Automotive Facelift Market Trends, and Forecast 2016 – 2024

Posted by Dinesh on March 30th, 2021

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. 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.

Get More Press Release by TMR: https://www.prnewswire.com/news-releases/automotive-and-aerospace-at-forefront-of-harnessing-new-technologies-in-rapid-prototyping-market-valuation-to-rise-at-cagr-of-12-91-during-2018–2026–301253769.html

• Automotive and transportation industries are highly regulated and are witnessing multiple legislative transformations related to environment conservation, pedestrian safety, vehicle safety, and several others. 

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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.