Wilmington, Delaware, United States, May 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive front end module market size was worth US$ 123.4 Bn in 2022 and is expected to be valued at US$ 188.6 Bn by 2031. The global market is likely to develop at a CAGR of 4.8% between 2023 and 2031. Market demand for automotive front end module is fueled by expansion of the automotive sector, rising demand for passenger and commercial vehicle sales, and rising need for lightweight components in present-day vehicles. Additionally, rise in demand for electric vehicles and increase in focus on vehicle safety are estimated to boost the global industry in the coming years.
Manufacturers of automotive front end module are spending more on R&D to further develop their market share. Rise in the use of efficient raw materials and the technological development of automotive components are two major reasons driving industry growth. However, increase in the sale of counterfeit front end modules is likely to hinder market expansion in the coming years.
Increase in demand for FEM (front end module) modularization and rise in outsourcing of FEMs by OEMs to save time and money are major factors driving business growth. Rise in governmental mandates and regulations pertaining to fuel emissions and economy is anticipated to drive business opportunities in the global automotive front end module market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 123.4 Bn | |
| Estimated Value | US$ 188.6 Bn | |
| Growth Rate - CAGR | 4.8% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 240 Pages | |
| Market Segmentation | Type, Material, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Magna International, MAHLE GmbH, Murata Manufacturing Co., Ltd, Faurecia SA, Denso Corporation, Calsonic Kansei Corporation, HBPO Group, Plastic Omnium, Hyundai Mobis, Samvardhana Motherson Group, Valeo, Flex-N-Gate Corporation, RTP Company, SL Corporation | |
Key Findings of Market Report
- The global market is anticipated to be driven by increase in sales of passenger vehicles globally. Globally, increase in demand for SUVs is expected to propel the passenger vehicle segment of the auto industry. Additionally, the growth of the passenger vehicle industry is attributed to an increase in consumer purchasing power across the globe.
Global Automotive Front End Module Market: Growth Drivers
- Lightweight composites are increasingly being utilized as structural carriers for FEMs, instead of iron and steel, owing to greater focus on lowering vehicle weight. The automobile industry has been witnessing an increase in demand for lightweight materials for the last decade. Consumer interest in automobile safety features is growing.
- Modularization helps OEMs save between 20% and 30% in expenses as compared to traditional front end solutions. Models may be distinguished from one another by using a variety of factors, including finish, color, and material. Furthermore, FEMs can be included later in the assembly process by reducing the time required for building vehicle components, thereby helping manufacturers improve assembly line ergonomics.
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Global Automotive Front End Module Market: Regional Landscape
- Asia Pacific is anticipated to dominate the global market between 2023 and 2031. This is due to the rapid expansion of the industrial sector and booming automobile industry in the region. Additionally, rise in\ production of electric cars is contributing to the expansion of the automobile front end module market in the region. In China and India, demand for FEMs has increase significantly. Additionally, rise in market demand for safety features in vehicles and disposable income levels is likely to drive the market in Asia Pacific.
Global Automotive Front End Module Market: Key Players
Some of the key players in the global automotive front end module market are as follows
- Murata Manufacturing Co., Ltd
- Samvardhana Motherson Group
- Calsonic Kansei Corporation
- Magna International
- Flex-N-Gate Corporation
- Denso Corporation
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Global Automotive Front End Module Market: Segmentation
Type
- Forward Lighting
- Radiator and Cooling Fan
- Condenser
- Grill Opening Panel
- Bumper
- Fender
- Horn Assembly
- Others
Material
- Steel Pelletized Long Fiber Polypropylene
- Plastic
- Glass Mat Thermoplastic (GMT)
- Others
Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Sales Channel
- OEM
- Aftermarket
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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