The changing dynamics in Automotive Active Grille Shutter (AGS) Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Automotive Active Grille Shutter Market.
It was estimated prior to this unanticipated outbreak that the Automotive Active Grille Shutter Market will reach US $ 1,206.0 million in 2024 . However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Automotive Active Grille Shutter (AGS) Market Insights
The automotive active grille shutter market is likely to grow at an impressive double-digit rate over the next five years to reach US $ 1,206.0 million in 2024 . The auto industry has efficaciously been ushering in a new era of aerodynamic vehicles with a meticulous investment into advanced components that can address the changing business requirements in the most effective manner. All the major automakers have vigorously been incorporating active components in their most-renowned vehicle models with the purpose to improve the overall fuel efficiency of vehicles in order to address stringent government regulations, such as CAFE Standards and EU Commission on Carbon Emissions Reduction Targets.
Automotive Active Grille Shutter (AGS) Market Share Analysis
Automotive Active Grille Shutter (AGS) Market Share by Vehicle Type
The global automotive active grille shutter market is segmented based on the vehicle type as Passenger Car, LCV (Light Commercial Vehicle) and M & HCV (Medium- and Heavy-Duty Commercial Vehicle). Passenger car is expected to remain the growth engine of the global automotive active grille shutter market during the forecast period of 2019 to 2024. Increasing production of passenger cars coupled with increasing penetration of AGS in passenger car models is likely to elevate the demand for AGS in the passenger car segment.
Automotive Active Grille Shutter (AGS) Market Share by Shutter Vanes Type
Based on the shutter vanes type, the automotive active grille shutter market is segmented as Horizontal Vanes and Vertical Vanes. Horizontal vane-based active grille shutter is expected to remain most dominant type in the global automotive active grille shutter market during the forecast period. Both horizontal, as well as vertical vane segments, are likely to witness healthy growth rates over the next five years.
Regional insights
Based on the regions, Europe is expected to remain the largest automotive active grille shutter market during the forecast period. Stricter emission norms of European Commission have led to a faster adoption of active grille shutter into European vehicles. Ford Focus & Fusion, BMW 5 Series & 7 Series, Renault Twingo & Talisman, Citroen C4 Picasso, and Audi Q7 are some key European models that have active grille shutters. Asia-Pacific is likely to depict the highest growth during the forecast period with China being the key source of growth.