The global front-end module market is expected to exceed the valuation of US$ 100 Bn by 2030, states a research report published by Transparency Market Research (TMR). Therefore, the market for front-end module is projected to show expansion at a CAGR of 4% during the forecast period of 2020 to 2030.
The study presented in this report focuses on offering complete data and analysis of vital factors shaping the growth curve of the front-end module market. Thus, the assessment document covers many important facets such as challenges, growth opportunities, important regions, drivers, technological advancements, and trends of the global front-end module market. Thus, this research report serves as a dynamic guide that offers all insights on the market for front-end module.
With the emergence of COVID-19 pandemic, major population across the globe is inclined toward the use of personal transport systems as a part of avoid the spread of the disease. This factor is expected to result into increased vehicles sales around the world, which in turn, is likely to translate into prominent demand opportunities for companies engaged in the production of front-end modules.
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The auto-insurance companies today provide coverage to accidental damage to insured’s vehicles as well as cover the third-party liabilities. Surge in penetration of own damage auto-insurance is expected to fuel the aftermarket demand for front end modules in the years to come.
Today, buying a vehicle has become easy with the availability of a wide range of EMI offers as well as minimal down payment options. With increased sales of different types of vehicles around the world, the automakers are focused on strengthening their production capabilities and catering to the growing market demands. This scenario is fueling the sales opportunities for companies in the global front-end module market.
Front-end modules find application in commercial vehicles as well as passenger vehicles. Radiator, cooling fan, forward lighting, grille panel/reinforcement, condenser, fenders, horn assembly, and bumper cover are some of the key components of the front-end modules. These products are manufactured using different materials such as pelletized long fiber PP, steel, glass-mat thermoplastic (GMT), and plastic. OEMs and aftermarket are two major sales channels of the front-end modules.
Market Players Execute Joint Venture and Partnership Strategies to Expand Their Businesses
Some of the key players operating in the global front-end module market include MAHLE GmbH, Magna International Inc., DENSO Corporation, Faurecia SA, HBPO Group, Calsonic Kansei Corporation, Hyundai Mobis, Plastic Omnium, Valeo Flex-N-Gate Corporation, RTP Company, SL Corporation, and Samvardhana Motherson Group. Presence of many players makes the competition levels highly intense.
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Enterprises operating in the global front-end module market are growing focus on strengthening their product portfolio. For this purpose, they are entering into joint venture agreements. Apart from this, several organizations in the front-end module market are partnering with automakers. Main motive of these partnerships is the development of region-specific versions of front-end modules.
Lower Land and Labor Charges in Asia Pacific Help Rapid Expansion of Regional Market
In terms of region, the front-end module market is divided into many geographical regions such as Europe, Latin America, Middle East & Africa, North America, and Asia Pacific. Among all, North America is one of the prominent market regions.
The market players are projected to gather lucrative prospects in the Asia Pacific region. The growth of Asia Pacific front-end module market is attributable to many factors including the availability of labor and land at lower rates in this region. Moreover, the high export demand in Asia Pacific is expected to fuel the regional market expansion in the upcoming years.