Automotive Cowl Panel Market Forecast and CAGR
The automotive cowl panel market is expected to grow steadily between 2021 and 2031, with a CAGR of 3% - 5%, according to Future Market Insights' latest study. The market will recover steadily in the short term as a result of Covid-19's effect, with an optimistic long-term growth outlook. The increase in vehicle production and sales has led to the growth of automotive components and hence the growth of the automotive cowl panels.
What is Driving Demand for Automotive Cowl Panel?
The panel that covers the gap between your car's hood and windshield is known as a cowl panel. It protects the area between the windshield and the hood while supporting the windshield and dashboard.
It accomplishes this by ensuring that no foreign objects enter the windshield wiper system or the cabin filter area. Since all vehicles need an automotive cowl panel, rising vehicle sales and production along with fleet on road, are expected to be the primary drivers of the automotive cowl panel industry.
Research centers are constantly working to improve the cost and operating efficiencies of automotive cowl panel, with the aim of lowering their costs and, ultimately, the price of the finished product. Automotive hubs such as China, Japan, and US have validated persistent developments in recent years, which are expected to bid on thriving prospects to the Asia Pacific region's segment growth.
Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. However, it is estimated that the market will show positive growth from 2021 onwards.
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US and Canada Automotive Cowl Panel Sales Outlook
North America is estimated to be the prominent market accounting for a significant share of the market. The US and Canada are projected to remain one of the most lucrative markets for automotive cowl panel over the forecast period. In North America, the market is being driven by the growth of the automotive industry and a strong demand for safety measures.
Automotive sales and production in the region are expected to be boosted by advanced technology in auto part manufacturing, a thriving passenger cars and light trucks production and sales, rising fleet on road, and the digitalization of automotive part distribution services.
The above factors are driving the market for automotive cowl panel in both OEM and replacement market. Cowl panel demand is also being driven by the presence of key vendors in this region, as well as an increasing preference for durable panels, increased net disposable income and a rising need for safety.
Europe Demand Outlook for Automotive Cowl Panel
The Europe region will generate high demand for automotive cowl panel during the forecast period, owing to the presence of leading automotive cowl panel manufacturers in the region, with the Germany expected to hold a significant share of the market.
Due to increased vehicle production and sales, Europe is expected to be one of the prominent markets for automotive cowl panel. Aluminum automotive cowl panel are expected to become more common in this market as demand for mid- and high-end SUVs grows.
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Who are the Key Manufacturers and Suppliers of Automotive Cowl Panel?
Some of the leading manufacturers and suppliers of automotive cowl panel include
- Dorman Products
- Bright Brothers ltd.
- Veegeeindustries Enterprise Private Limited
- Original Equipment Reproduction
- Auto Metal Direct.
Local manufacturers are providing the product at low prices, resulting in intense market rivalry that forces manufacturers to sell at lower prices. Market expansion to broaden geographical reach, mergers & acquisitions, R&D investment to develop new systems, joint ventures, partnerships, branding & promotion, technology adoption, and erecting entry barriers for new players are just a few of the key strategies used by these businesses.
An Adaptive Approach to Modern-day Research Needs
Automotive cowl panel Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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- Stainless Steel
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Poland, Russia)
- South Asia and Pacific (India, ASEAN, ANZ)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The automotive cowl panel market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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