Automotive Front End Module Market - Can the market for automotive front end module in Middle East and Africa surpass Japan automotive front end module market in the coming years?
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Sales of automotive front end module are likely to remain concentrated in the emerging economies in the Asia Pacific occluding Japan (APEJ). China, in particular, is expected to cement its dominance in the Asia Pacific excluding Japan (APEJ) automotive front end module market owing to rapidly evolving automotive sector in the country, says the report. Sales of automotive front end module in APEJ are estimated to surpass US$ 55,000 Mn by end of 2022, making it an attractive market for stakeholders. Tug of war between North America and Europe is being witnessed in the automotive front end module market, with the latter having a slight upper hand.
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Demand for composite material in automotive front end module manufacturing is expected to increase at a rapid pace. According to the report, sales of automotive front end module from composite material are likely to account for more than 55% in the overall automotive front end module market. Acceptance of composites in the automotive sector has witnessed a significant spike with growing demand for lightweight yet durable products. Moreover, high strength to weight ratio of composites coupled with enhanced corrosion resistance and operational feature have furthered their use in automotive front end module manufacturing. Moreover, sales of automotive front end module with composites are also influenced by increasing demand for fuel efficient vehicles.
OEMs are likely to remain an attractive sales channel for automotive front end module. ORM channel is expected to largely contribute to the growth of the automotive front end module market during the assessment period, says the report. Aftermarket for automotive front end module is projected to grow at a significant pace, albeit at a lower base than OEM. Stakeholders in the automotive front end module market can expect significant opportunities by tapping the OEM channel in a bid to achieve sustenance and increased profitability.
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Increasing production of vehicles coupled with growing popularity of electric vehicles is expected to drive the growth of the automotive front end module market. Electric vehicles, particularly in the Asia Pacific excluding Japan (APEJ) region, are paving potential avenues for automotive front end module manufacturers. Several EV (electric vehicles) manufacturing companies are opting for outsourcing automotive front end module in order to reduce operating costs and enhance profits. Manufacturers of automotive front end module can leverage this opportunity to enhance their market presence across the globe.
Automotive front end module sales are expected to remain high in passenger cars, closely followed by light commercial vehicles. In addition, increasing production of passenger cars is expected to offer potential pathways of growth for automotive front end module manufacturers. Moreover, increasing sales of passenger cars and SUVs in the developed regions of Europe and North America are expected to push the aftermarket for automotive front end module in the coming years.
The automotive front end module market continues to witness a steady growth and manufacturers can expect a cohort of opportunities across countries worldwide in the forthcoming years.
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