Global automotive heat shield market is projected to grow at a significant CAGR during the forecast period (2020-2026). There are several pivotal factors that are driving growth of the automotive heat shield market includes the impressive growth of the global EV market during the forecast period. Driven by rising environmental concerns and increasing government support, electric mobility is expanding at a rapid pace across the globe. Governments are putting a ban on the internal combustion engine vehicles following the increasing environmental issues. For instance, Norway is planning to phase out conventional cars by 2025, followed by France and UK in 2040 and 2050 respectively.
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Moreover, the electric bus fleet size was 460,000 in 2017. Apart from this, the transportation sector also witnessed an impressive number of EVs for freight transport. The fleet size of EVs deployed by the transportation sector reached over 250,000 units in 2018. As per IEA, in 2019, the global electric car stock swelled to 7.2 million, 47.0% of which were in The People’s Republic of China. The rising demand for electric cars, in turn, is offering an opportunity for the automotive heat shield market. Analyzing the rising trend for electric vehicles, the automotive heat shield market players can grab a huge growth opportunity from the EVs market.
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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
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