The global trim tabs market in 2022 was US$ 2,800 million and is estimated to be US$ 3,053 million in 2023. According to FMI analysis, the trim tabs market is likely to develop at a CAGR of 8.70% between 2023 and 2033, totaling around US$ 7,033 million by 2033.
The rise in demand for luxury and comfort in vehicles and the surge in the production of vehicles drive the growth of the global automotive trims market. However, the high cost of replacement, substantial growth in the trade war, and an increase in automotive import tariffs hamper the market growth.
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The trim tabs market also displays a significant rise in its market value. The rise in globalization, the increased focus of the manufacturers on quality control, and the rising demand required for the improvement of fuel efficiency in marine and aircraft are the factors that contribute significantly toward market growth.
Key Takeaways from the Market Study
- Global trim tabs market expanded at a CAGR of 7.4% between 2018 and 2022.
- North America accounted for a prominent share of the global trim tabs market in 2022 with a market share of 33.2%.
- Sales are likely to increase mostly across the United States forecasted at a market share of 31%.
- Asia Pacific is expected secure a market share of 18.8% to provide immense growth opportunities for trim tabs.
- China forecasted at a 6.2% CAGR.
- India forecasted a 5.8% CAGR.
“Rapid Expansion of Aviation and Marine Sectors is considered one of the key growth sectors of the global trim tabs market”, comments a Future Market Insights analyst.
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Market Competition
Market players are continuously focusing on introducing advanced products to help end users better handling of airplanes and boats during traveling. Furthermore, they have adopted various strategies such as partnerships, mergers, and acquisitions to expand their global presence.
Key Companies Profiled
- Volvo Penta
- Bennett Marine Inc.
- Linear Devices Corporation (Lecrotab)
- Lenco Marine
- Aviat Aircraft, Inc.
- Trim Master Marine, Inc.
- McFarlane Aviation, Inc.
- Textron Aviation
- LORD Corp.
- Livorsi Marine Inc
Vital Developments in the Market
- Bennett Marine Inc., a division of Yamaha Marine Systems Company, Inc., had earned International Organization for Standardization certification for the design and manufacturing of trim tab systems. This internationally recognized standard ensures Bennett Marine by meeting the needs of customers through an effective quality management system.
- Bennett Marine Inc., the company was known for hydraulic trim tab systems and had launched Bolt electric trim tab and AutoTrim Pro systems. With its manufacturing facility and headquarters in Deerfield Beach, Fla., Bennett Marine is going to become a part of Yamaha’s newly created subsidiary, Yamaha Marine Systems Company, Inc.
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Key Segments Profiled in the Trim Tabs Industry Survey
By Type:
- Fixed Trim Tabs
- Adjustable Trim Tabs
By Control Type:
- Mechanical
- Electrical
- Hydraulic
By End Users:
- Personal
- Commercial
- Military
- Sports
By Application:
- Aviation
- Marine
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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