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Automotive fascia is a decorative plastic panel that is mounted on top of the bumper at the front and rear of the vehicle. Bumper is a structure attached to or integrated with the front and rear ends of a motor vehicle, to absorb impact in a minor collision, ideally minimizing repair costs. Therefore, to cover the bumper, original equipment manufacturers (OEM) often design the fascia to provide a unified look to the vehicle. Moreover, it comprises space for grilles, headlamps, bumpers, and vehicle emblem. Furthermore, to reduce the weight of the vehicle OEM prefer using lightweight materials for designing the fascia. In addition, fascia is made from lightweight plastic since, it is estimated that 10% reduction in vehicle weight is anticipated to reduce fuel consumption by nearly 7%. Also, fascia play a very important role in the vehicle aerodynamics design since, it is the front part of the vehicle thus, increasing the overall efficiency of the vehicle.
COVID-19 Impact Analysis:
Due COVID-19 pandemic automobile market witnessed a downfall due to stringent lockdown imposed by the government of major countries. The automobile manufacturing was stopped due to lockdown and government restrictions. Thus, it directly affected the demand of automotive fascia used in the vehicle. Moreover, since due to movement restrictions the supply of already manufactured automotive fascia was not possible to deliver which led built up of inventory.
Furthermore, due to unavailability of raw material the manufacturing automotive fascia was disrupted. Also, the aftermarket modification works were halted since, all the automotive modification shops were closed due to lockdown. In addition, pandemic had a negative impact on the automobile market which further affected automotive fascia market.
Top Impacting Factors
Market Trends
Rise in aftermarket vehicle modifications
Rise in preference of people towards beautiful and attractive looking cars is leading to development and modification of vehicle thus, booming the car modification business globally. Moreover, the rise in demand for attractive and aerodynamic automotive fascia is increasing the demand for more aesthetic vehicles. Furthermore, the rise in disposable income of people and changing lifestyle has driven the market of car modification. Thus, aftermarket vehicle modifications can act as an opportunity for growth of automotive fascia market.
Rise in disposable income has increase the sale of vehicles
Automotive industry is considered to be the backbone of global economy thus, rise in disposable income is expected to drive the sales of vehicles. Moreover, developing countries such as Brazil, India, China, and others plays a vital role in strengthening the automobile industry. Since the sale of vehicles are increasing in these countries owning to rise in income and higher spending on purchasing of vehicles. For instance, in 2019, the sale of passenger vehicles was 3.3 million units according to Society of Indian Automobile Manufacturers (SIAM). Thus, rise in disposable income will increase the sale vehicles which can act as an opportunity for growth of automotive fascia market.
Key Benefits of the Report:
Questions answered in the automotive fascia market research report:
Key Market Segments
Key Market Players