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Automotive Aerodynamic Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Automotive Aerodynamic Market
As per the report, the automotive aerodynamic market size has grown strongly in recent years. It will grow from $26.81 billion in 2023 to $28.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The automotive aerodynamic market size is expected to see strong growth in the next few years. It will grow to $35.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
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Rising Demand For Electric Vehicles Fueling Growth Of Automotive Aerodynamics Market
The rising demand for electric vehicles is expected to propel the growth of the automotive aerodynamics market going forward. Electric vehicles (EVs) utilize electric motors powered by stored electricity, rather than internal combustion engines, for propulsion. The rising demand for electric vehicles is due to environmental consciousness, governmental support through incentives, technological progress in batteries, reduced operational expenses, and efforts to enhance urban air quality. Automotive aerodynamics in electric vehicles (EVs) enhance efficiency by reducing drag, improving range, and optimizing stability at high speeds, ensuring maximum performance from the stored energy in their batteries. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric vehicle market saw exponential growth, surpassing 10 million sales by 2022, with electric vehicles comprising 14% of all new automobile sales, up from 9% in 2021. Therefore, the rising demand for electric vehicles is driving the growth of the automotive aerodynamics market.
Automakers Innovate Aerodynamic Drag-Reducing Systems To Boost Efficiency And Performance
Major companies operating in the automotive aerodynamics market are focused on developing innovative technologies, such as aerodynamic drag-reducing systems, to enhance fuel efficiency, improve vehicle performance, and reduce carbon emissions. Aerodynamic drag-reducing systems are technologies and design strategies to minimize the resistance that a vehicle, aircraft, or other moving object encounters from the air as it moves. For instance, in January 2024, Hyundai Motor Company, a South Korean-based automotive manufacturer, launched active air skirt technology that improves vehicle aerodynamics. This cutting-edge system features active flaps integrated into the vehicle's front bumper and underbody, automatically adjusting to optimize airflow based on driving conditions. The vehicle at higher speeds deploys the flap to reduce drag, enhancing fuel efficiency and performance. Conversely, the flaps retract at lower speeds or when cooling is required to allow for better airflow to the engine and brakes.
The automotive aerodynamic market covered in this report is segmented -
1) By Component: Services, Software
2) By Mechanism: Active System, Passive System
3) By Electric Vehicles: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
4) By Vehicle: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
5) By Application: Air Dam, Diffuser, Gap Fairing, Grille Shutter, Side Skirts, Spoiler, Wind Deflector, Other Applications
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Major companies operating in the automotive aerodynamic market are Volvo Truck, Continental AG, Magna International Inc., 3M Company, Valeo SA, Plastic Omnium SA, Flex-N-Gate Corporation, Hella GmbH & Co. KGaA, Toyoda Gosei Co Ltd., Rehau Group, Röchling Group, Johnson Electric, Autoneum Holding AG, Ariel Limited, Torch Technologies Inc., Sonceboz, Scribd, SimScale, HBPO GmbH, Polytec Holding AG, Batz S Coop, Vectoflow GmbH, Dynamon
Contents of the report:
1. Executive Summary
2. Automotive Aerodynamic Market Report Structure
3. Automotive Aerodynamic Market Trends And Strategies
4. Automotive Aerodynamic Market - Macro Economic Scenario
5. Automotive Aerodynamic Market Size And Growth
…..
27. Automotive Aerodynamic Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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