9.6% |
| Projected Forecast Value (2023) | USD 3,053 million |
|---|---|
| Projected Forecast Value (2033) | USD 7,033 million |
| Growth rate | 8.70% CAGR |
| Market Size (2023) | USD 6,007.8 million |
|---|---|
| Market Size (2033) | USD 9,601.3 million |
| Market CAGR (2023 to 2033) | 4.8% |
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