In terms of revenue, the global automotive heat shield market was valued at US$11.4 bn in 2015 and is expected to reach US$25.3 bn by 2024, expanding at a strong CAGR of 9.7% therein.
Albany, NY -- (SBWIRE) -- 12/12/2016 -- A vehicles internal combustion engine generates a large amount of heat which can damage the vehicles other components and body work. Moreover heat shields can even increase a vehicles performance by reducing the engine's temperature. Thus automotive heat shield finds a major application in a vehicle and forms an integral part of a vehicle. In the automotive heat shields, it is essential for all companies to adhere to the safety standards and regulations set up by the governments of their respective countries. Superior quality of products ensures long term business profitability through increased customer satisfaction. Adherence to the quality standards also creates goodwill and a positive brand image of the company.
Automotive Heat Shield Market: Trends and Opportunities
Factors such as advent of new segment of vehicles (electric and hybrid vehicles) and increasing production of vehicles is mainly driving the growth of automotive heat shield market. The growth of automotive heat shield is complementary to automobile production as it is one of the essential components in a vehicle. Therefore, due to increase in vehicle production; the demand for automotive heat shields is increasing at a considerable rate.
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Due to the advancement of technology, automotive heat shield manufacturers have been able to bring innovation to their products. Integration and customization of heat shields with advanced technologies has been able to ensure new and innovative heat shielding components for hybrid and electric vehicles. Such new segment of vehicles is going to be largely preferred by the consumers in the coming years because of their eco-friendly, fuel-efficiency and other features. Moreover, the advancement of automotive heat shield technology in standard vehicles such as application of heat shield components inside the vehicle (dashboard and under-carpet area), to prevent heat combustion of engine and air-conditioning unit, has made a positive impact on the overall automobile sector.
Automotive Heat Shield Market: Regional Outlook
With increasing number of automotive sales across the globe, there is immense scope and opportunities for the automotive heat shield market. There has been significant rise in the sales growth of automotive based in Asia Pacific mainly in India and China. In the coming years, Asia Pacific is expected to dominate the market for automotive heat shields. India, China, and Japan have seen huge industrialization in recent times because of the availability of good natural and human resources. Cheap source of labor, availability of raw materials, good transportation network, and investor-friendly industrial policies are some of the vital factors encouraging global companies to set up industries in these countries of the Asia Pacific region. This in turn is expected to encourage the rise in application of automotive heat shield market in the emerging markets of Asia Pacific.
The automotive heat shield market in Rest of the World (RoW) is expected to gain momentum in the next few years. Positive growth in the economies of developing countries coupled with increasing purchasing power of the people are the key factors expected to drive the sales volume of automobiles, thus fueling the growth of automotive heat shields in the emerging markets further. Moreover, a small percentage of hybrid and electric vehicles are already available in the market. The percentage is expected to grow in the coming years because of their eco-friendly use and efficiency. Therefore, with the rise in the number of hybrid and electric vehicles in the automobile market, the application and market for automotive heat shield is set to flourish in the coming years. Electric vehicles can operate efficiently without overheating as compared to hybrid vehicles. However, electric vehicles can run only for a limited distance. Therefore, the penetration of heat shields is much less in electric vehicles than the hybrid ones.
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Automotive Heat Shield Market: Scope of the Study
This market research study analyzes the global automotive heat shield market and provides estimates in terms of revenue (USD Million) 2015 to 2024. It emphasizes on the drivers and restraints responsible for the growth of the industry and examines their impact during the forecast period from 2016 to 2024. Moreover, it recognizes the important opportunities for the market expansion in the upcoming years.
Automotive Heat Shield Market: Key Players
The report offers company market share analysis of key industry participants. Major players have been profiled on the basis of company overview, financial overview, business strategies and key developments. Leading market players profiled in this report are Federal-Mogul Holding Corporation (U.S.),Autoneum Holding AG (Switzerland), Dana Holding Corporation (U.S.), Lydall Inc.(U.S.),UGN Inc (U.S.), Happich GmbH (Germany), Elringklinger AG (Germany) and Progress-WerkOberkirch AG (Germany).
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