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Automotive Heat Shield Market - Growth, Trends, and Forecasts (2020-2025)

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  • 90 Pages
  • June 2020
  • Region: Global
  • Mordor Intelligence
  • ID: 4515754
Automotive Heat Shields Market is expected to register a CAGR of over 4% during the forecast period.
  • 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 has become 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 growing population, improved economic conditions, and easy credit are a few factors involved in increasing the number of motor vehicles globally. All cars with an engine capacity of more than 1.6-litre contain heat shields and hence, the automotive heat shield market is growing rapidly. The global luxury car market size grew by 78% in the last decade, thereby, increasing the number of vehicles and further driving the automotive heat shields market.
  • The key restraint for the market studied 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.

Key Market Trends

High Cost of Heat Shield in Aftermarket and Increasing Electric Vehicle Sales restraining the market growth

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.

Another key restrainer for the market is the growing sales of electric vehicles.

With the increasing emission standards, the need for adoption of the electric vehicle has been a prominent initiative among various countries, globally. Sales of new electric cars globally breached the one million mark in 2017. In 2018, the industry breached the 2 million sales mark.

Government policies played a huge role in promoting electric vehicles. For instance, the California ZEV program, which aims at bringing 1.5 million electric vehicles on the road by 2025, is one such initiative that promotes the purchase of electric vehicles.

Additionally, retail stores are also working in close partnership with the OEMs to increase the number of charging stations to help the customers and reduce their efforts. For, instance, in April 2018, Walmart announced that it will work with Volkswagen subsidiary and Electrify America, to install fast electric vehicle chargers at 100 locations across 34 states, by the end of 2019.

Asia-Pacific Is Dominating the Market

The Asia-Pacific region dominated the automotive heat shield market and held a significant share in 2019. Some of the major factors driving the growth of the market are increasing automotive production and sales in countries, like India, China, and ASEAN Countries, and growing automotive components sector.

The demand for luxury cars has grown at a faster pace in the last five years. These luxury and sports cars require high-performance turbochargers to deliver performance and fuel efficiency. In the past five years, the demand for luxury cars in countries, such as India, China, and Japan has increased rapidly. The consumer preference for luxury cars as a status symbol has created even more demand. China has experienced the highest growth in the luxury car market.

The exhaust gases are made to work harder and spin the turbo before exiting out the exhaust itself, making a turbocharger an important market for a heat shield. With an increase in the number of cars employing turbochargers, the sales volume of heat shields also increases.

In addition to the increase in the luxury vehicle sales, the need for engine downsizing in smaller vehicles to be compliant with the emission standards is forcing the automakers to turbocharge even the entry-level vehicles. Turbochargers are expected to be in one of every two vehicles or 50% of the vehicles by the end of the forecast period. The high growth of the turbocharged vehicles, especially in the fast-growing countries like China and India is expected to drive the heat shield market at a faster pace.

Competitive Landscape

The automotive heat shield market is consolidated. Some of the major players dominating the market are ElringKlinger AG, Autoneum Holding, Dana Incorporated, Lydall, Inc. amongst others.

In 2018, Lydall, Inc. announced plans to form Lydall Thermal/Acoustical Solutions through the combination of its existing Thermal/Acoustical Metals and Thermal/Acoustical Fiber businesses, to successfully meet increasing demands of reducing noise, heat, vibration, and harshness across automotive and industrial platforms globally.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Type
5.1.1 Engine Compartment
5.1.2 Exhaust Compartment
5.1.3 Other Types
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 By Geography
5.3.1 North America United States Canada Rest of North America
5.3.2 Europe Germany United Kingdom France Spain Rest of Europe
5.3.3 Asia-Pacific India China Japan South Korea Rest of Asia-Pacific
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle-East and Africa United Arab Emirates Saudi Arabia Rest of Middle-East and Africa
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Dana Incorporated
6.2.2 Lydall Inc.
6.2.3 Elringklinger AG
6.2.4 Federal-Mogul Corporation
6.2.5 Morgan Advanced Materials
6.2.6 Autoneum Holding AG
6.2.7 Nichias Corporation
6.2.8 Talbros Automotive Components Ltd

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Dana Incorporated
  • Lydall Inc.
  • Elringklinger AG
  • Federal-Mogul Corporation
  • Morgan Advanced Materials
  • Autoneum Holding AG
  • Nichias Corporation
  • Talbros Automotive Components Ltd