The Automotive Front End Modules Market Is Expected To Be
Automotive Front End Modules Market
According to a recent market analysis by Future Market Insights, the automotive front-end module market is expected to reach a value of US$22.29 billion by 2032. A CAGR of 6.3% is expected in the market during the forecast period.
The rising prevalence of Internet of Things (IoT) is having a substantial impact on the growth of the automotive front end module market. Due to the expansion of smart technology, stakeholders have also invested in the development of automotive components that help customers stay connected with other automotive users.
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OEMs are a desirable sales channel for automotive front components. The ORM channel is also expected to support market expansion. Therefore, key players in the automotive front end module market need to anticipate the opportunities by utilizing the OEM channel in order to achieve sustainability and higher profitability.
Moreover, the modularization of the product architecture is strongly linked to the product design. FEM modularization is increasingly in demand, which is expected to accelerate the demand for automotive front end modules.
This implementation is mainly found in the US automotive industry and is expected to contribute greatly to the growth of the global market.
However, the modernization of automotive components can be a significant barrier for the size of the market. Unlike fuel economy and emissions, there have been more government mandates and restrictions, which were supposed to open up new business opportunities for the automotive front end module market.
Key points to remember
The automotive front module market is expected to have a CAGR of 3% during the forecast period.
The automotive front end module market currently holds a valuation of US$12.13 billion
The automotive front-end module market is expected to reach a value of US$22.29 billion through 2032.
With an appropriate turnover of 20%, North America leads the growing global automotive front-end module market.
Asia-Pacific is expected to hold the largest automotive front-end module market share.
Europe is the second largest market for automotive front end modules, with a 35% revenue share.
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Key players and contribution of startups
OEMs are placing greater emphasis on modularization for efficient production and reducing vehicle weight to increase fuel efficiency, along with increased concerns about passenger safety. The major players are focusing on gaining a competitive advantage and expanding their market presence.
Mahle Gmbh, Faurecia, Hyundai Mobis, Valeo SA, Denso Corporation, Calsonic Kansei Corporation, Magna International Inc., Smrpbv, Sl Corporation, Montaplast Gmbh, Wheel Movers (India) Pvt. Ltd., Batsons Industries, Inteva Products, Plastic Omnium, Minda Vast Access Systems Pvt. Ltd., Hanon Systems, Hbpo Group, Aisin Seiki Co. Ltd., Samvardhana Motherson Group, Mitsui Mining & Smelting Co. Ltd., Prabha Engineering Pvt. Ltd, Strattec Security Co., U-Shin Ltd., Shivani Locks Pvt. Ltd., Brose Fahrzeugteile Gmbh & Co., etc. are major players in the automotive front-end module market.
Key segments profiled in the Automotive Front End Module market study
By product type:
Internal air cooler
Radiator core support
The front grill
Front active grille
Automotive air quality sensor
Collision management system
By type of vehicle:
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It is a US-based company that uses V2G communication to create a multimodal charging network for micro-mobility. They offer smart charging hubs with built-in car adapters.
Following the acquisition of the Exterior Systems division of Faurecia in July 2016, Plastic Omnium has strengthened its position in the automotive FEM market in the country.
Valeo North America officials said in June 2017 that they would invest US$25 million to expand their plant in Smyrna, Tennessee. The Smyrna facility has expanded by 130,000 square feet. to the existing area. The factory creates HVAC products, as well as active grill shutters and front components.
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About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
This press release was published on openPR.