Automotive Decorative Exterior Trim Market Analysis

Automotive Decorative Exterior Trim Market Analysis

Around lamp will account for over USD 9 billion till 2024. Improvement in vehicle aesthetics along with superior fit and finish will influence the industry positively. Higher preference of OEMs toward chrome material and enhanced finish of the product will further support the industry dominance.
 

Daylight opening is estimated to acquire nearly 15% volume share in the automotive decorative exterior trim market till 2024. Shifting preference of vehicle manufacturers toward providing a smooth functioning of their products will further escalate the revenue generation till 2024.
 

Passenger cars are anticipated to exhibit over 4% CAGR between 2017 and 2024 owing to their substantial production globally. Car owners prefer enhancements in their vehicle to make them more personalized. Product manufacturers are involved in developing the decorative trim and supplying directly to the vehicle OEMs. Additionally, manufacturers are indulged in long term supply agreement with the vehicle OEMs.
 

Automotive decorative exterior trim market share from light commercial vehicles is expected to surpass 60 kilo tons till 2024 owing to high product usage in windows and doors. High demand for utility trucks, vans, etc., coupled with the high usage of plastics in the manufacturing of product for these vehicles will further strengthen the product penetration over the coming years.
 

OEMs are expected to reach USD 19 billion over the forecast period. OEMs install these products while manufacturing vehicles and supply the components to workshops and garages for replacement purposes. Insurance and warranty offered by OEMs will significantly contribute toward the industry dominance over the coming years. Manufacturers are focusing toward delivering the exterior trims developed with high-quality materials resulting in minimal chances of damage. Moreover, the manufacturers collaborate with vehicle repairing outlets for increasing their sales, supporting the industry growth till 2024.
 

Significant growth of aftermarket in the industry can be attributed to the rising accident rates and low product cost worldwide. These trims are susceptible to damage due to accidents and unsuitable weather conditions, thus escalating the replacement needs, positively influencing the aftermarket revenue share. Aftermarket demand is highly dependent on customers’ preferences towards quality and cost. Cost-effectiveness is another advantage that will foster the industry growth over the projected time span.
 

Asia Pacific automotive decorative exterior trim market size is projected to account for major revenue capturing over 40% by 2024. Substantial vehicle production across the region, especially in developing countries including India, China, and Indonesia will primarily drive the industry growth over the forecast timeframe. Rising demand for improving aesthetics of the vehicle among consumers will further create positive impact on the industry.
 

Europe is mainly led by Italy, Spain and Poland exhibiting significant growth rate during the forecast timeframe. Industry players are engaged in research activities to enhance the product by improving the quality of raw materials used. Europe automotive decorative exterior trim market share is likely to witness a growth of over 4% from 2017 to 2024.