Pune, India, April 05, 2021 (GLOBE NEWSWIRE) -- According to the report, Automotive Fascia Market size is projected to reach USD 19.56 billion value by 2026, exhibiting a CAGR of 6.07%. The Automotive Fascia Industry was valued at USD 12.95 billion in 2020. The global automotive fascia market size is set to gain impetus from the increasing shift of people towards attractive looking cars. Modifications in vehicles can improve their overall aesthetic appearance. Hyundai, for instance, announced a few details about its redesigned 2022 Kona Electric SUVs in February 2021.
Rising Awareness Programs about Climate Change to Spur Demand
The vehicle will be launched in the U.S. market. It will feature a sleeker, aerodynamic shaped fascia design. The COVID-19 pandemic has severely affected a wide range of industries across the globe. In China, the sales of vehicles exhibited fast recovery amid the pandemic. As per the Organization International des Constructers automobiles (OICA), in August 2020, the country shipped approximately 2.2 million units. Also, governments of various countries are offering stimulus packages, which, in turn, are set to enhance the sentiments of car-buyers. Our reports will help you get out of this grave situation by selecting the best business strategy.
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Rear Fascia Segment Procured 35.6% Share in 2019, mentions Fortune Business Insights
Based on the position type, this market is bifurcated into front and rear fascia. Amongst these, the rear fascia segment generated 35.6% in terms of the automotive fascia market share in 2019. The increasing sales of passenger cars in developing and developed countries globally are likely to propel growth. By market, it is segregated into OEM and aftermarket. Lastly, in terms of the vehicle type, it is divided into passenger cars and commercial vehicles.
The report provides intelligent insights on new product developments, R&D activities, and future technologies. At the same time, it delivers elaborate information about recent investments, developments, and untapped geographies present in the automotive fascia industry. Besides, our analysts have conducted an assessment of manufacturing capabilities, strategies, and shares of renowned companies.
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The automobile industry is currently prioritizing the concept of light weighting. Many OEMs are replacing heavyweight components with light ones to lower the overall weight of vehicles. This is compelling engineers to develop innovative assembly processes and cost-effective substitutes. Automotive companies and government bodies are striving persistently to reduce emission of fuels from vehicles to prevent air pollution and global warming.
Euro 6, for instance, declared that vehicles should not emit more than 95g/km of carbon dioxide. These factors are expected to spur the demand for automotive fascia in the near future. However, the maintenance and replacement cost of an automotive type of fascia is very high because of the presence of premium-quality plastics. It may hamper the automotive fascia market growth in the upcoming years.
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Asia Pacific to Dominate Stoked by Increasing Purchase of New Vehicles
Geographically, Asia Pacific held USD 10.06 billion in terms of revenue in 2019. It is set to retain its dominant position throughout the forthcoming years because of the rising shift of people towards new vehicles and high demographic growth. In India, for instance, the government is taking numerous initiatives to promote the scrappage policy. It would help in reducing pollution caused by fuel-based vehicles.
On the other hand, Europe is expected to be the second-largest region on account of the presence of reputed automotive manufacturers in the region. In North America, the market would grow steadily fueled by the increasing sales of commercial vehicles for transportation purposes. The entry of prominent companies from Europe and Asia Pacific in the Middle East and Africa and Latin America is anticipated to accelerate the demand for automotive fascia.
- Dongfeng Electronic Technology Co., Ltd. (DETC) (China)
- MRC Manufacturing (Roseville MI)
- Eakas Corporation (Peru, United States)
- FLEX-N-GATE CORPORATION (URBANA ILLINOIS, USA)
- Magna International Inc., (Aurora, Canada)
- SANKO GOSEI (Toyama-ken, Japan)
- Plastic Omnium (Île-de-France, France)
- Gestamp (Madrid, Spain)
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Global Automotive Fascia Market Segmentation:
By Position Type:
- Front Fascia
- Rear Fascia
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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