Exterior Trim for Automotive Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
Exterior trims are exterior parts of the vehicle that are made of different conventional materials such as plastic, fiber, metal, and other materials. Exterior trims for automotive are a primary and integral part of the vehicle, as they protect the vehicle from unwanted damage caused due to surrounding vehicle. Exterior trims for automotive refer to the components that are summed to the exterior of an automobile to increase its esthetic appeal. Exterior trims for automotive include the bumper, hood, light assembly, wheel flares, and headlight covers. Most modern vehicles are incorporated with a high number of exterior trims in order to embellish the appearance of vehicles.
Increase in demand for exterior trim for automotive is witnessed due to their extensive usage in vehicles, in order protect the vehicles from dents and any other damage. This is a key factor that is expected to drive the exterior trim for automotive market during the forecast period. Numerous innovations and developments and shifting consumer preference are propelling application of plastic and fiber in exterior trim for automotive owing to its cost effectiveness than metals. Plastics and fiber are lightweight components that reduce the weight of the vehicle, thereby improving vehicle efficiency. This is expected to provide significant growth opportunities for the exterior trim for automotive market. Advancements in technology and development of design and material in order to reduce the cost, thereby making the vehicle more efficient, are also projected to boost the exterior trim for automotive market during the forecast period. Exterior trims offer several benefits such as reliability, protection of vehicles from major damage, and availability in any region. Rising competition among auto manufacturers owing to consumer awareness and to provide cost effective, reliable, and improved product is likely to provide lucrative opportunities to the exterior trim for automotive market. Complexity in product replacement and maintenance are expected to hamper the exterior trim for automotive market during the forecast period.
The exterior trim for automotive market can be segmented based on type, vehicle type, sales channel, and region. Based on type, the exterior trim for automotive market can be segregated into plastic, metal, and others. The plastic segment accounts for a major share of the market, as compared to the others. The segment is expected to expand at a significant growth rate during the forecast period owing to its light weight, cost-effectiveness, and ease of availability.
In terms of vehicle type, the exterior trim for automotive market can be segregated into passenger vehicles and commercial vehicles. The passenger vehicles segment held a prominent share of the market owing to the higher rate of adoption and increasing consumer demand especially from high-end luxury vehicles, SUVs, and others. This is expected to propel the exterior trim for automotive market during the forecast period.
Based on sales channel, the exterior trim for automotive market can be classified into original equipment manufacturers (OEMs) and aftermarket. The aftermarket segment holds a major share of the market, as compared to the OEMs segment. This is due to the increase in accident ratio and maintenance of the vehicle, leading to regular replacement of the components.
In terms of geography, the exterior trim for automotive market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and Rest of the World. Among regions, Asia Pacific accounts for a major share of the global exterior trim for automotive market, due to the high rate of adoption and infrastructural developments, especially in China, India, Japan, and Korea. The exterior trim for automotive market in Europe, especially in Germany, France, Italy, and the U.K., is also expected to expand due to rapid expansion in industrialization and technological advancements in the automotive production sector in these countries.
Key players operating in the global exterior trim for automotive market include TOYODA GOSEI Co., Ltd., Hutchinson, CIE Automotive, DURA Automotive Systems, Magna International Inc., Midland Vehicle Components, Takata Corporation., SRG Global, and Arkema Group.
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