It was estimated prior to this unanticipated outbreak Automotive Heatshield Market will reach CAGR of 4.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Insights
Automotive heatshield market is likely to witness a CAGR of 4.2% during the forecast period. The prime factor that is contributing to the demand for automotive heatshield is increasing passenger cars production and demand in emerging economies owing to increasing disposable income of consumers.
Segment Analysis
Automotive Heatshield Market Share: By Vehicle Type
Based on the vehicle type, the market is segmented as passenger car, LCVs, and HCVs. The passenger cars segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period. Growing disposable income of consumers in emerging economies, significant development in the Asia-Pacific region, and growing penetration of low-to-mid-cost cars are the major factors behind the dominance of the segment in the global market.
Automotive Heatshield Market Share: By Application Type
Based on the application type, the automotive heatshield market is segmented as underbody heatshield, engine, tank heatshield, catalytic converter, exhaust manifold, starter motor, turbocharger, and others. Engine application is likely to remain the dominant application of the market during the forecast period. Heatshield for engine applications is designed to effectively manage radiant, convective, and conductive heat from the front and the back of a vehicle.
Automotive Heatshield Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is majorly driven by significant economic development in the regions and growing disposable income of consumers which is driving the growth of the automotive market in the region and hence, for automotive heatshield. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.