Global automotive front-end module market will reach 166.99 billion dollars by 2026
The world market for front-end modules produced for the automobile industry will most likely increase from an initially estimated value of 104.77 billion dollars in 2018 to reach 166.77 billion dollars by 2026.
It is indeed a positive trend, which emphasizes the importance of the automotive components market, and in particular of front-end modules.
What exactly are front-end modules for vehicles?
Front-end modules for vehicles are assembly parts which involve and combine different components into one.
Exactly what those components are depends specifically on the requirements of those manufacturers producing original equipment and devices, and indeed, on the type of vehicle,
Initially, this process was carried out internally the manufacturers forcing them to heavily invest both in time and resources.
This is why, over time, businesses have outsourced those processes to companies which are specialised in the field, creating an important spin-off activity and consequently generating considerable savings for the manufacturers.
Furthermore, FEMs can be installed later within the assembly sequence, and this permits savings in both time and costs during vehicle production.
Generally, FEM light composites, such as polypropylene, tend to be used in vehicles to increase fuel efficiency and performance. This in turn ought to contribute to market growth for vehicle front-end modules.
The global market for front-end modules: market analysis
According to a recent report published by Market Research Future, the global market for front-end modules in the automotive industry is undergoing rapid expansion and should become a decidedly important one over the period in question.
The market will record phenomenal growth, overtaking previous growth records in terms of value, with an astonishing CAGR over the estimated timeframe.
An annual growth rate of 6% from 2019 to 2026 is forecast.