Press release
Automotive Aerodynamic Industry Set to Achieve $35.39 Billion Milestone by 2029 | Steady 4.6% CAGR
Automotive Aerodynamic Market
What Is the Long-Term Growth Forecast for the Automotive Aerodynamic Market Size 2025?
In recent times, the automobile aerodynamic sector has witnessed consistent growth. The market size, which is projected to be $28.26 billion in 2024, is expected to increase to $29.51 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 4.4%. This continued expansion during the historic phase is attributed to the escalation in regulatory norms related to emissions, the surge in globalization and environmental consciousness, the evolution of hybrid vehicles, growing consumer appetite for high-performance cars, and the increased market demand for premium luxury vehicles.
What CAGR is Forecasted for the Automotive Aerodynamic Market Through 2029?
Steady expansion is forecasted for the automotive aerodynamic market size in the coming years, reaching a valuation of $35.39 billion in 2029, reflecting a compound annual growth rate (CAGR) of 4.6%. The upward trend for the forecast period connects to numerous factors, including elevated automobile and electric vehicle demand, heightened R&D investments, surging fuel prices, and accelerated urbanization. Leading trends in this forecasted period consist of technological breakthroughs, the use of sophisticated computational fluid dynamics, incorporation of lightweight materials, progressive aero-efficient EV designs, and the introduction of aerodynamic wheels and tires.
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What Are the Critical Factors Driving Automotive Aerodynamic Market Development?
The anticipated surge in electric vehicle needs is predicted to boost the automotive aerodynamics market's progression. Electric vehicles (EVs), which use electric motors propelled by stored electricity rather than traditional engines, are seeing increased demand. The popularity of EVs is attributed to factors such as awareness about the environment, governmental incentives, advancements in battery technology, lower operational costs, and the pursuit of better urban air quality. Automotive aerodynamics play an integral role in EVs by minimizing drag, enhancing mileage, and maintaining stability at high speeds; thereby ensuring the battery's energy is utilized to its maximum potential. For example, in March 2023, the International Energy Agency, a French intergovernmental entity, reported that the market for electric vehicles had seen explosive growth. The figures overwhelmed the 10 million sales mark by 2022, with EVs representing 14% of all new vehicle purchases, a notable advance from 9% in 2021. Hence, the escalating demand for electric vehicles fuels the expansion of the automotive aerodynamics market.
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How Does the Automotive Aerodynamic Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Automotive Aerodynamic Industry?
Leading corporations in the automotive aerodynamics market are concentrating on developing advanced technologies like aerodynamic drag-reducing systems. These technologies aim to increase fuel economy, boost vehicle performance, and cut down on carbon emissions. Aerodynamic drag-reducing systems use design tactics and techniques to lessen the resistance that an object in motion, like a vehicle or aircraft, experiences when encountering air. In January 2024, for instance, Hyundai Motor Company, a South Korean automotive manufacturing giant, introduced active air skirt technology to enhance vehicle aerodynamics. This innovative system incorporates active flaps into the vehicle's front bumper and underbody that automatically adjust to maximize airflow depending on the driving conditions. When a vehicle is running at high speeds, the flap is deployed to diminish the drag, thereby increasing fuel efficiency and performance. However, the flaps withdraw at slower speeds or when the engine and brakes require cooling to allow for improved airflow.
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Which Players Are Driving Innovation 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 Are Driving Global Automotive Aerodynamic Market Expansion?
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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