Report : Asia Pacific Active Grille Shutter Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Propulsion Type [ICE (Internal Combustion Engine) and Electric], Vane Type (Horizontal and Vertical), Vehicle Type [Passenger Vehicles, LCV (Light Commercial Vehicles) and HCV (Heavy Commercial Vehicles)]
At 5.3% CAGR, the Asia Pacific Active Griller Shutter Market is speculated to be worth US$ 683.60 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific active griller shutter market was valued at US$ 500.03 million in 2022 and is expected to reach US$ 683.60 million by 2028, registering an annual growth rate of 5.3% from 2022 to 2028. Advancing demand of AGS for super sport car or premium cars and widening adoption of EV and hybrid EV.
Automakers are opening new manufacturing sites or moving existing ones in growing automotive markets to meet the growing demand for active grille shutter products that are to be required in sports cars or premium cars. Automakers are concentrating on enhancing the quality of these shutters to produce more effective products for luxury and sports cars. These players are expected to benefit from the high-performing and durable items in terms of revenue collection. For instance, the Type 132 sports SUV from Lotus was unveiled in 2021 with an active grille shutter system. Type 132 sports SUV is 1 of the 3 premium electric vehicles planned to be launched by Lotus. The airflow into the cooling radiators of the vehicle is controlled by AGS, which, when closed, the shutters provide smoother airflow and, ultimately, improve overall efficiency.
On the contrary, excessive cost of AGS and the lack of awareness among customers.
- Based on battery type, the Asia Pacific active griller shutter market is segmented into ICE and electric. The ICE segment held 91.4% market share in 2022, amassing US$ 456.84 million. It is projected to garner US$ 617.16 million by 2028 to expand at 5.1% CAGR during 2022–2028.
- Based on application, the Asia Pacific active griller shutter market is segmented into horizontal and vertical. The horizontal segment held 90.4% market share in 2022, amassing US$ 452.12 million. It is projected to garner US$ 624.37 million by 2028 to expand at 5.5% CAGR during 2022–2028.
- Based on connectivity, the Asia Pacific active griller shutter market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment held 83.5% market share in 2022, amassing US$ 417.69 million. It is projected to garner US$ 556.50 million by 2028 to expand at 4.9% CAGR during 2022–2028
- Based on country, the Asia Pacific active griller shutter market has been segmented into the China, India, Japan, South Korea, and Rest of Asia Pacific. Our regional analysis states that China captured 54.4% market share in 2022. It was assessed at US$ 272.22 million in 2022 and is likely to hit US$ 388.08 million by 2028, exhibiting a CAGR of 6.1% during the forecast period.
Key players dominating the Asia Pacific active griller shutter market are Valeo SA; HBPO GmbH; Magna International Inc.; Röchling SE & Co. KG; SRG Global Inc.; SHAPE CORPORATION; TECHNIPLAS US LLC; and WIRTHWEIN AG among others.
- In 2022, Wirthwein AG has been producing with two companies in the city of Kunshan, which is located about one hour west of Shanghai. The third company was successfully launched by the business in Shenyang, China, in the People's Republic's north in 2018. With the establishment of "Xi'an Wirthwein Plastic Technology Co., Ltd." in the major Chinese city of Xi'an, Wirthwein is now building its fourth business in the "Middle Kingdom”.
- In 2022, Techniplas US LLC, acquired publicly traded Nanogate Group (Nanogate), a prominent manufacturer of highly engineered plastics systems and components.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: firstname.lastname@example.org