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Front-End Modules in Automotive: Global Market Drivers and Forecast 2024
Automotive Front-End Module Market Size
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According to The Business Research Company's, The automotive front-end module market size has grown strongly in recent years. It will grow from $112.02 billion in 2023 to $119.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to safety regulations, vehicle design trends, increased vehicle production, urbanization, lightweighting initiatives.
The automotive front-end module market size is expected to see strong growth in the next few years. It will grow to $156.54 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to electrification of vehicles, advanced driver assistance systems (adas, stricter emission standards, connectivity features, modular and scalable designs, sustainability initiatives. Major trends in the forecast period include active grille shutter integration, multi-material construction, integrated lighting systems, sensor integration for pedestrian safety, autonomous vehicle-specific designs, design collaboration with oems.
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Market Drivers and Trends:
The increase in vehicle production is expected to drive the growth of the automotive front-end module market going forward. The growing economy and rising standard of living have changed the purchasing power. While the economic effects of COVID-19 have disrupted the way people live and move around the world, a new way of living is expected to emerge. With social distancing being the best line of defense against COVID-19, there is a sudden increased demand for personal mobility worldwide. Such a surge in demand for vehicle production leads to increasing production and demand for front-end modules. For instance, in April 2022, according to a report published by the European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. Additionally, according to the Global EV Outlook 2021, consumers spent 120 billion USD on electric vehicle purchases in 2020, a 50% increase over 2019. Therefore, the increasing sales have increased the production of the vehicle, which in turn will drive the automotive front-end module market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Marelli Corporation, Cie Plastic Omnium SE, Denso Corporation, Faurecia SA, HBPO GMBH, Hyundai Mobis Co. Ltd., Magna International Inc., Mahle GmbH, Valeo S. A., Compagnie Plastic Omnium SE, Samvardhana Motherson Automotive Systems Group B. V., SL Corporation, AGS Automotive Systems, Arkal Plastic Products Ltd., Inteva Products LLC, Gestamp Automoción S. A., Flex-N-Gate Corporation, Hella KGaA Hueck & Co., Continental AG, ZF Friedrichshafen AG, Thyssenkrupp AG, Tower International Inc., Martinrea International Inc., Shiloh Industries Inc., G-Tekt Corporation, F-Tech Inc., KIRCHHOFF Automotive GmbH, JTEKT Corporation, Toyoda Gosei Co. Ltd., Benteler Automotive Corporation
Automotive Front-End Module Market 2024 Key Insights:
• The automotive front-end module market size is expected to see strong growth in the next few years. It will grow to $156.54 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Increasing Vehicle Production Driving The Growth Of The Automotive Front-End Module Market
• Technological Advancements Driving The Growth Of The Automotive Front-End Module Market
• Asia-Pacific was the largest region in the automotive front-end module market in 2023
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