Automotive Front End Module Market Outlook and Opportunities in Grooming Regions with Forecast to 20
Fact.MR envisages that the demand for automotive front end module is projected to expand at a CAGR of 5.1% during the period of forecast, 2017-2022. Steady adoption of automotive front end module is likely to translate into sales nearly cross US$ 121,000 Mn by end of the assessment period, according to the report.
[USPRwire, Wed Aug 07 2019] Industry wide shift towards efficient, aesthetically pleasing and lightweight features continue to influence the growth of the automotive front end module market. With growing consumer inclination toward vehicle front end modules, heavy investments are being made in the automotive front end module space as manufacturers opt for miniaturization of their products. In addition, evolution of smart automotive front end module has embossed a positive impact its market’s growth on the coattails of increasing proliferation of Internet of Things (IoT). Fact.MR envisages that the demand for automotive front end module is projected to expand at a CAGR of 5.1% during the period of forecast, 2017-2022. Steady adoption of automotive front end module is likely to translate into sales nearly cross US$ 121,000 Mn by end of the assessment period, according to the report.
Plastic material is gaining significant traction in the manufacturing of automotive front end modules on the back of growing demand for automobile weight reduction. Moreover, evolution of composites and their acceptance in the automotive sector shifted manufacturers’ focus toward adoption of hybrid systems that are a combination of composites and steel. However, recently, players in the automotive front end module market are more focused on product development using composites using injection molded pelletized LFTs (Long Fiber Thermoplastics). They are also using direct LFTs and lightweight composite material LFTs in automotive front end module.
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Increasing automobile production in emerging economies of China and India in the Asia Pacific (APAC) has largely influenced the growth of the automotive front end module market. Manufacturers of automotive front end modules can expect momentous growth in emerging countries of APAC in the coming years. In addition, stakeholders in the automotive front end module market have been targeting China owing to its huge economic stimulus. This is expected to auger well for the growth of the Asia Pacific automotive front end modules market in the coming years.
Miniaturization of automotive front end modules along with integration of Internet of Things (IoT) continues to be on an upswing. Proliferation of smart technologies in automotive sector have enabled stakeholders to invest in development of automotive parts using which customers can stay connected with other users in vehicles. This triggered the development of automotive front end modules that feature Bluetooth, Wi-Fi, and LTE connectivity. Key players in the automotive front end module market have been focusing on developing advanced products. For instance, Skyworks Solutions have come up with automotive front end modules that include GPS enabled tracking and wireless technology for IoT applications.
Automotive front end module market is witnessing a momentous shift toward sourcing of the module. Still evolving, automotive front end module (FEM) is not completely accepted by original equipment manufacturers on the global front. Sourcing of automotive front end modules can support the automaker by reducing operations on assembly line, lessen tooling costs, cut down weight of vehicle and enhance working capital. Moreover, modularization of automotive front end modules has gained significant traction on the back of increased cost savings. OEMs can save production costs with modularization and can opt of sourcing automotive front end modules that can facilitate about 20% to 30% cost reductions as compared to traditional methods.
Automotive front end module market players dedicated toward development of automotive front end modules are striving to introduce advanced designs with enhanced functionalities and integrations, in a bid to add value beyond pre-assembled sub system. With increasing customer demand for high vehicle operational efficiency, companies operating in automotive front end module market are including new active aerodynamics.
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