PUBLISHER: Grand View Research | PRODUCT CODE: 1268695
PUBLISHER: Grand View Research | PRODUCT CODE: 1268695
The global automotive noise, vibration & harshness (NVH) materials market size is expected to reach USD 15.16 billion by 2030, registering at a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Globally increasing automobile production has been a major factor driving market growth. The use of noise & vibration-absorbing and damping products in automobiles helps improve the overall ride quality, comfort, performance, and safety of the vehicle.
The growth in population and urbanization have resulted in increased demand for passenger cars and commercial vehicles thereby increasing the pressure on the automotive sector worldwide. The increasing demand for comfort and NVH reduction in vehicles are expected to drive market growth during the forecast period.
Growing awareness regarding the advantages of NVH reduction and acoustic management in vehicles has also led to the increased utilization of NVH materials in automobiles. In addition, the shifting consumer preferences towards comfort, and ride experience in passenger cars is expected to propel the demand for the product over the coming years.
Foam laminates were the largest product category in 2022 and are expected to maintain a relatively high growth rate over the forecast period. The molded foam product category is expected to witness relatively low growth of 4.4% over the coming years, owing to its limited application scope in vehicles.
NVH materials in HCVs are expected to observe the fastest growth over the next coming years at an estimated CAGR of over 7.2% from 2023 to 2030. The increasing use of heavy-duty trucks in the logistics & transportation industry, for the transportation of heavy commodities over medium and long distances, propels the demand for HCVs. In addition, the presence of stringent regulations concerning vehicle safety, in terms of vehicle weight and safety standards, is expected to boost the demand for lightweight products in HCVs over the forecast period.