Automotive NVH Materials Market Trends

Growth Drivers

• Growth in Production of Heavy Vehicles – Heavy vehicles are being extensively produced owing to their benefits in transportation, driving for long kilometers, and many more. However, owing to its sturdy nature, heavy raw materials, and sturdy components, generate the need for automotive NVH materials for enhanced road performance. Thus, the increased production of heavy vehicles is expected to increase the utilization rate of global automotive NVH materials market in the forecast period. The latest report published in 2022 stated that the production of medium and heavy vehicles in North America increased by almost 5% over 2021.
• Increased Demand and Production of Vehicles – A surge in urbanization and increasing middle-class income resulted in an increased demand for vehicles that positively influenced the production of vehicles too. The latest reports released by the Organization of Motor Vehicle Manufacturers (OICA) stated that the global production of vehicles reached around 80 million units in 2021. That denotes a considerable rise from the year 2020, with 77 million vehicles.
• High Manufacturing Rate of Sports Cars – NVH materials are used extensively in luxury and sports cars, as required by the manufacturers. Therefore, the surging production of sports cars is another major factor that is anticipated to boost the global automotive NVH materials market over the forecast period. For instance, as per estimations, sports car sales are anticipated to reach more than 1,000.0K vehicles in the year 2027 across the globe.
• Growing Sales and Production of Electric Vehicles – For instance, in 2021, one out of every ten automobiles sold was an electric vehicle. Currently, there are more than 16 million electric vehicles on the road across the globe.
• Population Explosion with Middle Income - World Bank calculated the total population with middle income in the world to rose from 5.51 Billion in 2015 to 5.86 Billion in 2021.

Challenges

• Stringent Government Rules Regarding Carbon Dioxide Emission – An increased ratio of carbon emission has made the government of nations to impose strict regulations to lower it. Thus, several governments have taken steps by making rules to decrease carbon footprints. For instance, for model years 2023–2026 of passenger automobiles and light trucks, the Environmental Protection Agency of the U.S. (EPA) finalized new national greenhouse gas (GHG) emissions regulations in December 2021. The final guidelines would result in significant reductions in GHG emissions as well as other criterion pollutants.
• Installation of Active Noise Cancellation Systems
• Increase in Overall Vehicle Weight