Automotive Active Grille Shutter Market Size [2022-2028] worth USD 2.36 Billion | exhibiting a CAGR of 4.16%
Key Prominent Players Covered in the Automotive Active Grille Shutter Market are Magna International Inc. (Canada) , Valeo (France) , Rochling Group (Germany) , Brose Fahrzeugteile GmbH & Co. KG (Germany) , Techniplas (U.S.) , SRG Global (U.S.) , Tong Yang Group (Taiwan) , Coop (U.S.) , Aisin Seiki Co., Ltd (Japan) , BATZ (Spain)
Pune, India, March 08, 2022 (GLOBE NEWSWIRE) — The worldwide automotive active grille shutter market size stood at USD 1.74 billion in 2020. The market value is anticipated to rise from USD 1.77 billion in 2021 to USD 2.36 billion in 2028 at a CAGR of 4.16% during the forecast period. The market growth is attributable to the growing need for more fuel-efficient vehicles. The rising trend of electric and hybrid vehicles will further augment this growth over the forthcoming years. Fortune Business Insights presents this information in its report titled “Automotive Active Grille Shutter Market, 2021-2028.”
Automotive active grille shutter (AGS), which is otherwise known as radiator shutter assemble, is an advanced mechatronics systems built to control airflow through the automatic opening and closing technology in real-time. AGS is gaining traction in the auto industry as it is designed to enhance vehicle aerodynamics while leading to significant fuel savings. These systems help improve the aerodynamics of a vehicle to minimize air friction and load on the engine, leading to better fuel efficiency and fewer emissions. Their adoption is slated to increase significantly in the next few years backed by strict norms pertaining to vehicle emissions.
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Notable Industry Development:
March 2021 – Brose Fahrzeugteile GmbH & Co. KG inked a joint venture with German auto giant Volkswagen AG to increase the deployment of AGS technology in upcoming VW models.
Segments:
Vane Type, Vehicle Type, and Region Are Studied
Based on vane type, the market is bifurcated into horizontal vane type and vertical vane type.
By vehicle type, the market is segmented into passenger car and commercial vehicle.
In terms of geography, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 4.16% |
| 2028 Value Projection | USD 2.36 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.77 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Horizontal Vane Type, Vertical Vane Type |
| Growth Drivers | The global automotive active grille shutter market growth is primarily driven by rising automotive production and sales across the world. |
| Strict vehicle emissions regulations across developed regions will help the market proliferate over the analysis timeframe. | |
| The European market will exhibit stellar growth in the coming years led by the presence of major automotive producers in the region. |
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Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
COVID-19 Impact:
Slowdown of Automotive Production Worldwide to Impede AGS Demand
The global COVID-19 pandemic has affected the automotive sector significantly. Worldwide, a steep decline in auto production was observed due to supply chain disruptions, stricter protocols, and workforce shortages. In the initial half of 2020, North America, two of the biggest automotive markets, witnessed a major drop in vehicle production and demand. Shortage in automotive parts supply also contributed to the decline in production activity. Legal and trade restrictions posed further challenges for product manufacturers globally. Market players such as Rochling Group and Magna International reportedly saw around 15-17% revenue decline due to the pandemic.
However, despite these challenges, the recovery of the automotive sector and growing production electric vehicles will augment the market growth in the future.
Speak To Our Analyst:
Need for Fuel-Efficient Vehicles to Boost Automotive AGS Market Growth
The global automotive active grille shutter market growth is primarily driven by rising automotive production and sales across the world. The product demand is rising led by the surge in the number of new vehicle models and types entering the market. Increasing disposable incomes and growing vehicle ownership rate will further amplify this demand.
Automotive AGS is in demand due to increased priority for fuel-efficiency in the auto industry. These systems can cut down carbon emissions by up to 3 grams per km. In addition, they reduce air drag by around 9%, which equals 25 aerodynamic points, thereby increasing the aerodynamic coefficient. Strict vehicle emissions regulations across developed regions will help the market proliferate over the analysis timeframe.
However, the high cost of AGS technology could affect its demand slightly.
Regional Insights:
North America is slated to dominate the global automotive active grille shutter market share over 2021-2028. The regional market size stood at USD 0.61 billion in 2020. This growth can be contributed to strict emission norms, rapid adoption of new technologies, increased consumer spending, and high spending on product innovation.
The European market will exhibit stellar growth in the coming years led by the presence of major automotive producers in the region. Rising adoption of electric vehicles will strengthen the regional outlook.
Meanwhile, the market in Asia Pacific is estimated to rise from USD 497.67 million in 2020 to around USD 769.87 million in 2028 at a CAGR of 5.3%.
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List of Key Players Profiled in the Market Report:
- Magna International Inc. (Canada)
- Valeo (France)
- Rochling Group (Germany)
- Brose Fahrzeugteile GmbH & Co. KG (Germany)
- Techniplas (U.S.)
- SRG Global (U.S.)
- Tong Yang Group (Taiwan)
- Coop (U.S.)
- Aisin Seiki Co., Ltd (Japan)
- BATZ (Spain)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Global Automotive Active Grille Shutter System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vane type
- Horizontal Vane
- Vertical Vane
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Automotive Active Grille Shutter System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Vane type
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