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Automobile Weather Strip Global Market Predicted to Augment and Reach over $14.34 Billion at a CAGR of 4.7% By 2028
Automobile Weather Strip Market
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According to The Business Research Company's, The automobile weather strip market size has grown steadily in recent years. It will grow from $11.42 billion in 2023 to $11.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to increasing aftermarket sales, rising disposable incomes, growing focus on vehicle safety, rising awareness of preventive maintenance, growing ride-sharing industry.
The automobile weather strip market size is expected to see steady growth in the next few years. It will grow to $14.34 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increasing vehicle production, rising demand for electric vehicles, enhanced vehicle aesthetics and comfort, expansion of the luxury cars, increasing consumer preference for customized vehicles. Major trends in the forecast period include innovations in materials and manufacturing processes, OEM partnerships and collaborations, infrastructure development, increasing research and development investments, utilization of 3d printing technology in manufacturing weather strips.
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Market Drivers and Trends:
A rise in the automotive industry is expected to propel the growth of the automobile weather strip market going forward. The automotive industry encompasses a broad range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. The automotive industry is rising due to increasing consumer demand for electric vehicles, technological advancements, and growing urbanization driving higher vehicle sales. Automobile weather strips are essential components in the automotive industry, serving functions that enhance vehicle performance and passenger comfort. For instance, in March 2024, according to a study released by the European Automobile Manufacturers Association, a Belgium-based standard group, global new car sales grew by nearly 10% after stabilizing in 2022, with EU sales surging by almost 14% to total 10.5 million units. Sales of new battery-electric cars increased by 37%, capturing a 14.6% market share, while global car production reached 76 million units, marking a significant 10.2% rise. Therefore, the rise in the automotive industry is driving the automobile weather strip market.
Major companies operating in the automobile weather strip market are focused on developing innovative technologies such as hot-stamping technology to improve sealing performance and aesthetics. Hot-stamping technology is a manufacturing process that involves transferring metallic or pigmented foils onto a surface using heat and pressure to create decorative and functional markings. For instance, in October 2023, Toyoda Gosei Co. Ltd. a Japan-based automotive parts manufacturer that specializes in producing rubber and plastic automotive components, including automobile weather strips, launched a front grille utilizing a newly developed hot-stamping technology, which is featured on the new Lexus LM model. The unique feature of this product is its innovative foil technology, which eliminates the need for a top coat to protect against weathering and ultraviolet rays. By leveraging advanced knowledge of plastic materials, the company has developed a highly weather-resistant and thicker protective layer for the foil, ensuring the same durability as previous products. This improvement reduces CO2 emissions during production by 20% and conserves resources by eliminating the top coat application process.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
3M Company, Hutchinson SA, Toyota Boshoku Corporation, Akzo Nobel N.V., The Freudenberg Group, Toyoda Gosei Co. Ltd., REHAU Industries SE & Co. KG, Trelleborg AB, MINTH Group Ltd., Cooper Standard, Anhui Zhongding Sealing Parts Co. Ltd., Standard Profil Group, TPR Co. Ltd., HWASEUNG GROUP, Nishikawa Rubber Co. Ltd., Kinugawa Rubber Industrial Co. Ltd., CQLT SaarGummi Technologies S.à r.l., KACO GmbH, Henniges Automotive Holdings Inc., PPAP Automotive Limited, Hebei Shida Seal Group Co. Ltd., CGR Products, Canada Rubber Group Inc., Bohra Rubber Pvt. Ltd., Lauren International Ltd.
Automobile Weather Strip Market 2024 Key Insights:
• The automobile weather strip market size is expected to see steady growth in the next few years. It will grow to $14.34 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Automotive Industry Growth Fuels Expansion Of Automobile Weather Strip Market
• Innovative Hot-Stamping Technology Enhances Automobile Weather Strips And Reduces Environmental Impact
• Asia-Pacific was the largest region in the automobile weather strip market in 2023
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