Global Automotive Exterior Trim Market Size Will Reach 22.05 Billion Dollars By 2024, From 20.66 Billion Dollars In 2018
Wednesday, 04 Sep, 2019
Asia region, especially China is estimated to account for the largest share, in terms of production, of the global automotive exterior trim market in 2018. The region comprises some of the fastest developing economies in the world, including China, India, Japan and Korea. This has led to an increase in vehicle production volumes over the years, with OEMs catering not only to the domestic demand but to overseas demand as well.
In terms of value, the global automotive exterior trim market is projected to grow at a CAGR of 1.09% from 2018 to 2024. The market is estimated to be 22.05 billion USD by 2024 from 20.66 billion USD in 2018.
Passenger cars are expected to constitute the largest share in the global automotive exterior trim market. This can be attributed to the growing need of personal cars and private cab’s in the emerging economies. It has triggered the demand for exterior trim, from passenger car manufacturer side.
In 2018, worldwide sales of passenger cars and light commercial vehicles decreased for the first time since 2009, as carmakers sold 1% fewer vehicles, but beyond 2018 there are still reasons to be optimistic the market will surpass 100 mn units/year early next decade. China’s market potential remains large, and while economic growth continues to slow, this continues at fairly enviable levels by most standards. And with clarity from the government regarding tax cuts and the new emission legislation, the hold-off on purchasing should also unwind. Elsewhere, the other BRICs markets are either on the path to recovery (Brazil, Russia) or on course for new highs (India).
The ecosystem of the automotive exterior trim industry consists of manufacturers such as Magna, Cooper Standard, Plastic Omnium, Toyoda Gosei, MINTH Group, YFPO, Hutchinson, Nishikawa Rubber, SaarGummi, Kinugawa, CIE Automotive, Dura Automotive, Zhejiang Xiantong dominates the market globally, they accounts for over 64% market share in 2018.