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Key Emerging Trends in the Automotive Grille Market
The automotive grille market is booming, and the main reason behind this is the growth of the automobile industry worldwide. In cars, a grille is the part that covers an opening to let air go in or out of the vehicle's body. Most cars have a grille at the front to protect important parts like the radiator and engine. This grille is crucial because it helps air flow into the engine room, keeping the car's temperature right. It also supports the engine cooling process by working with a radiator.
So, as the automobile industry grows, the demand for automotive grilles also goes up. For example, in 2021, the sales of passenger vehicles in India increased by 26.6% to 3.08 million units, up from 2.43 million units in 2020. Commercial cars also saw a boost, with sales going up by 34% from the previous year, reaching 677,119 units.
The Indian government is playing a big role in supporting the automobile industry. They approved a scheme called PLI (Production-Linked Incentive) for automobiles and auto components. This scheme had a budget of Rs. 57,042 crore (US$ 8.1 billion) over five years, starting from November 2020. In September 2021, they announced another PLI scheme for automobiles and auto components worth Rs. 25,938 crore (US$ 3.49 billion). By February 2022, the government received investment proposals worth Rs. 45,016 crore (US$ 6.04 billion) from 20 automotive companies under the PLI Auto scheme.
These initiatives are expected to have a big impact on the automotive industry globally. They will create more production, meet the rising demand for vehicles, and boost the need for automotive grilles all around the world. The push for cleaner vehicles, dealing effectively with increasing demand and production, is also contributing to the growing requirement for automotive grilles across the globe. As the need for cars and cleaner air vehicles continues to rise, the automotive grille market is set for positive growth in the coming years.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | · Innovative strategies adopted by market player to grab the position in growing automotive sector |
| Market Dynamics | · The growth of worldwide automotive industry· Surging adoption of online marketplace selling aftermarket components |
Automotive Grille Market Highlights:
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