The global automotive heat shield market is growing at a significant CAGR of around 3.8% during the forecast period (2020-2026). Automotive heat shield absorbs the excessive heat either by reflecting, dissipating, and through absorbing the heat directly from the surface. There are several pivotal factors driving the global automotive heat shield market, which includes the rising focus on the manufacturing of light-weight vehicles, to enhance fuel efficiency, and the rising disposable income in emerging economies, such as India and China. Moreover, an increasing on-road vehicle base all across the globe is one of the key factors for the growth of the market. As per the International Organization of Motor Vehicle Manufacturers (OICA), more than 90 million vehicles were sold each year after 2016. As per WardsAuto, there were 1.32 billion vehicles (cars, trucks, and buses) on road in 2016 and by 2019, it is expected to be around 1.5 billion.
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The global EV market is estimated to grow an impressive growth during the forecast period. Driven by rising environmental concerns and increasing government support, electric mobility is expanding at a rapid pace across the globe. However, the overprice of replacement of heat shield in aftermarket is one among the major factor hampering the global sales of automotive heat shields across the globe. Due to the COVID-19 pandemic, vehicle sales are expected to decrease by 15%-25% (varying in different regions) in 2020 as compared to 2019. A drop in vehicle sales is a restraining factor for the market growth for the longer run. However, it also indicates a smaller number of people are replacing their old vehicle with a new one. Therefore, based on the considerable decline in the automotive sales amidst the pandemic, the automotive heat shield market is expected to decline considerably in 2020.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Automotive Heat Shield Market – Segmentation
By Product Type
- Single Shell
- Double Shell
- Sandwich
By Application
- Engine Compartment
- Exhaust Compartment
- Turbocharger
- Others (Under Chassis)
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Global Automotive Heat Shield Market – Segmentation by Geography
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive heat shield market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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