Market Research Future (MRFR) projects the global Vehicle front end module market to show a CAGR of 6% from 2022 to 2030 (forecast period).
The Vehicle front end module market witnesses rising revenue. The market growth attributes to the rising demand for lightweight vehicles and technically advanced front-end modules. Standardized modular FEM allows the standard design to be used in multiple models, thus saving a considerable cost. Also, FEMs can be installed at the end of the assembly sequence, which saves time & cost during the manufacturing process of the vehicle.
Several Factors Contributing to Market Growth
Automotive front-end modules are multi-piece assemblies that incorporate many components such as forward lights, radiator, and colling fans, bumpers, air conditioning condensers, and others. The rising need for vehicle weight reduction and increasing demand for technically advanced light weight Vehicle front end modules are projected to drive demand for automotive front-end modules. Since the structure of the modular FEM can be standardized, a common design can be used in various models, resulting in cost savings. Furthermore, FEMs can be installed late in the assembly sequence, saving time and money during the vehicle's manufacturing process. According to the trend, lightweight composites FEM such as polypropylene are being used in vehicles to improve fuel efficiency and performance, which is likely to contribute to the growth of the Vehicle front end module market.
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Increasing Sales of Counterfeit Products
The increasing sales of counterfeit products in the industry are limiting the growth of the automotive front-end module market. Counterfeit products are of poor quality and are widely accessible at considerably lower prices than those created by OEMs. Furthermore, rigorous adherence to safety rules regarding the usage of modern, lightweight front-end module components in automobiles impedes market growth to some extent.
The global automotive Vehicle front end module industry has been segmented into material, component, and vehicle.
Based on material, the global automotive Vehicle front end module industry has been segmented into Steel, Composite, Plastic, and Others.
Based on components, the worldwide Vehicle front end module market has been segmented into Headlight, Front Grill, Radiator, Condenser, Horn Assembly, Oil Cooler, and Others.
Based on vehicle, the worldwide Vehicle front end module market has been segmented into Passenger and Commercial.
APAC to Dominate the Global Market
The Asia Pacific dominates the Vehicle front end module market. The Vehicle front end module market in the Asia Pacific is predicted to increase significantly. Emerging markets like China and India are expected to drive the market due to rising vehicle demand, growing middle-class disposable income, purchasing power, and rising middle-class disposable income and purchasing power.
The key players in the worldwide Vehicle front end module market are Mahle GmbH, Faurecia SA, Denso Corporation, Calsonic Kansei Corporation, Hbpo Group, Magna International Inc., Hyundai Mobis, Plastic Omnium, SL Corporation, and Valeo S.A.
Highly competitive, the Vehicle front end module market appears fragmented due to the presence of several well-established players. Technology providers adopt strategic initiatives such as mergers & acquisitions, expansion, technology innovations, and product & service launch to gain a larger competitive share, intensifying the competitive environment of the market.
Matured technology providers increasingly focus on maximizing their market share while small players find it challenging to compete with them. Many brands have outlined plans to widen the penetration by including various technologies to their product portfolio. These strategies also help players to gain a larger competitive advantage in the market and to meet their expansion plans.
Industry/ Innovation/ Related News
August 26, 2020-- Porsche AG (Germany), a leading automobile manufacturer, launched its new comprehensively revamped model named Porsche Panamera that covers an even wider spectrum, combining a sports car's performance with the comfort of an exclusive saloon. The new top-of-the-range model would pursue Porche's e-performance strategy.
The new Panamera models are now equipped from the factory with the previously optional sport design front end with striking air intake grilles, large side cooling openings, and a single-bar front light module.
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