Categories: Market Research

Automotive Fascia Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Fascia by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Fascia, The automotive fascia market size has grown strongly in recent years. It will grow from $19.95 billion in 2023 to $21.27 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to aesthetic design trends, government initiatives , integration of advanced lighting systems, customization and brand differentiation, environmental concerns and lightweighting.

The automotive fascia market size is expected to see strong growth in the next few years. It will grow to $27.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to electrification and autonomous driving, sustainable material solutions, smart connectivity features, global expansion of automotive production, urbanization and traffic safety concerns. Major trends in the forecast period include integration of advanced lighting technologies, customization and aesthetic design, materials innovation for weight reduction, sustainable and recyclable materials, incorporation of smart technologies, adoption of advanced manufacturing techniques.

The increasing sales of vehicles are expected to propel the growth of the automotive fascia market going forward. A vehicle refers to an automobile with an engine that transports individuals or objects between locations. Automotive fascia is situated at the front and rear of a vehicle. It plays a crucial role in the design of the vehicle’s aerodynamics while also adding a beautiful finishing touch to the exterior. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. In 2021, about 6.3 million passenger automobiles were produced in US auto plants, a 3.1% increase over 2020. In 2021, Chinese automakers manufactured 20.7 million automobiles, a 7.1% increase. The total number of cars produced worldwide increased by 2.7% to 63.2 million in 2021. Therefore, the increasing sales of vehicles are driving the growth of the automotive fascia market.

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The automotive fascia market covered in this report is segmented –

1) By Type: Front Fascia, Rear Fascia, Commercial Vehicles, Passenger Cars

2) By Material: Steel And Aluminium, Rubber, Plastic Covered Styrofoam, Plastic Covered Aluminium, Other Materials

3) By End-User: Aftermarket, Original Equipment Manufacturer (OEM)

Technological advancements are a key trend gaining popularity in the automotive fascia market. Companies operating in the automotive fascia market are adopting new technologies to sustain their position in the market. For instance, in June 2021, Hyundai Mobis, a South Korea-based automaker corporation and car parts company, unveiled the new ‘lighting and moving’ grille technology. The front grille of the car now has an LED lighting function, and the moving grill has a new ‘grille integrated active pair flap’ technology. This technique automatically adjusts the airflow entering the engine bay. In addition to communicating with other vehicles, the lighting grille can provide powerful and distinct design effects. The ‘moving grille’ technology, on the other hand, regulates the outside air to cool the powertrain because the grille moves and serves as illumination. This new grille has internal air flaps built into it that sense variations in coolant temperature and restrict the entry of outside air by lowering the flaps if cooling is not required.

The automotive fascia market report table of contents includes: