South & Central America Active Grille Shutter Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Propulsion Type [ICE (Internal Combustion Engine) and Electric], Vane Type (Horizontal and Vertical), Vehicle Type [Passenger Vehicles, LCV

South & Central America Active Grille Shutter Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Propulsion Type [ICE (Internal Combustion Engine) and Electric], Vane Type (Horizontal and Vertical), Vehicle Type [Passenger Vehicles, LCV (Light Commercial Vehicles) and HCV (Heavy Commercial Vehicles)]

The active grille shutter market in South & Central America is expected to grow from US$ 74.74 million in 2022 to US$ 94.48 million by 2028. It is estimated to grow at a CAGR of 4.0% from 2022 to 2028.
Boosting demand for lightweight AGS in energy efficient vehicles
Of late, urbanization across the region has increased at a significant pace, leading to a hike in the average disposal income of the urban population, allowing people to enhance their lifestyles. Improved lifestyles further boost the demand for electric passenger vehicles, thus, encouraging manufacturers to strengthen their production in a bid to cater to customers optimally. The production of vehicles, including passenger and commercial vehicles, has registered steady growth in developed and developing economies in the post-pandemic. Automotive vehicle sales, especially passenger vehicles, profoundly influence the market's growth. The steady demand for active grille shutters (AGS) is also anticipated to gain traction during the coming years. The main drivers propelling this market’s rise are the increase in demand for passenger cars brought on by the surge in the number of middle-income groups and the improvement in the standard of living in emerging nations. Consumers are increasingly gravitating toward passenger vehicles due to their affordability factor. As reported by Statista, the revenue from the passenger car industry is anticipated to reach US$ 1,890 billion in 2022. Factors, such as a significant number of existing vehicles and constant demand from countries with varying temperature conditions, are contributing considerably to the rising demand for aftermarket AGS sales. Hence, the active grille shutter market is witnessing steady growth and providing several lucrative business opportunities to market players.

Market Overview

The active grille shutter market in South America (SAM) is spread across Brazil, Argentina, and the Rest of SAM. A mixed growth scenario characterizes the region, with many countries having complex political and macroeconomic environments. Despite many obstacles, the positive steps by the Government of Brazil are helping economies develop at a sustainable pace during the forecast era and achieve carbon emissions. For instance, an initiative by the Brazilian authority regarding Route 2030 is anticipated as the industry struggles to grow sustainably following the country's exit from recession in 2017. Route 2030 offered US$ 535 million in tax incentives for 2019 to eligible manufacturers and US$ 382 million annually till 2030. The program applies specifically to profitable auto companies actively investing in research & development, especially those creating technologies that boost energy efficiency within Brazil. Brazil has the most developed automotive industries in South & Central America, as Brazil producing 2 million automobiles in 2020. In May 2021, Volkswagen announced its plans to invest USD $1.02 billion for a period of 5 years. The investment will help the company strengthen its position in the automotive market in South America. The company is also focusing on local vehicle projects that help increase digitization and decarbonization in the region.
South & Central America active grille Shutter Market Revenue and Forecast to 2028 (US$ Million)

South & Central America active grille Shutter Market Segmentation

The South & Central America active grille shutter market is segmented into propulsion type, vane type, vehicle type, and country.
Based on propulsion type, the market is sub segmented into ICE and electric. The ICE segment registered the largest market share in 2022.
Based on vane type, the market is segmented into horizontal and vertical. The horizontal segment held a larger market share in 2022.
Based on vehicle type, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment held the largest market share in 2022.
Based on country, the market is segmented into Brazil, Argentina, and Rest of SAM. Brazil dominated the market share in 2022.
Valeo SA; HBPO GmbH; Magna International Inc.; TECHNIPLAS US LLC; and WIRTHWEIN AG are the leading companies operating in the South & Central America active grille shutter market in the region.

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