Market Size of Automotive Front End Module Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Front End Module Market Analysis
The Automotive Front-End Module Market was valued at USD 124.95 billion in 2021 and is expected to reach USD 176.4 billion by 2027 registering a CAGR f above 5% during the forecast period (2022 - 2027).
The COVID-19 pandemic hindered the growth of the automotive industry and associated component industry like the front-end module market as lockdowns and shutdown of manufacturing facilities in 2020 resulted in the decline of vehicle production and sales worldwide. However, key markets opening up by the first half of 2021 and key players' short-term strategies to revive their business operations across various countries have helped the market to regain its momentum.
Over the medium term, expanding the automotive industry and growing awareness about safety in vehicles across all major regions in the world are expected to drive demand in the market. In addition, the rising need for vehicle weight reduction and increasing demand for technically advanced lightweight front-end modules are likely to offer lucrative opportunities for players in the market. However, heavy expenditures are being made in the automotive front-end module market as manufacturers choose to miniaturize their goods in response to rising consumer interest in vehicle front-end modules likely to restrict market growth during the forecast period.
Further, as key automotive players are actively looking to adopt the latest front-end modules in their vehicles to gain competitive edge to support market growth in coming years. Besides, these rise in ADAS technology and autonomous cars to enhance overall market growth as they accomodate more sensors than conventional vehicles and hence more opportunity for conducting extensive research activities in this regard.
Asia-Pacific, Europe followed by North America region expected to play key role in the development of the market during the forecast period as growth across these regions is supported by notable vehicle production both passenger cars and commercial vehicles. In addition, the growth of market is likely to be spurred by key automotive OEM launches with latest front module innovations and key manufacturers in the region.
