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Automotive Facelift Market: Introduction

  • Facelift, in general, can be defined as a process of beautification or improvements to enhance the esthetic appearance of any object or person. In terms of automobiles, facelift is an upgrade of the design, interiors, and technology of vehicles in order to maintain their appeal and attract new customers.

Key Drivers of Automotive Facelift Market

  • Customer expectations and demand for vehicles are changing rapidly with growing number of young vehicle owners. This new generation of automobile customers access various digital platforms to connect across the globe, which makes them aware about the latest trends and technologies in the market. Growing customer awareness is changing their expectations from vehicles; hence, mandating automakers to upgrade their vehicle models as per the changing demands. The total revamp and design of new models is expensive and time consuming for automakers and hence, they opt for facelifts. OEMs are launching new facelift models periodically, depending on the region, to maintain their customer engagement and market share. Young vehicle users also spend significantly on facelifting their vehicles after purchase. On March 2019, the Director of Specialty Equipment Market Association (SEMA), Mr. Gavin Knap, said in a press release that around 7.9 million young vehicle users spend around US$ 7.2 billion to upgrade their cars every year. Thus, the changing demographics of vehicle users is fuelling the automotive facelift market across the globe.
  • Automotive and transportation industries are highly regulated and are witnessing multiple legislative transformations related to environment conservation, pedestrian safety, vehicle safety, and several others. These regulatory transformations mandate automakers to modify their vehicle models. OEMs facelift the engines, gearboxes, chassis control systems, and safety aids along with other such components of their vehicles in order to comply with new laws. Thus, legislative transformations are further boosting the global automotive facelift market.

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Challenges in Automotive Facelift Market

  • Upgrades made in a facelift to change the vehicle’s styling and specification can prove expensive for OEMs to design, implement, and market the new model. This cost of a facelift is reflected in an increase in the vehicle’s price; thus, causing concerns regarding its adoption by customers.

Impact of COVID-19 pandemic on Automotive Facelift Market

  • The automotive industry and its supply chains took a major hit worldwide amidst the recent outbreak of COVID-19 pandemic. This prompted automakers to temporarily shut down their facilities in order to arrest the spread of coronavirus infection, thereby hampering the global automotive facelift market. However, the automotive industry is anticipated to regain its momentum in the next few years, as companies are restarting their operations and governments have lifted restrictions and announced various relief packages. This, in turn, is projected to fuel the automotive facelift market.

North America holds Significant Share of Global Automotive Facelift Market

  • North America accounts for a significant share of global automotive facelift market owing to the trend of OEMs in the region launching new upgraded models of same vehicles every year. The age of the vehicles in North America is considered from the date of its launch, unlike that in other regions where the vehicle’s age is considered from the date of its registration. This is prompting OEMs to launch new versions of vehicles after every 2 to 3 years. For instance, in December 2020, Nissan Motor Company, Ltd. announced the launch of new facelift Kicks SUV in the U.S. High number of new versions of vehicles introduced by OEMs every year is propelling the share held by North America in the global automotive facelift market.

Key Players Operating in Automotive Facelift Market

The global automotive facelift market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global automotive facelift market are:

  • Audi AG
  • BMW AG
  • Continental AG (Vitesco)
  • Daimler AG
  • Ferrari S.p.A
  • Fiat Chrysler Automobiles
  • Ford Motor Company
  • Geely Auto
  • General Motors
  • Groupe Renault
  • Honda Motor Co., Ltd.
  • Hyundai Motor Company
  • Robert Bosch GmbH
  • SAIC Motor Corporation Limited
  • Suzuki Motor Corporation
  • Tesla
  • Toyota Motor Corporation
  • Volkswagen AG
  • Volvo Car Corporation

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Global Automotive Facelift Market: Research Scope

Global Automotive Facelift Market, by Modifications

  • Interior
  • Cabin
  • Engine
  • Others
  • Exterior
  • Headlamps
  • Bumper
  • Sheet-metal
  • Others

Global Automotive Facelift Market, by Vehicle Type

  • Passenger Vehicle
  • Hatchback
  • Sedan
  • Utility Vehicles
  • Commercial Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Global Automotive Facelift Market, by Sales Channel

  • OEM
  • Aftermarket

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Facelift Market

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