Growth of 2,088.81 MT in Carbon Fiber Automotive Components Market Expected | Growing use of carbon fiber materials in the automotive industry to drive growth
NEW YORK, May 21, 2021 / PRNewswire / –
The carbon fiber automotive components market is expected to grow by 2088.81 tons between 2021 and 2025, with a CAGR of over 5%. The report sheds light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges that market players can expect.
Carbon Fiber Automotive Components Market: Growing Use of Carbon Fiber Materials in Automotive Industry
Growing environmental concerns are forcing automakers to focus on improving the efficiency of their vehicles. In addition, increasing competition between auto 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 due to their high strength to weight ratio compared to metals. For example, they are 20% lighter than conventional materials such as aluminum and titanium. With the growing 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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According to Technavio, the increasing competition among super sports car manufacturers will positively impact the market and contribute significantly to its growth during the forecast period. This research report also analyzes other significant market trends and drivers that will influence the market growth over 2021-2025.
Carbon Fiber Automotive Components Market: Growing Competition Among Super Sports Car Manufacturers
Improving socio-economic conditions in several countries subsequently increased the demand for midsize, luxury and sports cars over the years. The growing popularity of these vehicles encourages automakers to increase their product offering. Leading sports car manufacturers such as Porsche, Lamborghini, McLaren, Bugatti and Ferrari differentiate their cars to gain competitive advantage in the global market. In addition to using high performance engines, these automakers equip their cars with advanced safety systems and technologies that improve overall performance. This increases the use of carbon fibers in supersport cars as they improve the performance quotient of vehicles and help improve fuel efficiency and reduce carbon emissions. Hence, the increasing competition among supersport auto manufacturers is expected to positively impact the growth of the global carbon fiber auto components market during the forecast period.
“Applying strict carbon emissions and fuel efficiency standards and increasing auto production will further drive market growth over the forecast period,” says senior analyst at Technavio .
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Carbon Fiber Automotive Components Market: Segmentation Analysis
This market research report segments the carbon fiber automotive components market by application (powertrain, exterior and interior) and geography (APAC, Europe, North America, South Americaand MEA).
APAC region dominated the carbon fiber automotive components market in 2020, followed by Europe, North America, South Americaand MEA respectively. During the forecast period, APAC region is expected to register the highest incremental growth due to strong auto production in countries such as China, Japan, and India.
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Some of the main topics covered in the report include:
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