The automotive heat shield market is poised to witness a CAGR of 6.04 % to a market size of USD 24.12 billion by 2025, from USD 13.32 billion in 2016. The market for heat shields is forecasted to grow, owing to the increasing demand from the industries like automotive, aircraft, space explorations, and defense. The increase in the production of automobiles and aircrafts and the rising concern towards safety and security are the crucial elements of the vehicle is influencing the growth of the heat shield market. Modern day cars demand reduced and confined space, increased power, and a decrease in weight and hence the heat shields should necessarily be of light weight and low density. The weight of the vehicle is such a strong factor that some manufacturers such as Land Rover have started making automobiles majorly out of light materials like aluminum to cut down on weight.
The key restraint for the market is the factor that the replacement part is overpriced, and the exhaust system has to be possibly removed to fit the new heat shield. The aftermarket prices for the automotive heat shields are 1.5 times more than OEM prices of the same. Although it is recommended to change the heat shields every 100,000 to 150,000 kilometers, many car owners do not generally prefer to replace the old one with a new heat shield, owing to the price or lack of awareness.
The growing population, improved economic conditions, easy credit are few factors involved in increasing the number of motor vehicles globally. All of the cars with an engine capacity of more than 1.6-litre contain heat shields and hence the market of automotive heat shields is growing rapidly. The global luxury car market size grew by 78% in the last decade thereby increasing the number of 1.6-litre engine vehicles and further driving the automotive heat shields market.
The market for Others (Which comprises of Turbocharged engine equipped vehicles, Under Body heat shields and Under Bonnet heat shields) is expected to show the highest CAGR in the market on account of rising sales of luxury vehicles, the increasing adoption of heat shields in the mid-segment cars and increasing turbocharger. The South American region is predicted to show the highest growth rate but a mild slowdown in the European and North American region, owing to the increase in preferences of electric vehicles could bring down the growth rate slightly.
The market has been segmented by type (Engine Compartment Heat Shields, Exhaust System Heat Shields and Others), by vehicle (Passenger Cars, Commercial Vehicles) and region (North America, South America, Europe, Africa & Middle East and Asia-Pacific).
Some of the key players in the market are:
Morgan Advanced Materials
Talbros Automotive Components
1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Forecast Model
3. Executive Summary
4. Market Dynamics
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. Global Automotive Heat Shield Market Segmentation, by Type Heat Shields
5.1 Engine Compartment Heat Shields
5.2 Exhaust System Heat Shields
6. Global Automotive Heat Shields, by Vehicle Type
6.1 Passenger Cars
6.2 Commercial Vehicles
7. Global Automotive Heat Shields Market, by Geography
7.1 North America
7.4 Rest of the World
8. Competitive Landscape
8.2 Market Share Analysis
9. Company Profiles
9.1 Dana Incorporated
9.3 Elringklinger Ag
9.4 Federal-Mogul Corporation
9.5 Morgan Advanced Materials
9.8 Talbros Automotive Components