Press release
Top Market Shifts Transforming the Automotive Aerodynamic Market Landscape: Key Insights
Automotive Aerodynamic
What Is the Expected CAGR for the Automotive Aerodynamic Market Through 2025?
In recent times, there has been significant growth in the size of the automotive aerodynamic market. It is expected to rise from $28.26 billion in 2024 to $29.9 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.8%. Factors such as the tightening of emission regulatory standards, increased globalization, heightened environmental consciousness, the proliferation of hybrid vehicles, enhanced customer expectations for performance, and the surging demand for luxury high-end vehicles can all be accredited for this historical growth period.
What's the Projected Size of the Global Automotive Aerodynamic Market by 2029?
The market for automotive aerodynamics is projected to experience robust expansion in the coming years. It is set to rise to $36.95 billion by 2029, boasting a Compound Annual Growth Rate (CAGR) of 5.4%. This development during the predicted period can be credited to factors such as growing car demand, a surge in the call for electric vehicles, rampant investments in R&D, mounting fuel prices, and escalating urbanization. Key trends anticipated during this forecast period encompass technological advancement, implementation of superior computational fluid dynamics, integration of featherweight materials, creation of aero-efficient electric vehicle designs, and the advent of aerodynamic wheels and tires.
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Top Growth Drivers in the Automotive Aerodynamic Industry: What's Accelerating the Market?
The growth of the automotive aerodynamics market is likely to be boosted by the surging demand for electric vehicles. Electric vehicles, powered by stored electricity through electric motors instead of internal combustion engines, are increasingly sought after due to environmental awareness, governmental incentives, advancements in battery technology, lower operating costs, and measures to improve urban air quality. Utilizing automotive aerodynamics in electric vehicles contributes to efficiency by reducing resistance, extending range, and ensuring stability at high velocities, ultimately maximizing the performance derived from the energy stored in their batteries. For example, the International Energy Agency, a intergovernmental organization based in France, reported in March 2023 that the electric vehicle market exhibited robust growth, surpassing 10 million sales in 2022. Electric vehicles accounted for 14% of all new car sales, a rise from 9% in 2021. As such, the surge in demand for electric vehicles is fueling the expansion of the automotive aerodynamics market.
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What Trends Will Shape the Automotive Aerodynamic Market Through 2029 and Beyond?
Leading enterprises in the automotive aerodynamics market are prioritizing the development of revolutionary technologies like aerodynamic drag-reducing systems to increase fuel effectiveness, better vehicle operation, and cut down carbon emissions. Systems for reducing aerodynamic drag are techniques and design methods for diminishing the resistance a vehicle, aircraft, or any mobile entity faces when moving through the air. For example, in January 2024, South Korean automotive manufacturer Hyundai Motor Company released their innovative active air skirt technology to improve vehicle aerodynamics. This advanced system features dynamic flaps built into the vehicle's front bumper and underbody, which auto-adjust to enhance airflow depending on driving factors. At higher speeds, the vehicle deploys the flaps to minimize drag, improving fuel efficiency and performance. Conversely, the flaps withdraw at slower speeds or when cooling is necessary, permitting superior airflow to the engine and brakes.
What Are the Main Segments in the Automotive Aerodynamic Market?
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
Subsegments:
1) By Services: Aerodynamic Testing Services, Consulting And Engineering Services, Prototyping And Design Optimization, Aerodynamic Analysis And Performance Evaluation, Post-Testing Modifications And Adjustments
2) By Software: Computational Fluid Dynamics (CFD) Software, Vehicle Aerodynamics Simulation Software, Design Optimization Software, 3d Modeling And Visualization Tools, Aerodynamic Performance Evaluation Software
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Which Top Companies are Driving Growth in the Automotive Aerodynamic Market?
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
Which Regions Will Dominate the Automotive Aerodynamic Market Through 2029?
Asia-Pacific was the largest region in the automotive aerodynamic market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive aerodynamic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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