Automotive Exterior Trim Parts Market Share, Size [2031]

Report Description

Automotive Exterior Trim Parts Market Outlook 2031

The global automotive exterior trim parts market size was valued at USD 21.02 Billion in 2022 and is likely to reach USD 33.06 Billion by 2031, expanding at a CAGR of 5.16 % during 2023 – 2031. The market's growth is attributed to increasing demand for luxury finishes in vehicles.

Increasing demand for luxury finishes in vehicles is projected to boost the demand for automotive exterior trim parts. Exterior trim parts are designed to give an aesthetic and luxury look to the exterior of the car, which enhances its adoption. Additionally, rising preference of car owners to customize their car exterior with plastic polish, front bumper, and chrome tape is enhancing the demand for automotive exterior trim parts.

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The demand for automotive exterior trim parts is rapidly rising, as it enhances the vehicle's look and functionality. It reduces or prevents physical damage to the front and rear of vehicles. Exterior trim parts such as front bumpers protect the hood, trunk, grille, fuel, exhaust, and cooling system of the vehicle, while radiator grills provide protection from debris on the road which increases their adoption.

The COVID-19 pandemic hampered the demand for the automotive exterior trim parts. The disruption in the supply chain and closure of the international border affected the productivity of motor vehicles, which hindered the demand for automotive exterior trim parts as these parts are installed in vehicles to reduce emissions and improve safety. Moreover, a sharp decline was seen in the sales of new vehicles, which impeded the market. For instance,

• According to a report published by the National Institute of Health on February 11, 2021, China's new sales of vehicles fell by 92% in February 2020 while European countries' total vehicle sales dropped by 7.4% during the pandemic.

Impact of Artificial Intelligence (AI) onAutomotive Exterior Trim Parts

The increasing adoption of robotics and the introduction of artificial intelligence creates immense opportunities in the market. AI in automotive exterior trim parts plays an important role as AI-driven algorithms can optimize production processes, create more efficient designs, and enable fast iterations of trim parts. AI helps manufacturers develop improved trim parts that can enhance comfort and increase fuel efficiency and convenience for drivers. AI simulation helps companiestest trim parts designs virtually before making physical prototypes, allowing quick design iterations. Manufacturers of automotive exterior trim deploy artificial intelligence to detect and correct errors in design models.

Automotive Exterior Trim Parts Market Dynamics

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Major Drivers

Increasing production of motor vehicles is expected to boost the demand for automotive exterior trim parts. Exterior trim parts such as body molding, bumper covers, and cladding are used to customize the exterior of the vehicle. Moreover, manufacturers use exterior trim parts to add aesthetics, increase function, and add flexibility to the car design, which increases its demand. Thus, rising production of motor vehicles is propelling the market. For instance,

• According to the European Automobile Manufacturers Association, 85.4 million motor vehicles were produced around the world in 2022, an increase of 5.7% compared to 2021.

Rising demand for luxury buses is expected to drive the market. Exterior trim parts such as wheel arch cladding and mudguards are placed in luxury buses to insulate the bus from noise and to protect the vehicle and passengers from mud and other flying debris. These exterior trim parts also provide structural support and act as protection to the bus body, which enhances their demand in luxury buses.

Existing Restraints

High cost associated with automotive exterior trim parts is expected to restrict the market. The automotive exterior trim parts are made up of composite materials such as carbon fiber-reinforced plastic, glass fiber-reinforced plastic, and natural fiber-reinforced plastic, which makes them expensive. Moreover, replacement complexities and maintenance issuesand automotive exterior trim parts are hampering the market.

Emerging Opportunities

Rising investments by major market players to manufacture new design automotive exterior trim parts such as radiator grilles and painted plastic parts creates immense opportunities in the market.

• For instance, on January 29, 2021, TOYODA GOSEI Co., Ltd. a global manufacturer of plastic automotive components announced to establish a new plant for automotive interiors and exterior trim parts in Miyagi, Japan. Radiator grilles and other large painted plastic parts are expected to be manufactured at the plant to strengthen company competitiveness.

Scope of theAutomotive Exterior Trim Parts Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Product Type Segment Analysis

Based on product type, the automotive exterior trim parts market is categorized into outside rear view mirror (ORVM), front bumper, rear bumper, rocker panel (under cover), radiator grills, wheel arch cladding (fender liner), outside door handles, exterior car door trim, mudguard, and others. The front bumper segment held a large share of the market in 2022 due to its ability to protect the vehicle during a collision. Front bumpers reduce or prevent physical damage to the grille, fuel exhaust, hood, trunk, and cooling system of the vehicle. It adds luxury finishes to the vehicles, which increases their demand in passenger and commercial vehicles.

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The outside rear view mirror (ORVM) segment is anticipated to grow at a robust pace during the assessment period owing to its potential to prevent accidents. ORVMs eliminate blind spots and give drivers a clear picture of what is behind them, helping drivers make quick decisions about when and how to change lanes or take a turn, reducing the chance of collisions. Moreover, side turn-signal repeaters are usually installed on the ORVMs, which give a luxury and fancy look to the car. These benefits offered by ORVMs encourage consumers to install outside rearview mirrors (ORVM) in their cars.

Vehicle Type Segment Analysis

In terms of vehicle type, the global market is bifurcated into passenger vehicles and commercial vehicles. The passenger vehicles segment dominated the market in 2022 and is projected to continue its dominance duringthe forecast period owing to the increasing middle-class population and enhancing standard of living in emerging countries. Automotive exterior trim parts are heavily used in passenger vehicles to provide comfort and decrease the overall weight of the vehicle by using fiberglass components. These parts protect the car from damage and add aesthetics, increase function, and add flexibility to the car design, which enhances their adoption in passenger vehicles.

Regional Outlook

Based on region, the automotive exterior trim parts market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major share of the market in 2022 due to the increasing adoption of passenger cars and the presence of established market players such as Dura Automotive Systems LLC, GEDIA Automotive Group, Adient plc, and Cooper Standard. Moreover, rising demand for luxury cars in the region is propelling the market, as exterior trim parts are utilized in luxury vehicles to enhance the vehicle's look. For instance, the market of luxury vehicles in the US is projected to reach USD 7,565 million by 2027.

The market in Asia Pacific is expected to expand at a high CAGR in the coming years owing to extensive production capabilities, increasing disposable income, and rising adoption of passenger cars. Moreover, growing automobile industry in the region is estimated to boost the demand for automotive exterior trim parts as these parts are used in automobiles to protect the car from damage. For instance,

• According to a report published by the Ministry of Heavy Industries of India on February 17, 2023, India aims to double its auto industry size to ₹15 lakh crores by 2024.

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