According to the report, the global front-end module market is projected to surpass US$ 100 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. The global front-end module market is estimated to shrink during 2020 due to COVID-19 and expand at a steady pace post 2024. Asia Pacific, Europe, and North America, accounted for a combined share of 96% of the global front-end module market in 2019.
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Expansion of Front-end Module Market
Minimal down payments and attractive EMI offers have made vehicles increasingly affordable. This has fueled the demand for vehicles, leading to increase in their production, thus boosting the front-end module market. Lower labor rates and manufacturing cost in developing countries coupled with growing domestic demand are boosting the front-end module market. The automotive industry in Mexico, Brazil, and India is witnessing rapid expansion, which is projected to drive the global front-end module market. A comprehensive auto-insurance, which covers own vehicle damage in addition to third-party liability, is gaining momentum globally. Accidental cover of own damage is boosting the replacement demand for front-end modules. Increasing replacement demand due to consumer awareness, growing affordability, and own damage cover due to comprehensive insurance policy are estimated to drive the front-end module market globally.
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Based on component, in terms of volume, forward lighting, radiator & cooling fan, bumpers, and fenders segments held key share of the global front-end module market. However, in terms of revenue, the radiator & cooling fan segment accounted for a notable market share, owing to the higher price of the single/dual cooling fan and radiator. The active grille shutter segment held a negligible share of the global front-end module market in 2019; however, it is projected to expand at a high growth rate during the forecast period, owing to rise in demand for fuel-efficient vehicles.
In terms of vehicle type, the passenger vehicle segment held a dominant share of the global front-end module market. Passenger vehicles contribute to higher production volume compared to commercial vehicles across all regions. Under the passenger vehicle segment, utility vehicles such as SUVs /MPVs are witnessing high consumer demand worldwide and contribute to demand for front-end modules.
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Regional Analysis of Front-end Module Market
In terms of region, the global front-end module market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a major share of the global front-end module market with China majorly contributing to the demand. The market in Asia Pacific is estimated to expand further, with India and ASEAN contributing to the demand. Asia Pacific is followed by Europe and North America, in terms of revenue, of the global front-end module market.
Major Front-end Module Market Players
Prominent players operating in the global front-end module market include Magna International Inc., MAHLE GmbH, Faurecia SA, DENSO Corporation, Calsonic Kansei Corporation, HBPO Group, Plastic Omnium, Hyundai Mobis, Samvardhana Motherson Group, Valeo, Flex-N-Gate Corporation, RTP Company, and SL Corporation.
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