LONDON--(BUSINESS WIRE)--The global automotive emblem market size is poised to reach USD 327 million by 2023, according to a new report by Technavio, progressing at a CAGR of 3% during the forecast period. Growing use of new, high-quality materials to create emblems is expected to augment the market over the forecast period.
Key suggestions from the report:
- Passenger vehicles represented over 76% of the overall volume in 2018 on account of high penetration of multiple emblems in passenger vehicles
- Commercial vehicles are likely to register a CAGR of 4% in terms of revenue from 2019 to 2023 owing to the significant demand for and sales of light commercial vehicles globally
- The Asia Pacific automotive emblem market accounted for 44% of the overall revenue in 2018, on account of growing use of metal and chrome in passenger vehicles sold in the region
- Presence of many players and the growth in production of automobiles is bolstering the competitive rivalry in the market.
Read a 119-page research report with TOC on "Automotive Emblem Market Analysis Report by Application (passenger vehicles and commercial vehicles) and segment forecasts for 2019 to 2023" at
The market is driven by the growing use of new, high-quality materials to create emblems. Vendors are now using high-quality materials to create automotive emblems, which is fueling the demand for such emblems. Such new materials are more expensive compared to traditional materials and can thus help the vendors in the market generate higher revenues. Furthermore, the increased number of automobiles launches, and changing consumers' preferences and expectations are increasing the demand for innovative offerings, thereby driving market growth.
The 3D printing market is gaining popularity in various industries, finding applications in diverse fields. The same technology is making its way in the manufacture of automotive emblems as well, which is not only speeding up the manufacturing process but also helping to make superior-quality and robust emblems. Moreover, customization can also be achieved at a faster rate with 3D printing which provides economical solutions for automakers that are looking to offer a wide array of trims and options to end-users. These factors are expected to boost market growth over the next few years.
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The growing trend of changing branding nomenclature is one of the major challenges faced by the global automotive emblem market. Several OEMs are shifting away from the traditional emblems, specifically at the rear part of the vehicles. This shift is expected to limit the growth of the global automotive emblem market during the forecast period.
Technavio has segmented the global automotive emblem market based on the application (passenger vehicles and commercial vehicles) and region (APAC, Europe, North America, MEA and South America).
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