Report : Europe 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 5.9% CAGR, the Europe Active Grille Shutter Market is speculated to be worth US$ 1,381.74 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe active grille shutter market was valued at US$ 979.39 million in 2022 and is expected to reach US$ 1,381.74 million by 2028, registering an annual growth rate of 5.9% from 2022 to 2028. Increasing demand for passenger vehicles and raising demand for lightweight AGS in energy efficient vehicles.
Of late, urbanization across the region has increased at a significant pace, leading to a hike in the average disposal income of the urban population, allowing people to enhance their lifestyles. Improved lifestyles further boost the demand for electric passenger vehicles, thus, encouraging manufacturers to strengthen their production in a bid to cater to customers optimally. The production of vehicles, including passenger and commercial vehicles, has registered steady growth in developed and developing economies in the post-pandemic. Automotive vehicle sales, especially passenger vehicles, profoundly influence the market's growth. The steady demand for active grille shutters (AGS) is also anticipated to gain traction during the coming years. The main drivers propelling this market’s rise are the increase in demand for passenger cars brought on by the surge in the number of middle-income groups and the improvement in the standard of living in emerging nations. Consumers are increasingly gravitating toward passenger vehicles due to their affordability factor. As reported by Statista, the revenue from the passenger car industry is anticipated to reach US$ 1,890 billion in 2022. Factors, such as a significant number of existing vehicles and constant demand from countries with varying temperature conditions, are contributing considerably to the rising demand for aftermarket AGS sales. Hence, the active grille shutter market is witnessing steady growth and providing several lucrative business opportunities to market players.
On the contrary, heavy cost of AGS and the lack of awareness among customers.
- Based on battery type, the Europe active griller shutter market is segmented into ICE and electric. The ICE segment held 90.6% market share in 2022, amassing US$ 887.60 million. It is projected to garner US$ 1,238.33 million by 2028 to expand at 5.7% CAGR during 2022–2028.
- Based on application, the Europe active griller shutter market is segmented into horizontal and vertical. The horizontal segment held 80.6% market share in 2022, amassing US$ 789.45 million. It is projected to garner US$ 1,125.85 million by 2028 to expand at 6.1% CAGR during 2022–2028.
- Based on connectivity, the Europe active griller shutter market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment held 82.4% market share in 2022, amassing US$ 807.05 million. It is projected to garner US$ 1,111.81 million by 2028 to expand at 5.5% CAGR during 2022–2028
- Based on country, the Europe active griller shutter market has been segmented into the Germany, France, Italy, UK, Russia, and Rest of Europe. Our regional analysis states that Germany captured 42.1% market share in 2022. It was assessed at US$ 412.58 million in 2022 and is likely to hit US$ 607.55 million by 2028, exhibiting a CAGR of 6.7% during the forecast period.
Key players dominating the Europe active griller shutter market are Valeo SA; HBPO GmbH; Magna International Inc.; Röchling SE & Co. KG; SRG Global Inc.; SHAPE CORPORATION; TECHNIPLAS US LLC; Standard Motor Products Inc.; and WIRTHWEIN AG among others.
- In 2022, Magna announced the opening of a new plant in Kechnec, Solvakia to expand its ADAS and electrification footprint.
- In 2021, Continental AG launched a new line of active grille shutters for direct replacements on Ford and Chrysler vehicles.
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