Industry Trend Analysis
The global Automotive Decorative Exterior Trim Market was worth USD 18.56 billion in 2014 and is expected to reach approximately USD 27.39 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 4.42% during the forecast period. Increasing production of automobile combined with switching inclination of consumers toward upgrading the aesthetics of vehicles will principally drive the automotive decorative exterior trim market measure over the conjecture time allotment. Advancements in technology in material and manufacturing procedure permit vehicle accessories makers to create top notch products in wide variations. Effective production process permits solid fit & finish of the product for outer parts of the vehicle with lessened operational cost.
Application Outlook and Trend Analysis
Based on application the market is segmented into Around Lamp, Daylight Opening, Windows and Door Upper Trims. Around lamp is anticipated to reflect significant growth in the following years. Enhancement in vehicle aesthetics alongside superior fit and finish will impact the business positively. Daylight opening is evaluated to gain significant volume share in the automotive decorative exterior trim market in the upcoming years. Moving inclination of vehicle makers toward giving a smooth working of their products will additionally heighten the generation of income in the near future.
Vehicle outlook and Trend Analysis
On the basis of vehicle the market is segmented into passenger carrying vehicles (PVC), Light commercial vehicles (LCV) and Heavy commercial vehicles (HCV). Passenger cars are foreseen to display significant development in the upcoming years inferable from their considerable creation internationally. Car owners prefer improvements in their vehicle to make them more customized. Manufacturers are associated with building up the decorative trim and providing straightforwardly to the vehicle OEMs. Rising demand for utility trucks, vans, and so on, combined with the high use of plastics in the assembling of product for these vehicles will additionally fortify the product infiltration over the coming years.
Distribution Channel Outlook and Trend Analysis
OEMs embed these products while fabricating vehicles and supply the segments to workshops and carports for substitution purposes. Warranty and insurance given by OEMs will altogether contribute toward the business predominance over the coming years. Makers are concentrating towards rendering the outside trims created with materials that are high in quality bringing about insignificant odds of damage. Significant development of aftermarket in the business can be credited to the rising mishap rates and low item cost around the world.
Regional Outlook and Trend Analysis
Asia Pacific automotive decorative exterior trim market measure is anticipated to represent significant income generation in the following years. Considerable vehicle creation over the area, particularly in emerging nations including India, China, and Indonesia will essentially drive the business development over the figure timeframe. Europe is for the most part driven by Poland, Italy and Spain displaying huge development rate amid the gauge time span. Industry players are occupied with research exercises to upgrade the product by enhancing the nature of crude materials used.
The major players in the market are Takata Corporation, Magna International, Trinseo, Altuglas International, Mahindra CIE Automotive Limited - Forgings Division and RG Global Inc. Manufacturers work in a profoundly focused condition contending at both OEM and aftermarket levels. Constant advancements in design, materials, and manufacturing forms escalate the business competition. Makers are occupied with M&A exercises for their product development and regional extension.
The Automotive Decorative Exterior Trim Market is segmented as follows-
Door upper trim
By Distribution Channel:
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?