Press release
Automotive Fascia Market To Perceive Substantial Growth During 2021-2031
The global automotive fascia market was valued over US$ 27.79 Bn in 2020
It is estimated to expand at a CAGR of 5.86% from 2021 to 2031
The global automotive fascia market is expected to cross the value of US$ 51.88 Bn by the end of 2031
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M&As Help Build Strong Business Grounds in U.S.
Automotive giants operating in the automotive fascia market are expanding their business network by engaging in mergers and acquisitions (M&A) with several players in the industry. Major France-based companies of oil & gas are signing a strategic partnership with other players to design and develop new plastic materials made from recycled polypropylene, which would minimize waste as well as enhance performance in vehicles. Cash-rich plastic system manufacturers are announcing the acquisition of U.S.-based plastic material manufacturing companies to expand their business grounds. Such acquisitions are helping companies to expand their reach at several locations in North America.
The rise in consumer trend toward an elegant and eye-catching appearance of vehicles is driving the automotive fascia market. The fascia is located at the front and rear end of a vehicle, providing an attractive finishing to the exterior design. Major vehicle manufacturers are investing in the development of advanced materials for automotive fascia.
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Import & Export to Surge with Shipments During COVID-19 Pandemic
The rapid spread of the COVID-19 pandemic across the globe led to a decline in vehicle production at the colossal level. The pandemic has caused a majority of businesses across the globe to crumble owing to a staggered growth in manufacturing activities, which hampered major automotive companies across the globe and subsequently, posed a challenge for the automotive fascia market. Nevertheless, reopening of country borders is helping to resolve transport and logistic issues, owing to stringent regulations being followed during transport of raw materials for automotive fascia. Import and export of automotive fascia is projected to rise owing to the increase in shipment and demand for products, thus driving the automotive fascia market.
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High Raw Material Price and Lack of Skilled Labor Affect Market Growth
High cost of raw material and labor charge are affecting the sales of automotive fascia. Automotive fascia is made of premium quality material, which is comparatively expensive. Moreover, skilled labor is required for the operation with such products. Therefore, these factors directly affect the demand and supply of automotive fascia. Hence, stakeholders in the automotive fascia market should increase the availability of training programs to hire skilled labor and take data-driven decisions to procure the best prices for raw materials of automotive fascia.
Asia Pacific and North America are projected to be highly lucrative markets during the forecast period. Rise in sale of vehicles across Asia Pacific is likely to propel the growth of the automotive fascia market. About 50% vehicle sales are from Asia Pacific, which is projected to boost the demand for automotive fascia across the region. Major presence of vehicle manufacturers across the region is also likely to drive the automotive fascia market in Asia Pacific.
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Demand for Lightweight Fascia in Vehicles Contributes to Market Growth
Rising consumer trend toward vehicle safety and elegant appearance of the vehicle are also likely to fuel the demand for automotive fascia. The rise in demand for electric & fuel-efficient vehicles is projected to further boost the automotive fascia market, as fascia is an essential part in terms of safety and design of the vehicle.
The enactment of stringent emission norms across the globe is prompting vehicle manufacturers to produce lightweight vehicles, which, in turn, is likely to increase the demand for lightweight fascia in vehicles. Major electric vehicle (EV) manufacturers are introducing lightweight materials in their vehicles to enhance vehicle range, which, in turn, is also estimated to boost the growth of the automotive fascia market.
The rapid expansion of small- and medium-scale manufacturing industries across the globe is anticipated to fuel the expansion of the automotive fascia market. The growing mergers and acquisitions between vehicle manufacturers and vehicle component manufacturers across the globe is contributing toward the expansion of the automotive fascia market.
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Automotive Fascia Market: Overview
Rise in sale of vehicles across the globe is likely to propel the automotive fascia market, in terms of volume and revenue, during the forecast period
Rising consumer trend toward vehicle safety and elegant appearance of the vehicle are likely to fuel the demand for automotive fascia. Rise in demand for electric and fuel-efficient vehicles is projected to further boost the automotive fascia market, as fascia is an essential part in terms of safety and design of the vehicle.
Drivers of Automotive Fascia Market
Enactment of stringent emission norms across the globe is prompting vehicle manufacturers to manufacture lightweight vehicles, which, in turn, is likely to increase the demand for lightweight fascia in vehicles. Major electric vehicle manufacturers are introducing lightweight materials in their vehicles to enhance the vehicle range, which, in turn, is also estimated to boost the automotive fascia market.
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