Demand for Automotive Heat Shield to Rise in Response to Increasing Vehicle Production Worldwid

In response to the expanding automotive industry worldwide, the global automotive heat shield market is likely to pick pace in the coming years. The rising vehicle production clocked in any region, will therefore stoke the demand for automotive heat shields. Growth trends will remain particularly favorable across the emerging nations of Asia Pacific and Rest of the World. Overall the global automotive heat shield market is expected to reach US$25.3 bn by the end of 2024, from US$11.4 bn in 2015, finds Transparency Market Research (TMR). If these figures hold true, the global automotive heart shield market will exhibit an impressive 9.7% CAGR between 2016 and 2024. 

Q: What are the strategies adopted by the market players to strengthen their foothold? 

A: According to TMR, the presence of a large number of companies has rendered the vendor landscape in the global automotive heat shield market highly competitive. This however is despite the fact that the top four players, Dana Holding Corp., Autoneum Holding AG, Federal Mogul Corp., and Lydall Inc., held nearly 50% of the global automotive heat shield market in 2015. A majority of the key players are focusing on vesting in innovation and technological advancements to strengthen their foothold.

For instance, Chevrolet Bolt EV launched on 2017, yet again cleared GM’s intention of staying at the forefront of electronic engineering. The electronic vehicle with an estimated EPA of 238 miles on a single change has offered a significant improvement toward making driving electric more realistic for the Earth-bound. Besides mergers and acquisitions, the market will witness an increasing number of strategic collaboration among regional and local players alike. The number of mergers and acquisitions is expected to rise as well as market players seek consolidation a larger share in the global automotive heat shield market.

Q: Which regions offer the most lucrative prospects for market’s growth? 

A: Regionally, the global automotive heat shield market can be segmented into Europe, North America, Asia Pacific, and Rest of the World. Among these regions, Asia Pacific held dominance in the market in terms of revenue. Expansion of the automotive industry in nations such as India, China, and Japan, which also make one of the largest consumer bases in the world, has enabled the market gain impetus in Asia Pacific. Besides this, the rising disposable income of consumers across this regions and the rising vehicle production in the aforementioned countries have bode well for the Asia Pacific automotive heat shield market.

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In North America, the market will continue witnessing opportunities. However, the past decade has been challenging for the automotive sectpr in this region. The industry was reeling under rising fuel prices and input costs, which has resulted in a dip in the demand for vehicles. Nonetheless, economic improvement witnessed in the recent past, has bolstered the demand for vehicles, subsequently automotive heat shield in North America.

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