North America Automotive Chromium Finishing Market is Expected to Record CAGR of 2.5% By 2027
The automotive chromium finishing market in North America is expected to record an appreciable CAGR of around 2.5% through 2027. Expanding automotive industry in the U.S. coupled with increasing consumer preference for overall luxury cars as well as electric vehicles is fostering the growth of automotive chromium finishing industry in North America. According to reliable sources, luxury cars outperformed the mainstream cars in the US market despite the COVID-19 crisis. Dominated by Mercedes-Benz, Tesla and Toyota models, the luxury segment recorded a significant growth of 44.3% growth over the span of first nine months of 2020 as against the 40% during the same period in the previous years.
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Shifting inclination towards chrome finishing usage in passenger as well as commercial vehicles coupled with the accelerating demand for luxury vehicles has fueled the demand for chromium finishing across the globe. Considering the increasing product demand, automotive chromium finishing market is projected to grow exponentially over the ensuing years.
Rising sales of sports & premium cars across major parts of the world coupled with increasing share of EV technology in automotive sector in these regions has evoked the demand for chrome surface finish. Besides, rising propensity towards pre-owned vehicles and growing disposable income is favoring the demand for chromium plated finish further. Automotive chromium finishing market share is projected to surpass USD 4.5 billion by 2027.
Prominent industry players are now inclined on developing innovative finishing products for automotive parts and body and are also focusing on strategic alliances which is anticipated to open new growth avenues for the business in near future. Quoting an instance, in 2020, prominent manufacturer of Aluminum alloy wheel, Synergies Castings Limited, announced the launch of its product Magic Black which is considered to be the first ever black chrome-plated wheels in the world. According to the company, the product has been designed especially for luxury cars.
As the preference for better aesthetic appearances and shiny polishes on automobile parts is rising, demand for automotive chromium finishing has increased considerably over time. Besides, growing proclivity for electric cars is anticipated to impel the product application further. Considering these factors, decorative chrome is estimated to dominate the process segment across the global automotive chromium finishing market over the coming years.
With increasing demand for premium motorcycles and their growing sales, demand for automotive chromium is elevating significantly. Given that, two-wheelers segment across the overall automotive chromium market is expected to secure a market share of around 5% by 2027.
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Some Point from Table of Contents:
Chapter 6 Automotive Chromium Finishing Market, By End-user
6.1 Global automotive chromium finishing market by end-user insights
6.2 Automotive OEM
6.2.1 Market estimates and forecast, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3 Automotive aftermarket
6.3.1 Market estimates and forecast, 2017 - 2027
6.3.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 7 Automotive Chromium Finishing Market, By Vehicle
7.1 Global automotive chromium finishing industry vehicle insights
7.2 Passenger car
7.2.1 Market estimates and forecast, 2017 - 2027
7.2.2 Market estimates and forecast, by region, 2017 - 2027
7.3 LCV
7.3.1 Market estimates and forecast, 2017 - 2027
7.3.2 Market estimates and forecast, by region, 2017 - 2027
7.4 HCV
7.4.1 Market estimates and forecast, 2017 - 2027
7.4.2 Market estimates and forecast, by region, 2017 - 2027
7.5 Two-wheelers
7.5.1 Market estimates and forecast, 2017 - 2027
7.5.2 Market estimates and forecast, by region, 2017 - 2027
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