A CAGR of 6.3% is expected of the global automotive front-end module market due to the growing demand during the forecast period. It is anticipated to be appraised at USD 23.7 billion by 2032, up from USD 12.8 billion in 2023.
The minimization of labor costs, assembly costs, and increasing pedestrian safety can be acquired through production cost-saving strategies and innovation of front-end modules. It is likely to support the growth of the automotive front-end module market share.
However, the modernization of vehicle parts can be a notable challenge for the market size. Conversely, to fuel efficiency and emissions, there has been an increase in government mandates and regulations which were anticipated to create new opportunities for the market.
Owing to the increasing proliferation of the Internet of Things (IoT), the evolution of smart automotive front-end modules has influenced the automotive front-end module market growth. Moreover, stakeholders have invested in the development of automotive parts, which aid customers in staying connected with other users in vehicles owing to the proliferation of smart technologies.
An attractive sales channel for automotive front-end modules is OEMs. Furthermore, the ORM channel is expected to contribute to the market growth. Hence, to achieve sustenance and increased profitability, stakeholders can expect opportunities by tapping the OEM channel.
The product design is directly associated with modularization in product architecture. This implementation is primarily found in the USA automotive industry and is likely to contribute to global market growth.
| Attribute | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6.3% |
| Market Valuation (2023) | USD 12.8 billion |
| Market Valuation (2033) | USD 23.7 billion |
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FEM modularization is growing in demand, likely accelerating market growth. Furthermore, original equipment manufacturers are increasingly required to modularize and outsource front-end modules for time and cost savings, which is anticipated to expand the automotive front-end module market size.
There has been a growing demand for lightweight automotive front-end modules. Moreover, technological developments, along with a rise in demand and sales of commercial vehicles, are pivotal drivers contributing to market share growth.
Higher disposable income of the consumers and the growing vehicle weight reduction are major aspects of the market share. Additionally, the demand for automotive front-end modules is growing due to the rising government's stringent emission norms.
Manufacturers emphasized deploying hybrid systems that combine composites and steel due to the evolution of composites and their acceptance in the automotive sector. It is expected to drive the growth of the market significantly.
There has been an increase in the sales of counterfeit products in the market. They are easily available at extremely affordable costs and constitute sub-standard quality. It poses a major factor that primarily constrains the growth of the market.
The implementation of lightweight FEMs increases safety and technological constraints. Furthermore, the emergence of aftermarket competitors, high costs, and price fluctuation of raw materials are expected to curtail the automotive front-end module market growth severely.
The rising disposable income of people in developing economies, as well as digitization, are anticipated to provide lucrative opportunities for the automotive front-end module market.
Furthermore, automobile companies have been forced to manufacture plastic front-end modules owing to increasing demand for lightweight vehicles which, improves vehicle performance and is a major growth opportunity for the market.
| Countries | Market Value Share in 2023 |
|---|---|
| United States | 8.2% |
| Germany | 13.3% |
| Japan | 6.8% |
| Australia | 3.8% |
| Countries | Market CAGR Value in 2023 |
|---|---|
| China | 6.0% |
| India | 6.8% |
| United Kingdom | 5.9% |
The Asia-Pacific holds the maximum share of the automotive front-end module market and the emergence of market players. It is owing to market maturity and the spending power of consumers in this region.
Initiatives of joint ventures amongst market players of local manufacturers and the automobile industry, as well as the vast infrastructure development of this region, is anticipated to support the global automotive front-end module market growth. Due to these factors, China is attributed to the prior market for the automotive front-end module market.
With a revenue of 35%, Europe is the second dominating automotive front-end module market. It is attributed to heavy research and development Research and Development activities to fuel efficiency and government regulations for environmental safety.
The European automotive front-end module market witnesses increased sales and demand for commercial vehicles with technological developments. Furthermore, this region has had a hiking demand for lightweight automotive front-end modules. These growth factors are expected to contribute to global market growth significantly.
The low-interest rates and fuel rates in North America, along with an adequate revenue of 20%, make it the steadily growing global automotive front-end module market size.
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The automotive front-end module market is expected to witness fast growth in the category of passenger cars.
An increasing focus of original equipment manufacturers (OEMs) toward modularization for efficient production, curb vehicle weight reduction for improved fuel efficiency, and growing concerns for passenger safety.
Several startup companies are implementing newer strategies to influence the market.
Key players focus on gaining a competitive advantage and growing their market foothold. Global market players are making joint ventures and partnerships and investing in research and development Research and Development activities. These factors are expected to raise the level of competition.
KEY MARKET PARTICIPANTS OF THE GLOBAL MARKET:
Some of the recent developments in the automotive front-end module market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Product Type, Material, Vehicle Type, Region |
| Key Companies Profiled | Calsonic Kansei Corporation; Magna International Inc.; Plastic Omnium; SMRPBV; SL Corporation; Montaplast GmbH; WHEEL MOVERS (INDIA) PVT. LTD.; Batsons Industries; Inteva Products; Minda Vast Access Systems Pvt. Ltd.; Hanon Systems; Samvardhana Motherson Group; HBPO Group; Aisin Seiki Co. Ltd.; Mitsui Mining and Smelting Co. Ltd.; Prabha Engineering Pvt. Ltd; Strattec Security Co.; U-Shin Ltd.; Shivani Locks Pvt. Ltd.; Brose Fahrzeugteile Gmbh & Co. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 12.8 billion in 2023.
Webster Griffin Ltd., All-Fill Incorporated, CONCETTI S.P.A. are key market players.
The market is forecast to register a CAGR of 6.3% through 2033.
The market will reach USD 23.7 billion by 2033.
With a revenue of 35%, Europe is the second dominating market.
| Estimated Market Size (2024E) | USD 15.8 billion |
|---|---|
| Projected Market Value (2034F) | USD 45.69 billion |
| Value-based CAGR (2024 to 2034) | 11.3% |
| Base Year Market Value (2023) | USD 93.9 billion |
|---|---|
| Projected Year Market Value (2033) | USD 414.5 billion |
| CAGR (2023 to 2033) | 16% |
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