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The global automotive fascia market size was USD 17.89 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with automotive fascia witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth in 2020 compared to the average year-on-year growth during 2016-2019. The market is projected to grow from USD 12.95 billion in 2020 to USD 19.56 billion in 2027 at a CAGR of 6.07% in the 2020-2027 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The automotive bumper system comprises three key components: fascia, bumper beam, and energy absorber. These automotive bumpers are designed to dampen the kinetic energy without affecting low-speed impact and dissipate energy under high-speed impact conditions. They are aerodynamic and aesthetic. The front bumper of a car is the front part of the car, covering the chassis. The cover of the car bumper is called fascia.
General Motors installed the first plastic bumpers in 1968 in the Pontiac GTO model. The part is made of an elastomer named Endura. The color of the body was designed to absorb low-speed shocks without permanent deformation. Also, later on, several key manufacturers installed automotive bumpers on cars for safety purposes. The Federal Motor Vehicle Safety Standards also made it mandatory for vehicles to have bumper fascia for passengers, as well as pedestrian safety. The trend of lightweight materials for vehicles is booming the growth rate of this market.
Market to Show a Momentary Downfall amid COVID-19 Pandemic Owing to Halt in Production Line
The automotive sales in China have shown a fast recovery in the pandemic. It shipped 2.2 million units in August 2020, according to Organization Internationale des Constructeurs d'Automobiles (OICA). It would simultaneously lead to the sale of the automotive fascia. Their YoY growth in terms of total vehicle shipments was better in the period between January-August. According to the European Automobile Manufacturers Association (ACEA), the region showcased a decline in vehicle sales by almost 20%. However, ease in lockdowns and stimulus packages in some countries is expected to recover car-buyer sentiments and are likely to benefit automobile industries.
While in Japan, the sales of vehicles were down compared to previous years. Consumers prefer to buy small vehicles to evade crowded public transportation. However, in the next phase, the market for automotive fascia may show growth in the CO2 output at a faster rate owing to the increasing car modifications and high demand for lightweight materials for cars to lower the CO2 output from the exhaust.
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Car Modifications to Become a Game Changer over the Forecast Period
The rising preference of people towards the beautiful and attractive looking car is leading to the overall development and modification of the vehicle. Thus booming the car modification business globally. Substantially leading to rising demand for attractive and aerodynamic automotive fascia. Also growing people's tendency towards purchasing advanced and more aesthetic cars over the old models may also lead to rising in the automotive fascia market growth. Additionally, changing lifestyle and rising higher income of people leads to eventual modifications of cars, these factors also expected to propel the growth rate of the market during the forecast period.
Rising Demand for Lightweight Vehicles to Drive Growth
Globally, lightweight automotive components have become the top priority of the automobile industry. Original equipment manufacturers (OEMs) have started to replace parts formerly made of heavyweight materials with lighter materials to decrease vehicles' overall weight. This concept is known as light-weighting. The push for new materials for the light-weighting of components has forced engineers from all industries to discover cost-effective substitutes and develop innovative assembly processes.
The emission of fuels from vehicles leads to a high amount of carbon dioxide in the air, which, in turn, results in the rising CO2 level and global warming. Thus, the automobile industry is investing a high percentage in developing lightweight components to lower the CO2 level across America and Europe. Governments are implanting stringent regulations regarding CO2 levels from vehicle emissions.
For instance, according to Euro 6, the emission of CO2 from vehicles should not be more than 95g/km. Thus, it would lead to a rise in the development of lightweight components of vehicles by automotive manufacturers, thereby substantially promoting the growth of the market. The reduction of the overall weight of vehicles to increase the fuel efficiency and fulfil emission regulations of governments are key factors of light-weighting strategy, primarily proposed by various vehicle manufacturers. These strategies are likely to boost the market’s growth.
For instance, to reduce the overall weight of vehicles, BMW recently used aluminium material on its 5-series range car line, which is halved in its tailpipe weight to reduce the exhaust system weight. Plastics account for 50% of the vehicle's total volume but only 10% of its weight. About 13 varieties of high-performance plastics, such as PVC, polypropylene, ABS polyurethane, and polycarbonate, are used in ordinary vehicles. Polycarbonate accounts for just about 70% of plastic. As fascia is made of plastics, it plays a major role in the light-weighting of vehicles.
Increasing Sales of Vehicles to Bolster Demand for Automotive Fascia
The automotive industry is the backbone of the global economy and the prime driving force for stability, macroeconomic growth, and technological progress in developing and developed countries, covering several adjacent industries. For developing countries such as Brazil and India, the automobile industry plays a vital role. The sales of vehicles are increasing in these countries owing to the rising income and higher spending on purchasing cars. For instance, the sale of passenger vehicles was 3.3 million units in 2019, according to the Society of Indian Automobile Manufacturers (SIAM). Substantially, increasing sales of vehicles are likely to boost the automotive bumper fascia revenue.
Higher Maintenance and Replacement Cost of Automotive Bumper Fascia May Hamper Growth
When a vehicle is crashed, this leads to major repair and damage to vehicles and enormous repair costs. Today's cars are safer, lighter, and provide improved mileage. However, the latest manufacturing technology and designs of vehicles make body repairs more expensive. The replacement cost of an automotive bumper fascia is high owing to the major plastic material used to manufacture the fascia. As if there are cracks on the bumper fascia, the replacement is a must. For instance, the replacement cost of the automotive fascia may go from USD 50 to USD 500. Therefore, replacing this component of vehicles may further increase vehicles' operating costs, which, in turn, is expected to hamper the market growth over the forecast period.
OEM Segment to Grow Rapidly Fueled by Surging Sales of Vehicles Worldwide
Based on the market, the industry is segmented into OEM and aftermarket. The OEM segment holds the largest share in the global market. The OEM market largely accounts for the company-fitted bumper fascia, which comes with vehicles when manufactured. Furthermore, as vehicle sales are increasing, this will increase the market share of this OEM segment. Also, as a bumper fascia's lifespan is similar to the lifespan of a vehicle, the OEM segment is expected to hold its position as the largest shareholder of this market. Therefore, the aftermarket segment holds a minor stake in this market. Only after the vehicle crashes or collides, the automotive fascia is replaced or repaired. Therefore, the aftermarket segment is expected to show slower growth in this market.
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Front Fascia Segment is Expected to Generate the Largest Share
Based on the position type, the market is segmented into the front and rear fascia. The front fascia segment accounts for the largest share in the global market owing to its uses in both passenger and commercial vehicles. The growth of this segment is endorsed by the rising sales of vehicles in developing and developed key regions. The rear fascia segment is also set to show good growth in this market owing to the increasing sales of passenger cars.
Passenger Cars Segment to Hold Major Share Backed by Rising Purchasing Power of People
Based on the vehicle type, the market is further segmented into passenger cars and commercial vehicles. The passenger cars segment holds a major share in the global market. It is occurring because of the rising income and purchasing power of people in developing countries of this region.
Moreover, the increasing urbanization is likely to support the commercial vehicle segment in this market. It would lead to rising transportation, mining, and logistics operations, substantially increasing the market share of this segment in this market.
Asia Pacific Automotive Fascia Market Size, 2019 (USD Billion)
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The market size in Asia Pacific stood at USD 10.06 billion in 2019. The Asia-Pacific region holds the largest market share owing to emerging economies in this region. China is the leader in this region and accounts for the largest market share in the market. Owing to COVID-19, this market was hampered badly as all supply chains were disrupted. However, the market is regaining its prominence as the demand is recovering slowly.
Europe is also expected to show significant growth in this market owing to the presence of dominant key players present in this region. Rising sales of vehicles in developed countries are a prime contributing factor for regional growth. North America is expected to show good growth in the global automotive fascia market owing to the rising sales of commercial vehicles in this region for adventurous activities and transportation.
Magna International Inc. and Eakas Corporation to Remain at Forefront in the Market
Magna International Inc. is a leading global automotive supplier committed to providing new technologies and mobility solutions to drive global change. Today, their products can be found in almost every vehicle. It has 93 product engineering, development, and sales centres and 344 manufacturing plants in 27 countries. For instance, Magna International has won the largest contract for providing transmission and body technologies from BMW Group in 2019.
Eakas Corporation, on the other hand, has shown continued growth. This aim of the company is brought about by the R&D, progressive owners, outstanding engineering knowledge & skills, and dedicated employees who strive to achieve perfection every day. This has helped Eakas Corporation to remain in competition by manufacturing world-class products.
An Infographic Representation of Automotive Fascia Market
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The automotive fascia market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors contributing to the market's growth over recent years.
Value (USD billion) & Volume (Million units)
By Position Type
By Vehicle Type
Fortune Business Insights says that the global market size was USD 17.89 billion in 2019 and is projected to reach USD 19.56 billion by 2027.
In 2019, the Asia Pacific market value stood at USD 10.06 billion.
The market is projected to grow at a CAGR of 6.07% in the forecast period (2020-2027).
By position type, the front fascia segment is expected to lead the market during the forecast period.
The increasing sales of vehicles are the key factor driving the global market.
Magna International Inc. is the major player in the global market.
Asia Pacific dominated the market in terms of share in 2019.
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