Press release
Automotive Grommet Market to Witness Stellar Revenue Growth Across Top Regional Pockets
Automotive Grommet Market Forecast and CAGRAccording to the latest research, automotive grommet market is anticipated to advance at a steady growth of approximately 4% to 6% CAGR during 2021 to 2031. During the forecast period, rising automotive sales and rise in use of wire due to increase in electrification in vehicles, will drive up demand for automotive grommets.
What is Driving Demand for Automotive Grommet?
Grommets are circular tubes or rings that are put into holes in thin materials such as metal, wood, or plastic. A grommet is usually flared on both sides to keep it in place. Grommets are used to strengthen holes and offer cable protection for items that pass through them.
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In rising markets such as China, India, Brazil, and Thailand, demand for passenger cars and commercial vehicles has risen dramatically. The average household income in these countries has increased as a result of economic progress, which will have a beneficial impact on passenger automobile and commercial vehicle sales. It is expected to drive the demand for automotive grommet.
The use of 3D printing to manufacture grommets has also given a boost to the market. The material is solidified and connected with the help of modern computer software to make a 3D object in the 3D manufacturing process. Powder grains or liquid molecules are fused together to form solid structures using this method.
The use of 3D printing to automate the production of various automotive components is being investigated in order to speed up the overall manufacturing process. When compared to the traditional production procedure, 3D manufacturing reduces overall manufacturing time per car and increases model availability.
Vehicle sensor advancements have led to more advanced autonomous driving technology in recent years, allowing for greater awareness and compliance with rules. Autonomous driving, extensive connectivity, and the electric drive train are the main forces behind car computerization. The role of electronic components and software in automobiles is gradually expanding as a result of this transformation. As the number of electronics in automotive grows, so will the sales of automotive grommets.
The automobile industry is projected to experience certain structural changes in the near future as a result of substantial breakthroughs in new technology. In the industrial process, artificial intelligence and machine learning will drastically improve robotic efficiency, accuracy, and consistency.
Level 2 automation, which includes active safety systems and driver assistance, can help OEMs add compelling features and enhance revenue growth. Grommets have become more important as electronics have become more complex.
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US and Canada Demand Outlook of Automotive Grommet
North America is expected to account for a large market share during the 2021-31 forecast period. Automotive grommet manufacturers are gradually increasing their production volumes in this region to account for growing interest in automobiles.
The automotive grommet market in North America has seen consistent expansion in recent years, owing to growing passenger car sales, strong economies, shifts in global players, and improvements in technology, giving the market with much-needed momentum. The fast increase in car production in this region favors the automotive grommet sales.
Europe Demand Outlook for Automotive Grommet
During the projection period, Europe is expected to increase at a stable pace. The growth in electrical components in the cars in this region, increasing vehicle numbers and strong OEM are the major factors for the increasing demand for automotive grommets.
Customers’ purchasing power has increased as European countries’ per capita income has risen. As a result, passenger car sales are projected to rise, propelling the automotive grommet market forward.
Because of the good economic conditions for mass production of automobiles and parts, manufacturers have been urged to develop production plants in this region. In addition, the entry of local enterprises with new business models into European markets is projected to promote the European automotive grommet market’s growth.
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Who are the Key Manufacturers and Suppliers of Automotive Grommet?
Some of the leading manufacturers and suppliers include
• Trelleborg Group
• Hutchinson
• Grote Industries
• Ritus Corporation
• Allstates Rubber & Tool Corp
• Astro-Tex Co. Inc.
• Grommets Limited
• TME
• Keystone Electronics Corp
• Sakae Rubber Co. Ltd
• Takigen Mfg Co. Ltd.
• Others
Companies in the automotive grommet industry are making steps to increase their market share, with USP statements, product diversification, and enticing features being a few of the primary winning strategies.
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About Automotive Grommet
An automotive grommet is a ring-shaped strip made of a metal or an elastomer, that is used to protect the wires passing through it from mechanical damage.
Technavio’s analysts forecast the Automotive Grommet Market to grow at a CAGR of 4.49% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects…
