According to the new research report on "Active Grille Shutter Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 3,094.60 million by 2028, registering a CAGR of 5.3% from 2022 to 2028.
Several advanced economies in Europe, including Germany, France, Italy, the UK, and Russia, are prioritizing digitalization and maximizing their capabilities in the automotive and manufacturing industries by adopting advanced solutions. The European Commission has implemented strict emission standards that support the growth of the active grille shutter market. The adoption of active grille shutters and air duct systems can enhance vehicle aerodynamics and provide up to 2% fuel economy to users by reducing vehicle drag resistance. The automotive industry is embracing technologies that improve fuel economy and reduce harmful emissions, and active grille shutters have been recognized as a viable option to increase fuel economy and decrease CO2 emissions, which has led to an increase in demand for these solutions and propelled the active grille shutter market growth in the region.
The COVID-19 pandemic had a significant impact on the manufacturing sector worldwide, leading to the discontinuation of operations due to supply chain disruptions and temporary travel restrictions. This disruption caused a shortage of semiconductor chips, components, and raw materials, which hampered automobile production. Low traffic volumes on the road also resulted in decreased sales of aftermarket active grille shutters. The effect of the pandemic varied across Europe, with some countries experiencing high COVID-19 cases and imposing strict lockdowns or social restrictions for extended periods. As Europe is a leading automobile manufacturer, the active grille shutter market growth rates also declined. Spain, the UK, Italy, France, and Germany saw a sharp drop in automobile sales, with declines of 32%, 29%, 27%, 25%, and 19%, respectively. Moreover, vehicle production decreased by 7.7% in 2021 compared to 2020, with only 9.9 million passenger cars delivered in 2021. Consequently, the active grille shutter market size also decreased in 2020 and 2021. In response, active grille shutter manufacturers began emphasizing strategies such as collaborations and partnerships to recover from pandemic-related losses. For example, in November 2021, Continental, an active grille shutter manufacturer, launched a new product for Ford and Chrysler models.
The active grille shutter market is segmented on the basis of propulsion type, vane type, and vehicle type. Based on propulsion type, the market is segmented into internal combustion engine (ICE) and electric. On the basis of vane type, the active grille shutter market is bifurcated into horizontal and vertical. Based on vehicle type, the active grille shutter market is segmented into passenger vehicles, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).
In 2021, the leading global players in the active grille shutter market were Valeo SA, Magna International Inc., Röchling SE & Co. KG, SRG Global, and HBPO GmbH. The ranking of these companies is determined by taking into account key performance parameters such as overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. This report also profiles other significant active grille shutter market players, including Shape Corporation, Standard Motor Products Inc., STARLITE Co., Ltd., Techniplas US LLC, and Wirthwein AG.
Key Findings of Market Study:
The global active grille shutter market ecosystem consists of various key stakeholders, including plastic and polymer suppliers, electrical component suppliers, other raw material and component suppliers, AGS manufacturers, automobile manufacturers, aftermarket part providers, and end users. To manufacture active grille shutters, manufacturers require plastic and polymer suppliers, electrical component suppliers, and other raw material and component suppliers. Thermoplastics are used to manufacture the blades of the shutter and grille body. Major electrical component suppliers such as HELLA GmbH & Co. KGaA, Yazaki Corporation, and NMB Italia S.r.l. provide actuators and wiring harnesses that provide motility to the grille shutters. Paint suppliers fall under the other raw material and component suppliers category. Typically, active grille shutter market players have established agreements with automobile manufacturers. Depending on the profitability and quality they are targeting, automobile manufacturers may choose different active grille shutter manufacturers for different vehicle models.
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