Automotive Front End Module Market Size, Trends and Forecast 2033
Added: (Thu Jun 13 2024)
Pressbox (Press Release) -
The growth of the electric vehicle market is one of the major factors that is predicted to drive the market growth during the given forecast period. Electric vehicles require specialized front-end modules designed to cater to the unique requirements of the electric drivetrain, and these requirements create significant business opportunities for the front-end module manufacturers. Hence, the growth of the electric vehicle market will lead to increased adoption of front-end modules, which will propel the market growth during the given forecast period.
According to the study, electric vehicle sales in 2023 will approach 14 million, with the majority (95%) occurring in China, Europe, and the United States. In 2023, approximately 14 million new electric vehicles will be registered worldwide, increasing the total number of vehicles on the road to 40 million. Electric vehicle sales in 2023 will increase by 3.5 million compared to 2022, an annual increase of 35%. In 2023, more people will register every week than in 2013, ten years ago. This is a weekly total that exceeds the annual total. Approximately 18% of all cars sold in 2023 will be electric vehicles, compared to just 2% five years ago in 2018 and 14% in 2022.
The global automotive front-end module market size is expected to be US$13.9 billion in 2023. The market is expected to grow at a CAGR of 6% from 2024 to 2033, reaching US$25.1 billion by the end of 2033.
Overview of the Japanese automotive front-end module market
Increasing vehicle sales in Japan is one of the major factors that are projected to drive the market growth during the given forecast period. Increasing consumer purchasing power is boosting the demand for front-end modules as automakers try to cater to consumer demands, which in turn have led to a surge in vehicle sales, especially in emerging economies. Hence, increasing vehicle sales will lead to increased adoption of front-end modules in Japan, which will drive the growth of the market in Japan during the given forecast period.
According to the survey, the number of four-wheeled vehicles owned by the end of December 2022 will increase by 0.1% year-on-year to 78,524,000 units. Standard cars will increase by 1.1% year-on-year to 20,489,000 units, and light four-wheeled vehicles will increase by 0.8% year-on-year to 23,177,000 units. Trucks will increase by 0.5% to 14,369,000 units. The average age of vehicles by the end of March 2022 will be 19.74 years for buses, 15.84 years for trucks, and 13.84 years for passenger cars. Toyota Motor Corporation's global sales volume in 2023 will be 10,307,395 units. This is the highest ever, an increase of 107.7% from the previous year. Japan was particularly strong, reaching 1,672,970 units, an increase of 129.8% from the previous year. Honda Lock Co., Ltd., Aisin Seiki Co., Ltd., Hitachi Automotive Systems, Ltd., Mitsubishi Electric Corporation, Calsonic Kansei Corporation, and Toyota Boshoku Corporation are the key players in the automotive front-end module market in Japan.