Overview and Scope
Automotive carbon fiber composite parts refer to automotive parts made up of carbon fiber composite material. They are used to reduce the weight of the vehicle to make it more energy efficient.
Sizing and Forecast
The automotive carbon fiber composites parts market size has grown rapidly in recent years. It will grow from $19.89 billion in 2023 to $23.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to weight reduction in vehicles, growing electric vehicle, sports and luxury vehicle demand, stringent emission standards, racing and motorsports.
The automotive carbon fiber composites parts market size is expected to see rapid growth in the next few years. It will grow to $42.14 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to electric and hybrid vehicle adoption, stringent fuel efficiency standards, increased use in structural components, mass production and economies of scale, demand for advanced driver assistance systems (adas). Major trends in the forecast period include increasing adoption in electric vehicles (evs), advancements in manufacturing technologies, integration in structural components, collaborations and partnerships, cost reduction initiatives, recycling and sustainability.
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Segmentation & Regional Insights
The automotive carbon fiber composites parts market covered in this report is segmented –
1) By Type: Brake Discs, Brake Pads, Battery Housing, Mirror Housing, Chassis, Pillars, Other Types
2) By Resin: Thermoplastic, Thermoset
3) By Application: Original Equipment Manufacturer (OEM), Aftermarket
Europe was the largest region in the automotive carbon fiber composites parts market in 2023. The regions covered in the automotive carbon fiber composites parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Surging demand for electric vehicles is significantly contributing to the automotive carbon fiber composites parts market going forward. Electric vehicles refer to vehicles that have an electric motor capable of drawing power from a battery and having the ability to receive external charging. Parts made from carbon fiber composites are used in electric vehicles to reduce weight and in turn, minimize the vehicle’s energy consumption. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the surge in demand for electric vehicles will drive the automotive carbon fiber composite parts market.
Key Industry Players
Major companies operating in the automotive carbon fiber composite parts market are entering into strategic partnerships and collaborations to sustain their position in the market. Strategic partnerships are collaborative relationships formed between two or more organizations to achieve specific business objectives or goals. For example, in May 2022, Voith Composites, Composites 4.0 leader and production center of carbon fiber-reinforced composites in the Voith Group, announces its intent to partner with V-Carbon, a UK-based advanced materials technology company, developing the first fully integrated carbon fiber circular economy for use in the aerospace, automotive, wind energy and industrial sectors. This partnership will establish and deliver industry leading innovation to achieve the first sustainable and closed-loop solution for CFRP (Carbon Fiber Reinforced Polymer) materials for H2 (hydrogen) systems.
The automotive carbon fiber composites parts market report table of contents includes:
1. Executive Summary
2. Automotive Carbon Fiber Composites Parts Market Characteristics
3. Automotive Carbon Fiber Composites Parts Market Trends And Strategies
4. Automotive Carbon Fiber Composites Parts Market – Macro Economic Scenario
5. Global Automotive Carbon Fiber Composites Parts Market Size and Growth
…
31. Global Automotive Carbon Fiber Composites Parts Market Competitive Benchmarking
32. Global Automotive Carbon Fiber Composites Parts Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Carbon Fiber Composites Parts Market
34. Automotive Carbon Fiber Composites Parts Market Future Outlook and Potential Analysis
35. Appendix
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