LONDON--(BUSINESS WIRE)--The automotive carbon fiber components market is expected to grow by 3.38 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The automotive industry is focusing on the use of energy-efficient, rigid, and light-weight materials to reduce adverse environmental effects. As a result, the global automotive industry is witnessing the increasing use of advanced materials for automotive applications, which include aluminum, carbon fibers, and magnesium. Carbon fibers are highly preferred materials for automotive applications owing to their high strength-to-weight ratio. They are 20% lighter than conventional materials, such as aluminum and titanium. In addition, carbon fibers offer fuel efficiency and improve agility, maneuverability, and vehicle safety. Furthermore, the application of carbon fibers is increasing in the automotive industry, with the growing integration of reinforced carbon fiber body panels and monocoque chassis in numerous high-performance cars and SUVs. All these factors are driving the use of carbon fiber in automotive component designs.
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As per Technavio, the enforcement of stringent carbon emission and fuel efficiency norms will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Carbon Fiber Components Market: Enforcement Of Stringent Carbon Emission And Fuel Efficiency Norms
The global automotive industry is now witnessing the implementation of strict rules and regulations, wherein the automotive governing councils and institutions have already laid their regulatory frameworks for automobiles. The developed automotive markets, such as the European Union, North America, and Japan, have the most stringent fuel emission norms in the world. Reduction in automotive emission and fuel consumption is the main objective of setting strict emission norms. The European Union introduced Euro VI norms in 2014. According to the norm, nitrogen oxide emissions must stay below 0.4 g/KWh, and particulate emissions must stay below 0.01 g/KWh. Japan is working on upgrading its emission norms to standards similar to Euro VI norms. Such emission and economy norms will drive the global automotive carbon fiber components market during the forecast period as these components offer benefits such as weight reduction, enhanced fuel efficiency, and reduced carbon emissions.
“Other factors such as the rising competition among super sports car manufacturers, and the increasing consumer preference for fuel-efficient vehicles will have a significant impact on the growth of the automotive carbon fiber components market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Carbon Fiber Components Market: Segmentation Analysis
This market research report segments the automotive carbon fiber components market by application (powertrain, exterior, and interior) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive carbon fiber components market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the high automobile production in China, Japan, and India, and the increased demand for fuel-efficient and lightweight vehicles.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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