NEW YORK, May 18, 2021 /PRNewswire/ -- Benefits of active grille shutters include improving the aerodynamics and fuel efficiency of a vehicle. These shutters also provide benefits related to engine encapsulation, improved cold start, heat retention, and noise reduction. All these advantages are leading to rise in demand for automotive active grille shutters across geographies.
However, demand for automotive active grille shutters witnessed a dip in 2020 due to the COVID-19 pandemic. The pandemic caused lockdowns, and some of the most affected regions hosted major production plants. Due to this, the automotive industry, as well as demand for active grille shutters, saw a significant drop.
As per Persistence Market Research, the global automotive active grille shutter market is projected to reach a valuation of US$ 6.2 Bn by 2031, expanding at a CAGR of close to 8% throughout this period.
Key Takeaways from Market Study
- Strict regulations by various countries to reduce carbon emissions are compelling automakers to use technologies such as active grille shutters.
- Significant reduction of aerodynamic drag of vehicles at high cruising speeds and regulation of required air flow within the engine are expected to play a vital role in the growth of the market.
- Leading players are focusing on research & development to manufacture compact and design-efficient active grille shutters that could be used in space-constraint vehicles.
- Increasing sales of luxury as well as sports utility vehicles is expected to lend substantial impetus to market growth over the years to come.
- North America and Europe are expected to have leading market shares owing to the presence of large industrial bases in developed countries in these regions.
- The market in East Asia is expected to witness the highest growth rate on the back of high consumer spending power as well as rise of luxury vehicle sales in countries such as China, Japan, and South Korea.
- Demand for active grille shutters to remain high for use in passenger cars.
- Non-visible active grille shutters to hold high market share of around 80%.
- OEMs to account for around 90% sales of active grille shutters.
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"Increasing demand for cars with regulated engine temperatures, lesser aerodynamic drag, higher fuel efficiency, and lower emissions are key factors driving sales of automotive active grille shutters," says a Persistence Market Research analyst.
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Competitive Landscape
The market is moderately consolidated in nature, with key players accounting for nearly half of the overall market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their high market shares. Some of the key players in this industry are Magna International Inc, Valeo SA, Rochling Automotive, HBPO GmbH, Shape Corporation, and Aisin Corporation.
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Find More Valuable Insights
The research report analyzes demand for automotive active grille shutters. The market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Persistence Market Research's scope, the market has been analyzed on the basis of vehicle, shutter, vane, sales channel, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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