Asia Pacific automotive decorative exterior trim market is expected to cross USD 11 billion by 2024. Substantial vehicle production, particularly in developing nations such as India and China contribute in the regional growth. Rising disposable income coupled with increasing demand for enhanced vehicle aesthetics is significantly supporting regional dominance.
Europe will pose more than 3% CAGR over the study period owing to presence of well-established players and high demand from premium luxury vehicles in the developed countries.
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Windows sector will exhibit a CAGR of over 4% from 2017 to 2024. This can be credited to availability of the product in distinct shapes. Benefits offered such as superior fit, smooth functioning, and easy installation will further accelerate the industry demand.
PCVs segment will generate demand of more than 430 kilo tons by 2024 owing to increasing car production. Product installation enhances visual appeal of the vehicle, fostering the automotive decorative exterior trim industry demand over the forecast timeframe.
LCVs segment is predicted to pose a CAGR of over 3.5% over the forecast period. This can be attributed to increasing demand for vans and utility trucks for transportation. Players are focusing on plastic usage for manufacturing LCV trims which in turn will strengthen product acceptance. Various plastics such as PVC, polypropylene, urethanes, polyesters, and ASA-AES are used in production process to decrease overall vehicle weight, thereby escalating product demand.
Around lamp segment is anticipated to cross USD 9 billion by 2024. It is majorly used around lamps to offer superior fit and improve aesthetics of the vehicle part thereby boosting the automotive decorative exterior trim market growth from 2017 to 2024. Increasing predilection for vehicle customization is one of the many factors supporting overall business demand till 2024.
OEMs are estimated to hold more than 70% of the industry revenue share over the projected time span. This can be credited to adoption of innovative techniques and collaborative processes for product manufacturing and designing. Collaborations with automobile workshops will escalate the automotive decorative exterior trim market.
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Global automotive decorative exterior trim market volume share is predicted to reach over 500 kilo tons over the forecast period. Increasing automobile production across the world along with shifting customer preference towards enhancement of vehicle aesthetics is driving industry growth over the study period. Rising demand for premium vehicles such as Mercedes and BMW have resulted in increased production thereby boosting industry.
Automotive decorative exterior trim market players are Takata, CIE Automotive, Altuglass International, MVC, SRG Global, and Dura Automotive Systems. Players are focusing on innovations in material, design, and manufacturing processes resulting in intense competition. For instance, in March 2017, SRG Global built an R&D center in Michigan to strengthen product quality and research capabilities.