The global automotive exterior trim parts market in 2022 was US$ 21.03 billion and is estimated to be US$ 42.5 billion in 2023. According to Future Market Insight, the automotive exterior trim parts market is estimated to expand at a CAGR of 4.0% between 2023 and 2033, totaling around US$ 62.9 billion by 2033.
The rise in the trend of vehicle customization and personalization thus driving the demand for high-quality and articulated appealing automotive trim parts. Moreover, consumers search for different ways to make sure that their vehicles stand out, and customized trim parts are an easy and affordable way to achieve this market growth.
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The addition of many new and advanced features in automotive trim parts provides comfort with a decrease in the overall weight of the vehicle through the usage of fiberglass components. These components are anticipated to attract automobile companies and thus push the market’s demand and sales of automotive exterior trim parts in an upward direction.
Key Takeaways from the Market Study
- Sales of automotive exterior trim parts are said to account for a 27% share of global automotive exterior trim parts market revenue.
- Anticipated value of the global automotive exterior trim parts market expanded at a CAGR of 3.2% between 2018 and 2022.
- Automotive exterior trim parts industry in North America holds a market share of 48.6%.
- Global industrial landscape for Europe occupies a significant share of 25.2%.
- Asia Pacific is expected to have a dominant market share of 34% during the forecast period.
- Based on product type, demand for bumper products is estimated to be with a market share of 62.7%.
- Based on the vehicle type segment, commercial vehicles are set to retain their dominating positions in the automotive exterior trim parts market with a market share of 44.8%.
Increasing disposable income to significantly influence market potential is considered one of the key drivers of the automotive exterior trim parts market – comments Future Market Insights analyst.
Competition Landscape
The automotive exterior trim parts industry consists of consequential market players. Further, research and development for the introduction of environment-friendly product lines form the core aspect of these manufacturers. In addition to that, other expansion strategies, inclusive of collaborations, mergers and acquisitions, and exploration of regulatory approvals, are also relied upon.
Some of the prominent players profiled in the global market are-
- AISIN Group
- CIE Automotive
- DURA Automotive Systems
- Ficosa Internacional SA
- GEDIA Automotive Group
- GRONBACH
- Hayashi Telempu Corporation
- IDEAL Automotive
- KASAI KOGYO Co. Ltd.
- KKIRCHHOFF Automotive
- Knauf Industries
- NOVARES
- NVH Korea
- Samvardhana Motherson Group
- TOYOTA BOSHOKU Corporation
- Plastic Omnium
Key Developments of the Leading Players in the Automotive Exterior Trim Parts Market
- In April 2023, Dura Automotive Systems, one of the dominant manufacturing employers in Tennessee’s Bledsoe County, announced that it is going to soon shut down its plant there in the month of June and will lay off the 80 workers left from a workforce that was 500 strong four years ago.
- In April 2023, Ficosa, considered to be a leading global company, is mainly committed to research, development, production, etc., thus, plans to sell more than 7 million cameras over the course of 2023. Ficosa’s vision portfolio includes in-vehicle and out-of-vehicle cameras to drive solutions for improved safety and comfort in mobility.
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Key Segments of Automotive Exterior Trim Parts Industry Survey
The Automotive Exterior Trim Parts Market by Product:
- Front Bumpers
- Rear Bumpers
- Outside Rear View Mirrors (ORVM)
- Rocker Panels (Under Panels)
- Radiator Grills
- Wheel Arch Claddings (Fender Liners)
- Outside Door Handles
- Exterior Car Door Trims
- Mud Guards
- Exterior Trim Parts
The Automotive Exterior Trim Parts Market by Vehicle Type:
- Passenger Cars
- Compact
- Mid-size
- Luxury
- Sedan
- SUV
- Commercial Vehicles
- Heavy Trucks & Buses
The Automotive Exterior Trim Parts Market by Sales Channel:
- First Fit
- Replacement
The Automotive Exterior Trim Parts Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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