The Automotive Acoustic Material market?is anticipated to register a CAGR of 4. 09 %, during the forecast period (2021 – 2026). - Trends, such as personalization and autonomous driving where the driver is increasingly becoming a passenger, are evolving vehicle interiors.
New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Acoustic Material Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06020230/?utm_source=GNW
Industry participants are working intensively on concepts for vehicle interiors, with a variety of new functionalities.
- Automakers are showing great interest in vehicle acoustics, as car acoustics are steadily gaining traction as a quality criterion in modern cars. Passenger comfort has become one of the most important considerations for selling the vehicle. Components have to take as little space as possible and provide the maximum level of comfort. As a result, consistent development is taking place in this regard.
- The growing EV sales, efforts to reduce the overall weight, increased electric drive range, and the adoption of sophisticated features in the new and upcoming EV models are few major factors that are significantly driving the R&D in the automotive acoustic material demand in the current market scenario. Moreover, this scenario is expected to continue in the future.
- The economic slowdown, coupled with the tariffs imposed on importing acoustic material and other products, and COVID-19 are expected to hamper the growth of this market.
Key Market Trends
Growing Demand for Cabin Comfort and Luxury Features
The automotive industry is in the middle of a technological revolution characterized by the convergence of new technology with traditional car manufacturing. With the increasing trend of electric vehicles, acoustic material manufacturers are developing new light weight acoustic materials to replace the old traditional materials. Electric vehicles manufacturers are launching new vehicle models with best cabin interiors. For instance, in September 2020, Lucid Motors launched Lucid Air. This luxurious electric sedan offers a full-size luxury-class interior, which is based on Lucid’s exclusive Space Concept philosophy.
Automakers are working to make a vehicle interior as much noiseless as possible, as quiet vehicle cabin makes driving more comfortable. To identify and correct the potential internal and external sound sources during the pre-development phase of new vehicles, car manufacturers across the world are utilizing various highly specialized measurement tools. Furthermore, to cater to that need for good technology for testing vehicles, various players in the market are launching new technologies. For instance, in August 2020, Autoneum, an automotive component manufacturer, launched a new measurement tool, Airborne Transmission Loss Analysis System. ATLAS measures various aspects of acoustic insulation and transmission loss in components, such as carpets, inner dashes, and floor insulators. This allows automakers to assess different noise-reducing parts in less time and choose better acoustic material suitable to their needs.
The demand for automotive acoustic material is expected to increase significantly during the forecast period, fueled largely by growing inclination toward comfortable and quite vehicle interior. Moreover, major OEMs in the market are launching various new models with the best acoustic materials. This presents a considerable opportunity for the growth of the automotive acoustic material market.
Asia Pacific Captures Major Market Share
The Asia Pacific region has emerged as the largest market for acoustic materials. Asia pacific accounted for the largest global vehicle production in 2019. The region is estimated to be the largest market for automotive acoustic materials, by volume as well as value. The huge vehicle production in the region offers a tremendous growth opportunity for the acoustic materials market.
China is the largest automobile market in the world. Although for the past few years, the country is witnessing a decline in sales, as in 2020, it recorded around 2% decline in sales compared to 2019. The China Association of Automobile Manufacturers (CAAM) announced that the vehicle production for January through December was 25.22 million units with a 2.0% decline compared to the same period in the previous year, owing to weak overseas demand for Chinese vehicles, while sales in the same period for 2020 were 25.311 million units. The region has a higher growth potential than matured markets such as North America and Europe.
Europe is the second largest market for passenger cars, particularly for premium cars. The sale of premium cars is projected to show linear growth during the forecast period, thereby increasing the demand for acoustic materials in Europe.
The competition in the market is increasing as the companies are making new strategic partnerships, investing majorly in R&D projects, and launching new products in the market for being ahead of their rivalries. For instance:
In Jan 2020, Nissan has invented lightweight noise-reduction material. Nissan has developed a lightweight noise-reducing technology known as acoustic mete-material. It is made up of lattice structure and plastic film. It weighs one-fourth of the traditional rubber boards but does the same degree of sound isolation. This will increase the fuel efficiency of the vehicle as the weight is reduced.
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