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Automotive Noise, Vibration And Harshness Materials Market Size, Opportunities And Forecast To 2033
Automotive Noise, Vibration And Harshness Materials Market Size
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According to The Business Research Company's, The automotive noise, vibration and harshness materials market size has grown strongly in recent years. It will grow from $12.67 billion in 2023 to $13.74 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to regulatory compliance, consumer demand for quieter vehicles, global automotive production growth, government support, market growth in emerging economies.
The automotive noise, vibration and harshness materials market size is expected to see strong growth in the next few years. It will grow to $18.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to electric vehicle (ev) growth, rise in autonomous vehicles, urbanization trends, rise in disposable income. Major trends in the forecast period include enhanced testing and measurement, integration of nvh simulation, multi-material solutions, customization for vehicle segments, integration of smart materials.
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Market Drivers and Trends:
Rising demand from the electric vehicle industry is driving the growth of the automotive noise, vibration, and harshness materials market going forward. Electric vehicles refer to vehicles that use electricity to improve vehicle efficiency. Automotive noise, vibration, and harshness materials help electric vehicles with better performance have low noise and vibration and are comfortable and quiet to drive by optimizing the performance and design of the power system, magnetic brake, gearbox, and engine of electric vehicles. For instance, in April 2021, according to the International Energy Agency report, a France-based global energy system intergovernmental organization, the number of electric vehicles sold worldwide reached 10 million in 2020, an increase of 43% from the previous year. In 2020, there were about 3 million new electric vehicle registrations. Europe took the lead for the first time, with nearly 1.4 million new registrations. China registered 1.2 million new electric automobiles after the United States registered 2.9 million. Therefore rising demand from the electric vehicle industry is driving the growth of the automotive noise, vibration and harshness materials market.
Technological advancement is the key trend gaining popularity in the automotive noise, vibration and harshness materials market. Major companies operating in the automotive noise, vibration and harshness materials market are developing products with advanced technologies to strengthen their position in the automotive noise, vibration and harshness materials market. For instance, in March 2021, VI-grade GmbH, a Germany-based software company, introduced NVH Simulator 2021.0, NVH (noise, vibration, and Harshness) simulator software. The NVH Simulator solutions, which include desktop NVH simulators, full-vehicle static NVH simulators, in-vehicle/on-road simulators, external sound simulators, and sound solutions give accurate sound in conjunction with any driving simulator, enable the experience of sound and vibration data, which helps automotive engineers and designers to utilize the NVH Simulator solutions to create and meet goals, evaluate design alternatives, do benchmark comparisons, design the sound of EVs and IC-engine vehicles, and communicate sound and vibration concepts and challenges to decision-makers.
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Major Key Players of the Market:
Dow Chemical Company, 3M Company, Sumitomo Riko Co. Ltd., Covestro AG, Huntsman International LLC, Celanese Corporation, Eastman Chemical Company, Nihon Tokushu Toryo Co. Ltd., Second Skin Audio Inc., FatMat Sound Control, HushMat Inc., Soundproof Cow LLC, GT Sound Control Inc., Wolverine Advanced Materials LLC, Silent Coat UK Ltd., DuPont de Nemours Inc., Exxon Mobil Corporation, Lanxess AG, Saudi Basic Industries Corporation, Goodyear Tire & Rubber Company, Yokohama Rubber Company Limited, H.B. Fuller Company, Sika AG, Autoneum Holding AG, Nitto Denko Corporation, Henkel AG & Co. KGaA, W. L. Gore & Associates Inc., Borgers SE & Co. KGaA, Megasorber Pty Ltd., Silentium Ltd., Vibracoustic GmbH, ElringKlinger AG, Rogers Corporation, Saint-Gobain S.A.
Automotive Noise, Vibration And Harshness Materials Market 2024 Key Insights:
• The automotive noise, vibration and harshness materials market size is expected to see strong growth in the next few years. It will grow to $18.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Surging Demand From The Electric Vehicle Sector Sparks Growth In The Automotive Noise, Vibration, And Harshness Materials Market
• Vi-Grade Gmbh Introduces Nvh Simulator 2021.0, Signaling A Technological Leap In Automotive Noise, Vibration, And Harshness Materials Market
• Asia-Pacific was the largest region in the automotive noise, vibration and harshness materials market in 2023
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