Automotive Intake Manifold Market to increase rapidly by 2024
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According to the research report, the global automotive intake manifold market is expected to be worth US$58.7 bn by the end of 2024 from US$42.7 bn in 2015. The market is estimated to progress at a CAGR of 3.6% during the forecast years of 2016 and 2024.
Aluminum Remains Most Popularly Used Material for Automotive Intake Manifolds
Analysts anticipate that aluminum is likely to be the widely used material for making automotive intake manifolds in the coming years. Manufacturers will use aluminum as the material is remarkable lightweight and eliminates the chances of rusting in systems. Against this background, the aluminum material segment is projected to rise at a CAGR of 3.3% during the forecast period. The research also indicates that the composites will exhibit a significant demand in the coming years.
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In terms of geography, the Asia Pacific automotive intake manifold market is expected to show exceptional growth rate. China and Japan are projected to be the leading contributors to the soaring revenue of this regional market. All through the forecast period, the Asia Pacific automotive intake manifold market is projected to surge at an above average CAGR of 4.0%.
Regulatory Frameworks Determine Growth Rate of Global Market
The demand for automotive intake manifold has been on a consistent rise due to the stringent regulation by various governments to reduce the weight of vehicles in order to make them fuel efficient. For instance, The Corporate Average Fuel Economy (CAFÉ) Standards have urged manufacturers to opt for lighter vehicle components, which, in turn, has had a positive impact on the overall market. For the same reason, aluminum is being widely used for making automotive intake manifolds. The research report also shows that plastics are also gaining popularity in production processes as they are extremely light in weight and thus make a big difference in helping automobile makers achieve the desired fuel economy.
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The signs of robust growth of the automotive industry after the recent economic slowdown has also had a positive impact on the global automotive intake manifold market. Countries such as Japan, China, and India are making a significant contribution to the ever-growing demand of passengers. Rising disposable incomes, increasing GDPs, and improving standard of living are all expected to have a huge impact on the demand for passenger vehicles, which, in turn, will augment the demand for automotive intake manifolds in the coming years.
Fluctuating Raw Material Prices to Hamper Market Growth
Despite the steady growth of the overall market, the fluctuating prices of raw materials are likely to have a negative impact on its revenue during the forecast period. A considerable rise in the prices of stainless steel and aluminum are expected to hamper the growth of the overall market. Aluminum prices have been on a steady rise and have has a significant impact on the production and sales of automobiles. The fall in exports of aluminum from China is the primary reason for these rising prices of raw materials.
This review is based on Transparency Market Research’s report, titled “Automotive Intake Manifold Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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