The global automotive aerodynamic market has grown strongly in recent years. It will grow from $26.81 billion in 2023 to $28.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to growth in regulatory standards for emissions, growth in globalization, growth in environmental awareness, rise in the development of hybrid vehicles, increased consumer demand for performance, and rise in demand for high-end luxury vehicles.
The automotive aerodynamic market is expected to see strong growth in the next few years. It will grow to $35.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to rising demand for automobiles, rising demand for electric vehicles, increasing investments in research and development, rising fuel prices, and increasing urbanization. Major trends in the forecast period include technological advancements, adoption of advanced computational fluid dynamics, integration of lightweight materials, development of aero-efficient EV designs, and aerodynamic wheels and tires.
Major companies operating in the automotive aerodynamic market are Volvo Truck, Continental AG, Magna International Inc., 3M Company, Valeo SA, Plastic Omnium SA, Flex-N-Gate Corporation, Hella GmbH & Co. KGaA, Toyoda Gosei Co Ltd., Rehau Group, Röchling Group, Johnson Electric, Autoneum Holding AG, Ariel Limited, Torch Technologies Inc., Sonceboz, Scribd, SimScale, HBPO GmbH, Polytec Holding AG, Batz S Coop, Vectoflow GmbH, and Dynamon.
Automotive Aerodynamic Market Driver: Rising Demand for Electric Vehicles Fueling Growth of Automotive Aerodynamics Market
The rising demand for electric vehicles is expected to propel the growth of the automotive aerodynamics market going forward. Electric vehicles (EVs) utilize electric motors powered by stored electricity, rather than internal combustion engines, for propulsion. The rising demand for electric vehicles is due to environmental consciousness, governmental support through incentives, technological progress in batteries, reduced operational expenses, and efforts to enhance urban air quality. Automotive aerodynamics in electric vehicles (EVs) enhance efficiency by reducing drag, improving range, and optimizing stability at high speeds, ensuring maximum performance from the stored energy in their batteries. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric vehicle market saw exponential growth, surpassing 10 million sales by 2022, with electric vehicles comprising 14% of all new automobile sales, up from 9% in 2021. Therefore, the rising demand for electric vehicles is driving the growth of the automotive aerodynamics market.
Global Automotive Aerodynamic Market Trend: Automakers Innovate Aerodynamic Drag-Reducing Systems to Boost Efficiency and Performance
Major companies operating in the automotive aerodynamics market are focused on developing innovative technologies, such as aerodynamic drag-reducing systems, to enhance fuel efficiency, improve vehicle performance, and reduce carbon emissions. Aerodynamic drag-reducing systems are technologies and design strategies to minimize the resistance that a vehicle, aircraft, or other moving object encounters from the air as it moves. For instance, in January 2024, Hyundai Motor Company, a South Korean-based automotive manufacturer, launched active air skirt technology that improves vehicle aerodynamics. This cutting-edge system features active flaps integrated into the vehicle's front bumper and underbody, automatically adjusting to optimize airflow based on driving conditions. The vehicle at higher speeds deploys the flap to reduce drag, enhancing fuel efficiency and performance. Conversely, the flaps retract at lower speeds or when cooling is required to allow for better airflow to the engine and brakes.
Automotive Aerodynamic Market Merger and Acquisition: Conmet Acquires Xstream Trucking to Enhance Fuel Efficiency and Reduce Emissions In Commercial Vehicles
In November 2023, Consolidated Metco Inc., a US-based manufacturer of components for the commercial vehicle industry, acquired TruckLabs for an undisclosed amount. With this acquisition, ConMet aims to expand its portfolio of fuel-saving technologies, bring efficiency benefits to more customers, leverage its manufacturing expertise, and position itself as a one-stop shop for improving the overall efficiency of heavy-duty trucks and trailers. TruckLabs is a US-based company that develops aerodynamic solutions for the trucking industry.
Asia-Pacific was the largest region in the automotive aerodynamic market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive aerodynamic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive aerodynamic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive aerodynamics market consists of sales of spoilers, diffusers, underbody panels, vortex generators, and splitters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive aerodynamics market research report is one of a series of reports that provides automotive aerodynamics market statistics, including automotive aerodynamics industry global market size, regional shares, competitors with an automotive aerodynamics market share, detailed automotive aerodynamics market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive aerodynamics industry. This automotive aerodynamics research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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Table of Contents
Executive Summary
Automotive Aerodynamic Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive aerodynamic market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for automotive aerodynamic? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive aerodynamic market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Component: Services; Software
2) By Mechanism: Active System; Passive System
3) By Electric Vehicles: Battery Electric Vehicle (BEV); Hybrid Electric Vehicle (HEV); Plug-In Hybrid Electric Vehicle (PHEV); Fuel Cell Electric Vehicle (FCEV)
4) By Vehicle: Passenger Cars; Light Commercial Vehicles; Heavy Commercial Vehicles
5) By Application: Air Dam; Diffuser; Gap Fairing; Grille Shutter; Side Skirts; Spoiler; Wind Deflector; Other Applications
Key Companies Mentioned: Volvo Truck; Continental AG; Magna International Inc.; 3M Company; Valeo SA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Volvo Truck
- Continental AG
- Magna International Inc.
- 3M Company
- Valeo SA
- Plastic Omnium SA
- Flex-N-Gate Corporation
- Hella GmbH & Co. KGaA
- Toyoda Gosei Co Ltd.
- Rehau Group
- Röchling Group
- Johnson Electric
- Autoneum Holding AG
- Ariel Limited
- Torch Technologies Inc.
- Sonceboz
- Scribd
- SimScale
- HBPO GmbH
- Polytec Holding AG
- Batz S Coop
- Vectoflow GmbH
- Dynamon
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | August 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 17.1 Billion |
Forecasted Market Value ( USD | $ 25.06 Billion |
Compound Annual Growth Rate | 10.0% |
Regions Covered | Global |
No. of Companies Mentioned | 23 |