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The active grille shutter market is projected to reach US$ 3,094.60 million by 2028 from US$ 2,161.67 million in 2021
It is expected to grow at a CAGR of 5. 3% during 2022–2028. Automobile manufacturers are rapidly embracing different technologies to attract new customers and gain a competitive advantage. Several macroeconomic factors have created a severely hostile environment for automotive manufacturers since 2018.
New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Active Grille Shutter Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Propulsion Type , Vane Type, and Vehicle Type" - https://www.reportlinker.com/p06316342/?utm_source=GNW
Moreover, the COVID-19 pandemic caused severe disruptions, subjecting many automobile manufacturers to huge economic losses.Political factors in Europe, the Middle East, and South America negatively affected component supply, which further delayed automobile production.
Severe economic downturns in several countries resulted in decreased consumer spending on discretionary or optional goods.Despite such factors, automobile sales started increasing in 2021, primarily propelled by increasing sales of passenger vehicles.
High-end passenger vehicles, including electric vehicles, dominated the overall demand for automobiles. Automobile manufacturers integrated active grille shutters to such vehicles for attracting customers. These shutters can significantly improve aerodynamic performance of a vehicle, thus reducing fuel consumption, along with aiding in optimal temperature maintenance of internal combustion engines (ICEs) or batteries (in terms of EVs). Additionally, the automotive industry is shifting toward lightweight components in vehicles, as they offer higher strength-to-weight ratios, corrosion resistivity, and workability features. Such components are meant to replace heavy metals in various vehicle parts. The industry is moving toward the growing demand for such lightweight components, including active grille shutters. Thus, the demand for lightweight active grille shutters has significantly increased among automakers over the decade, as they help save assembly time and reduce overall vehicle mass. Lightweight active grille shutter modules can help achieve up to 25% mass savings over steel versions, leading to better fuel efficiency and lower carbon emissions. Recently, Magna, a leading automotive manufacturer, launched its full-system assembly of composite liftgates and active aerodynamic grille shutters in China.
Impact of COVID-19 Pandemic on Active Grille Shutter Market Growth
Limitations imposed by governments to control the spread of COVID-19 during the initial phase of the global health crisis affected the daily operations of most automobile manufacturers.Stringent restrictions and supply chain disruptions, which resulted in the shortage of semiconductor chips, put most automobile companies in jeopardy.
Similar situations were witnessed across most countries across all regions.Automobile production was significantly hampered by shortage of semiconductor chips.
Which in turn resulted in decreased demand for active grille shutters.Low traffic volumes on road resulted in decreased sales of aftermarket active grille shutters as well.
Europe, being one of the largest automobile manufacturers, witnessed a significant drop in vehicle production. Countries such as Germany, France, Italy, and the UK recorded low automobile sales. However, in 2021, after the temporary restrictions were lifted, the automobile industry swung around and started recording good sales volumes. Electric vehicle sales recorded high growth rates, while internal combustion engine based vehicles recorded moderate growth rates. Several active grille shutter market players announced new product lines for aftermarket fittings. Moreover, several enterprises shifted their focus to opening new factories in different regions to shield themselves from any possible supply chain disruptions in the coming years. Owing to such trends, the outlook post COVID for the active grille shutter market thus seems favorable for most active grille shutter market players.
China accounts for the largest share of the active grille shutter market in Asia Pacific, followed by Japan and South Korea.The active grille shutter market in China is growing at one of the fastest pace globally.
Automobile manufacturers in the country have been among the prime adopters of active grille shutters in APAC as they seek to scale up their export volumes.With growing demand for fuel efficient vehicles globally, such strategies are expected to be adopted by most European automobile manufacturers as well, in the near future.
Similar strategies are also being adopted by automobile manufacturers in India, Japan, and South Korea, which is contributing to the proliferation of the active grille shutter market players operating in the region.
The active grille shutter market revenue was predominantly generated through sales of passenger vehicles.However, this scenario is changing fast due to the growing awareness of the advantages of these shutters in, both, light and heavy commercial vehicles.
These vehicles tend to consume much larger quantities of fuel.With strict regulations on carbon emission in effect in several countries, manufacturers of light and heavy commercial vehicles are adopting active grille shutters to improve aerodynamics and decrease the fuel consumption of their offerings.
Such developments are expected to boost the active grille shutter market growth.
HBPO GmbH; Magna International Inc.; Röchling SE & Co. KG; Shape Corporation; SRG Global; Standard Motor Products Inc.; STARLITE Co., Ltd.; Techniplas US LLC; Valeo SA; and Wirthwein AG are among the key companies in the active grille shutter market.
The overall active grille shutter market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast of the active grille shutter market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights.
Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the active grille shutter market.
Read the full report: https://www.reportlinker.com/p06316342/?utm_source=GNW
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