Colors always play a prominent role in shaping consumers’ choices for automotive. Buyers always look for furnished colors that bring pride to their eyes. Metallic paint colors and pearlescent paints are gaining rapid popularity among the population.
Even if the color palette has remained a primary choice, there are various concerns related to texture, surface, and solution. This, in turn, would offer lucrative opportunities to the industry players.
According to Astute Analytica, the global automotive paint market is forecast to grow at s significant compound annual growth rate (CAGR) of 4.3% in terms of value during the forecast period from 2021 to 2027.
5 important trends shaping the future of the automotive paint industry
The automotive paint industry will witness significant trends that will shape its future. The major ongoing trends in the industry are changing consumer choices, growing demand for vehicles, technological advancements, the introduction of unique technologies, and the rapidly increasing passenger vehicle segment.
Changing choices of Consumers
The changing choices of consumers have mandated the demand for efficient solutions. Automakers need to learn consumer preferences in order to boost sales. However, bright chromatic hues and pastel versions have been prominent choices till now. Moreover, it is essential to look over the interior and exterior of vehicles to gain consumer attention. Thus, automakers have to focus on consumer choices for resin, technology, type, and texture. In addition, growing consumer awareness about carbon emission, toxicity, chemical registration will create a significant shift in the future.
Growing demand for vehicles
The growing demand for vehicles is shaping the future of the global automotive paint industry. Moreover, rising disposable income is playing a significant role in increasing the demands of people for luxuries. Tata Motors recently recorded potential sales growth. The sales of the company rose from 49,650 units in 2020 to 62,192 units in November 2021. BMW also registered significant sales growth in November 2021. Mercedes Benz India, one of the prominent luxury carmakers, announced a sudden rise of 79% in sales from January to September of 2021. Moreover, the increasing demand for electric and lightweight vehicles will further fuel the growth of the industry.
China is leading the automobile market as the country is home to a prominent manufacturer of automobiles. According to Statista, China holds the largest automobile market globally in terms of demand and supply.
Color range plays an important role worldwide, and automobile manufacturers are well aware of that. Thus, companies are significantly launching innovative bold colors to grab buyers’ attention. A recent launch of Hero Maestro Edge 110 is a significant example. The newly introduced color, scarlet red, became rapidly popular after its launch in India.
Changing color choices is also allowing manufacturers to bring innovative colors to the market. For instance, Hero Motocorp introduced Scarlet Red Hero Maestro Edge 110 that consists of three colors. The product has gained significant traction due to color combinations like red in the entire front panel, matte black in the rear section, and highlights in blue and grey.
In addition, Neutral colors are rising in popularity. Toyota is maintaining a lead in the industry as it offers 8 new color palette options. The launch of their 2020 Supra model in loud and bold colors gained traction immediately.
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Technological advancements have become another necessity in the market. To better visualize the color scheme on the vehicle, automakers are using computerized color rendering technologies. As a result, it will help designers in developing the most viable color combination.
Increasing issues related to the exterior of the car surfaces will create significant growth opportunities for the market players in the industry. Recently, auto3M India unveiled its 3M™ Ceramic Coating. The coating is considered a premium treatment for the paint industry to increase efficiency. The solution is developed with 3M’s advanced technology that ensures premium finish, protection and promises minimal maintenance. In addition, it assures the shield against chemicals to protect the car surface from the damaging effects of acid rain, salt, etc.
In addition, consumer demand for advanced coatings to save the color even in the cases of extreme heat, UV radiation is supposed to be significantly advantageous for the market players. Market players are forecast to witness ample opportunities to boost the R&d activities in order to unveil prominent solutions.
The growth of the passenger vehicle segment
The market growth of the automotive paint industry is attributed to the increasing demand for passenger vehicles, proactive government support for the automotive industry, and the surging need for hygienic automotive interiors.
The passenger car segment is rapidly gaining popularity all around the world. According to Statista, the passenger cars market revenue is projected to grow to US$2,053,254.6 million in 2021.
Moreover, the demand for passenger vehicles has seen rising steeply, majorly in emerging economies like India. Tata Motors has made headlines as the company registered a 38% jump in the total passenger vehicle domestic sales on 1 December 2021. Thus, the growing demand for passenger vehicles will ultimately fuel the demand for automotive paints.
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