Pune, India, Dec. 23, 2021 (GLOBE NEWSWIRE) -- The global automotive radiator grille market size is expected to gain momentum owing to the rising attraction towards racing and supercars during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Automotive Radiator Grille Market, 2021-2028.” The installation of mesh grilles in vehicles to achieve high strength and alluring looks is one of the emerging market trends. Stringent regulations propelled by the government for improved fuel efficiency and carbon emission reduction are likely to foster market growth.
COVID-19 Impact-
Supply Chain Disruption to Obstruct Growth
The automotive radiator grille system is an advancing industry that has been impeded by an ongoing pandemic, which has caused all types of manufacture and installation across the countries to be unsettling. Currently, the market is on a downward trend due to customers' decreased purchasing power as a result of the epidemic and a massive decline in vehicle sales. COVID-19 has significantly impacted the market causing hindrance in the R&D investments caused by huge global economic downfall.
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Drivers & Restraints-
Increasing Attraction Towards Aesthetic Vehicles to Stimulate Growth
The global automotive radiator grille market growth is expected to escalate due to the increased disposable income of consumers during the projected period. The evolution of various technologies and design aesthetics has substantially contributed towards market growth. The rising attraction and competition towards racing and supercars are likely to foster market growth. However, the availability of vehicles without grilles may hinder market growth.
Segments-
By product type, the market segments into vertical grilles, horizontal grilles, and mesh grilles. Based on material type, the market divides into metal and plastic. Based on the application type, the market bifurcates into passenger cars and commercial vehicles. Finally, by geography, the market distributes into Asia-Pacific, Europe, North America, and the Rest of the World.
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REGIONAL INSIGHTS
High Investments to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the dominant global automotive radiator grille market share during the forecast period. Passenger cars' surging sales and revenue are likely to propel the market in India, China, South Korea, and Japan. Increasing investments for the expansion of production and technologically innovated vehicles are predicted to aid market growth.
Europe is expected to have a sizeable share in the market growth, owing to the multiplying sales and demand for racing & premium cars. The development of technologically advanced vehicles is also flourishing the market in this region.
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Competitive Landscape-
Manufacturers Focus on R&D Investments to Strengthen their Position
Presence of dominant market participants and the necessity of high setup costs; the industry has moderate to high entry barriers. Design innovation, mergers, acquisitions, product launches, and joint ventures drive the automotive radiator grille industry.
Industry Development-
- July 2021: LG Electronics and Magna International Inc. signed a transaction agreement stating the establishment of their joint venture. The new company will be led by efficient management by the firm; LG Magna e-Powertrain, Incheon, South Korea.
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List of Key Players Profiled in the Global Market for Automotive Radiator Grille:
- Magna International
- Sakae Riken Kogyo Co. Ltd.
- Plastic Omnium
- SRG Global
- Samshin Chemicals Co. Ltd.
- Lacks Enterprises
- TPR Co. Ltd.
- Toyoda Gosei
- Guardian Industries
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