Automotive Front End Module Market is Expected to Increase to US$ 205.1 Billion by 2032: Fact.MR Analysis

The global vehicle front-end module market was valued at US$ 119 billion in 2021. It is projected that the market will be valued US$ 125.04 billion by 2022. The market is expected to start growing positively during the 2022-2032 forecast period, with a compound annual growth rate (CAGR) of 5.07% to reach US$ 205.1 billion.

Automotive front-end module sales are probably going to stay focused in the Asia Pacific region's growing nations, which exclude Japan (APEJ). According to the report, China's fast changing automotive sector is likely to further solidify the country's dominance in the Asia Pacific excluding Japan (APEJ) automotive front end module market. By the end of 2022, it is anticipated that sales of automobile front end modules in APEJ would have surpassed US$ 55,000 Mn, making it a desirable market for stakeholders. The vehicle front end module industry is witnessing a tug-of-war between North America and Europe, with Europe holding a minor advantage.

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It is anticipated that demand for composite materials in the production of vehicle front end modules would rise quickly. The analysis states that sales of automobile front end modules made of composite material are probably going to make up more than half of the market for automotive front end modules as a whole. The automobile industry has seen a notable increase in the use of composite materials due to the increased need for goods that are both lightweight and durable. Additionally, composites' high strength to weight ratio, improved corrosion resistance, and functional features have expanded their application in the production of vehicle front end modules. Furthermore, the growing market for fuel-efficient automobiles has an impact on the sales of automotive front end modules made of composite materials.

OEMs will probably always be a desirable sales channel for front-end automotive modules. According to the study, the ORM channel is anticipated to have a significant role in driving the growth of the automobile front end module market during the assessment period. Although starting from a lower basis than OEM, the aftermarket for vehicle front end modules is expected to rise at a rapid rate. In an effort to maintain and boost profitability, OEM channel tapping presents a substantial opportunity for automotive front end module market stakeholders.

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The market for automotive front end modules is predicted to develop as a result of rising vehicle production and the rising acceptance of electric vehicles. In the Asia Pacific except Japan (APEJ) area, electric vehicles are creating opportunities for front end module makers in the automobile industry. To cut expenses and increase revenues, a number of EV (electric vehicle) manufacturers are choosing to outsource car front end modules. Producers of front-end modules for automobiles might take advantage of this chance to expand their global market presence.

Sales of front-end modules for automobiles are predicted to stay strong in passenger cars, with light commercial vehicles coming in second. Furthermore, it is anticipated that growing passenger car production will present prospective growth avenues for automakers of front-end modules. Furthermore, in the upcoming years, it is anticipated that the aftermarket for automobile front end modules would grow due to the rising sales of passenger vehicles and SUVs in developed North America and Europe.

The global market for automobile front end modules is still expanding steadily, and in the upcoming years, manufacturers may anticipate a plethora of chances in various regions.

Competition Analysis

Key players in the global automotive front-end module market include Hyundai Mobis Co. Ltd., Faurecia S.A, MAHLE GmbH, Denso Corporation, HBPO GmbH, Murata Manufacturing Co. Ltd., Samvardhana Motherson Automotive Systems Group B.V, Montaplast GmbH, Compagnie Plastic Omnium S.A, Magna International Inc., Valeo S.A, and SL Corporation.

Recent Updates from the Market Include :

Hyundai Mobis declared in December 2020 that the board of directors had given the go-ahead to acquire Hyundai Autron's semiconductor division. With the help of this project, Hyundai Mobis hopes to set itself apart in the automotive industry by providing the ability to design, produce, and verify semiconductors for automobiles.

Through its subsidiary Samvardhana Motherson Reflectec, Mother Son Group completed the acquisition of a majority stake in Plast Met Group in Turkey in May 2021. Now that this deal has been completed successfully, Motherson Group has access to the enormous Turkish automobile market.

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