Automotive Fascia Market Trends

Statistics for the 2023 & 2024 Automotive Fascia market trends, created by Mordor Intelligence™ Industry Reports. Automotive Fascia trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Automotive Fascia Industry

Passenger Cars Segment to Dominate the Market

  • Consumers' shifting preference towards availing private medium of transportation is aiding the growth of the passenger car market all over the world. Various countries have recorded increasing sales of passenger cars in recent years, which is anticipated to further surge in the coming years. For instance,
  • New passenger car registrations in Europe touched 1.0 million units in March 2023, an increase of 28.8% from the same month in 2022.
  • Ecuador witnessed a Y-o-Y growth of 15.4% in new passenger car sales between 2021 and 2022, while Argentina witnessed a Y-o-Y growth of 8.4% in new passenger car sales between 2021 and 2022.
  • Germany recorded a Y-o-Y growth of 1.1% in new passenger car sales between 2021 and 2022, selling 2.6 million units of passenger cars in 2022.
  • Coupled with that, increasing used car sales will also contribute to boosting the demand for automotive fascia in the aftermarket. Greater purchase of used cars leads to higher demand for aftermarket products as consumers look forward to upgrading their vehicles. Compared with May 2023, Austria, Germany, Italy, Spain, and the United Kingdom witnessed speedier transactions take place for 36-month-old vehicles. Sales of used cars in the United Kingdom touched 7.53 million units in 2021 compared to 6.75 million units in 2020.
  • In the era of green mobility, to address environmental pollution from transportation and climate change issues, policymakers across the world are focused on advancement in private transportation solutions.
  • For instance, in July 2022, the government of Canada implemented an emission reduction strategy under "The 2030 Emission Reduction Plan", which outlines the country's emissions reduction target of 40 percent below 2005 levels by 2030 and net-zero emissions by 2050.
  • In July 2021, the European Commission announced its intermediate target of at least a 55% net reduction in greenhouse gas emissions by 2030. Further, the commission also proposed various legislative proposals on the roadmap to achieve climate neutrality by 2050.
  • Such initiatives by the government, coupled with the consumers growing concerns for environmental hazards, are contributing to the growing demand for electric vehicles across nations. Further, as the market for used EVs witnesses surging growth in the coming years, there will exist a need for advanced automotive parts & components used in vehicles, such as low carbon emission material used in the development of automotive fascia, which is expected to positively impact the growth of the automotive fascia market in the coming years.
  • Demand for EVs has surged exponentially in recent years, with China recording a 33.3% increase in new electric vehicle sales between 2021 and 2022, while the United States recorded a 60% Y-o-Y during the same period, which is expected to positively contribute to the growth of automotive fascia market in the coming years.
Automotive Fascia Market - Sales of New Passenger Cars, in Million Units, Global, 2018-2022

Asia Pacific to Record Substantial Growth

  • The rising urbanization rate, coupled with the growing disposable income of consumers, is contributing to the increased sales of vehicles across the Asia Pacific Region, which is fuelling the surging growth of the automotive fascia market. With consumers migrating to the urban areas for better employment opportunities and financial prospects, there exists a massive demand for availing of the private medium of transportation. As more and more consumers flock to urban areas, the demand for automotive fascia products will witness substantial growth in the coming years.
  • The urban population in India stood at 36% of the overall population in 2022, an increase from 2021, wherein the urban population stood at 35% as a percentage of the overall population.
  • On the other hand, the urban population in China stood at 64% of the overall population in 2022, a marginal growth of 1% from 2021, wherein the urban population stood at 63% as a percentage of the overall population.
  • The increasing urbanization and disposable income fuel the market of passenger vehicles in the Asia-Pacific region. Overall passenger vehicle sales expanded 3.1% in July 2023 compared to the same period in the previous year. Coupled with that, increasing electric vehicle sales across these regions is contributing to the massive demand for advanced automotive fascia products with better looks and usage of materials, which substantially reduces the weight of vehicles.
  • Four-wheeler electric vehicle sales in India expanded with a CAGR of 84.6% between FY18 and FY23. The Y-o-Y growth of electric four-wheeler sales in India witnessed a 143% surge between FY22 and FY23. Sales of new energy vehicles (NEVs) in China, which include pure battery electric cars and plug-in hybrids, skid 3.6% every month in April and accounted for 32% of total car sales in May 2023.
  • Rising vehicle-on-road and used cars in the Asia Pacific region are expected to positively impact the demand for the aftermarket car fascia market due to consumers' preference for the upgradation of their vehicles and servicing purposes. In August 2022, the Ministry of Road and Highways of India announced that the total number of cars plying on Indian roads touched 7 crore, while in South Korea, the total number of vehicles registered is estimated to stand at 25.5 million units as of 2022.
  • With the increasing government's investment in enhancing public transportation infrastructure in the coming years, the automobile fascia market is expected to witness surging growth owing to the enhancement of consumer convenience. Various government across the Asia-Pacific region has been actively boosting their investment to develop public transportation infrastructure. For instance, in July 2023, the Indian government announced its plan to construct several greenfield expressway projects totaling 10,000 km across the country for Rs 4.5 lakh crore. In May 2023, South Korea and Saudi Arabia announced the signing of two memorandums of understanding in the fields of mobility and roads to elevate business opportunities in the transport and logistics sector.
Automotive Fascia Market - Growth Rate (%), By Region (2023-2028)

Automotive Fascia Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)