NEW YORK, May 21, 2021 /PRNewswire/ —
The automotive carbon fiber components market is expected to grow by 2,088.81 MT during 2021-2025, expanding at a CAGR of over 5%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
Automotive Carbon Fiber Components Market: Growing use of Carbon Fiber Materials in the Automotive Industry
Growing concerns over the environment have been forcing automakers to focus on improving the efficiency of their vehicles. Besides, the rising competition among automobile manufacturers and OEMs is increasing the use of energy-efficient, advanced, and lightweight materials in automotive applications. Components made of carbon fiber materials are highly preferred in the automotive industry owing to their high strength-to-weight ratio compared to metals. For instance, they are 20% lighter than conventional materials such as aluminum and titanium. With the rising demand for supercars and the growing popularity of hypercars, the use of carbon fiber components is expected to increase in the automotive industry during the forecast period.
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As per Technavio, the rising competition among super sports car manufacturers 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 2021-2025.
Automotive Carbon Fiber Components Market: Rising Competition Among Super Sports Car Manufacturers
Improvements in socioeconomic conditions in several countries have subsequently increased the demand for mid-segment, luxury, and sports cars over the years. The growing popularity of such vehicles is encouraging automakers to increase their product offerings. Prominent sports car manufacturers such as Porsche, Lamborghini, McLaren, Bugatti, and Ferrari are differentiating their cars to gain a competitive advantage in the global market. Apart from using high-performing engines, these automakers are equipping their cars with advanced safety systems and technologies that enhance overall performance. This is increasing the use of carbon fibers in supersport cars as they enhance the performance quotient of vehicles and help improve fuel efficiency and reduce carbon emissions. Therefore, the rising competition among supersport car manufacturers is expected to have a positive impact on the growth of the global automotive carbon fiber components market during the forecast period.
“Enforcement of stringent carbon emission and fuel efficiency norms and increasing production of automobiles will further boost market growth 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 2020, 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 the high automobile production in countries such as China, Japan, and India.
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Some of the key topics covered in the report include:
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