The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The Automotive exterior composites market size is likely to grow at a healthy rate over the next five years to reach US$ 11,928.1 million in 2024.
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Based on the application type, the market is segmented as transport, critical infrastructure, and others. The transport segment is estimated to depict the highest growth during the forecast period, owing to the increasing safety concerns and terror attacks at airports and other critical infrastructures.
Automotive Exterior Composites Market Share: By System Type
Based on the system type, the market is segmented as backscatter systems, millimeter-wave systems, and others. The millimeter-wave systems segment is estimated to witness the highest growth in the coming five years. This growth is mainly attributed to the extensive installation of these systems replacing the backscatter systems. Backscatter systems suffer from the disadvantage of emitting low-energy X-rays that bounce off a passenger’s body, which increases the possibility of cancer, and other skin diseases in the human body.
Automotive Exterior Composites Market Share: By Region
In terms of regions, North America is estimated to lead the Automotive Exterior Composites Market during the forecast period. The Automotive Exterior Composites Market in the European and the Asia-Pacific regions is estimated to witness high growth, driven by the regulatory mandates for the installation of full body scanners in Europe and the increase in terrorist activities in the Asia-Pacific region.
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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
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