LONDON--(BUSINESS WIRE)--The global automotive cockpit module market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global automotive cockpit module market by vehicle type (passenger vehicles and commercial vehicles). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing demand for automotive in emerging countries
The demand for automotive is rising in emerging economies such as Brazil, China, Mexico, and India, due to the increased purchasing power of consumers and significant economic growth. China's massive fiscal stimulus packages in recent years made it the leader in emerging markets. Over the past few years, China has maintained its position as the world's largest automotive market. The automotive market in India is dynamic and is rapidly growing. Therefore, many auto OEMs are entering the market to tap the huge potential in these emerging countries.
According to a senior analyst at Technavio for automotive components research, “The economic growth in BRIC nations has fueled the growth rate of the auto industry in recent years. Intense vendor competition and saturated markets have encouraged most global vehicle manufacturers to shift their focus to these countries.”
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Market trend: use of lightweight materials
Over the years, there has been a considerable increase in consumer demand for automobiles with improved fuel efficiency, primarily because of the rise in fuel prices. Automobile manufacturers are increasingly exploring solutions that can reduce the weight of automobiles, to enhance fuel efficiency.
Vendors in the market are thus coming up with innovative lightweight materials for interiors as well as exteriors. For instance, Faurecia is developing and integrating renewable, bio-based materials as a part of its long-term campaign for production of lighter components. Another breakthrough is the manufacture of lightweight cockpit modules that are thinner and more durable. The use of nanotechnology to develop such thinner and lighter materials is another trend in this segment which is expected to help in weight reduction of the vehicle.
Market challenge: high-cost pressure on OEMs
In the automotive cockpit module market, suppliers are under high pressure to maintain cost as well as deliver high quality by meeting the stringent quality control and tests defined by the OEMs and tire-1 suppliers. Manufacturers need to reduce production cost to satisfy the demand side requirements and at the same time deliver high-quality products as they are liable for any failure, which can also impact the bottom line at the same time.
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