Analysis of Automotive Cross Member market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to latest research by Fact.MR, automotive cross member market is set to witness steady growth during 2021-2031. Demand for automotive cross member will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry will create opportunities in near future.
The fundamental factors that are driving the development of cross part market remembers for interest for eco-friendly vehicle, increase in advancement and innovative headway, and ascend in auto creation. Additionally, rising electric vehicle demand is expected to give rewarding freedoms to the development of the market. Likewise the improvement of super lightweight car cross part, which clears a path for new organizations to enter the market absent a lot of R&D venture, is relied upon to give freedoms to the market development.
Sales of automotive cross member in traditional automotive industry is anticipated to foster owing to application for passenger and commercial vehicle in chassis system to make vehicle lighter and more fuel efficient.
Rising innovation and advancements due to increasing demand for premium and improved performance of the vehicle, such as, light weight automotive cross member which have dynamic chassis mode that enable automatic shifting of gear and enhance driving experience even on mountain road, leading to increased demand for such premium vehicle. Therefore, innovation and technological advancement in cross member will drive the growth of the automotive cross member market in forecast period.
Automotive sales around the globe have been impacted by COVID-19 induced slowdown. This has also had a ripple effect on automotive component and material sales. As lightweight is a key focus area for automotive OEMs, automotive cross member manufacturers are likely to witness sustained opportunities in the future.
Cross member is used extensively in automotive industry. Although lockdown and shelter-at-home guidelines have meant restricted automobile production activities, however sales are likely to improve over the course of the assessment period.
North America is estimated to be one of the prominent region globally. The US and Canada market is set to account for substantial share in global market during the assessment period 2021-2031. The substantial investment and R&D in automobile production with advance technology to make vehicle fuel-efficient, light weight in automotive industry is likely to propel demand during forecast period.
Electric vehicle adoption has increased in the United States and Canada as a result of government greenhouse emission legislation and rising fuel prices. Cross members used in electric vehicles are vastly different from those used in conventional motor vehicles, necessitating the development of new cross member designs specifically for electric vehicles. As a result, the electric vehicle demand is expected to provide lucrative opportunities for the automotive cross member market to expand.
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Demand for cross member in Europe have been expanding significantly over the recent years and this trend is projected to persist over the coming years. These attributable to strategic development by market player for improving market presence in the region. Furthermore, countries such as Germany, France, and Italy have been leading markets because of the automobile production is increasing. These factors are expected to create positive prospects for the market growth in the region.
Some of the leading manufacturers and suppliers includes
Many leading manufacturers and supplier have longstanding contracts with end-users to supply automotive cross member. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from South Asia Pacific and East Asia such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
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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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The 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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The Automotive cross member market is expected to grow at a 4.5% CAGR from 2021 to 2031
By 2031-end, Automotive cross member sales are likely to reach US$ 3.84 Billion
Magna Powertrain, Magneti Marelli, ArcelorMittal, Kirchhoff, and Dura are some leading Automotive cross member market players.
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