Automotive Heat Shield Market is estimated to surpass the revenue of US$ 10.3 Bn by the end of 2030

Automotive Heat Shield Market: Introduction

According to the report, the global automotive heat shield market is projected to surpass US$ 10.3 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. The rise in the demand for lightweight vehicles due to the enactment of stringent emission norms is likely to boost the automotive heat shield market across the globe. The demand for sports utility vehicles and multiutility vehicles has been rising at a rapid pace. These vehicles are equipped with turbochargers and superchargers, owing to a large amount of heat generated due to their high power output and engine capacities.

For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. Rising safety features and comfort features in vehicles is boosting their sale, which, in turn, is likely to propel the automotive heat shield market across the globe.

Expansion of Automotive Heat Shield Market

The surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive heat shield market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Based on vehicle type, the global automotive heat shield market has been segmented into passenger vehicle and commercial vehicle.

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In terms of type, the rigid heat shield segment dominated the market, as rigid heat shield enclosure are available in a wide range of dimensions and is cost effective. Major original equipment manufacturers prefer rigid heat shields, as they are durable and can withstand higher temperatures. This is likely to propel the automotive heat shield market across the globe.

Regional Analysis of Automotive Heat Shield Market

In terms of region, the global automotive heat shield market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive heat shield market in 2019. It is anticipated to hold a leading share during the forecast period, due to rise in the production and sale of vehicles in China and countries in ASEAN.

Major presence of automotive component manufacturers across Asia Pacific further boosts the automotive heat shield market across the globe. Followed by Asia Pacific, Europe also held a significant share of the global automotive heat shield market due to rise in the demand for high performance vehicles. Europe has a presence of major tier-1 suppliers who have advanced research and development facilities for heat shields, which is anticipated to boost the automotive heat shield market in the region.

Key Players in Automotive Heat Shield Market

Prominent players operating in the global automotive heat shield market include Dana Limited, UGN Inc., Autoneum, Lydall Inc., HAPPICH GmbH, ElringKlinger AG, and Progress-Werk Oberkirch AG.

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This release was published on openPR.