$19.8 Billion Automotive Heat Shield Market by Application, Product, Function, Material, Vehicle, and Region - Global Forecast to 2027 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 2, 2019--
The “Automotive Heat Shield Market by Application (Engine, Exhaust, Under Bonnet, Under Chassis, Turbocharger), Product (Single Shell, Double Shell, Sandwich), Function (Acoustic, Non-Acoustic), Material, Vehicle, and Region - Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global automotive heat shield market size is projected to grow from USD 16.1 billion in 2019 to USD 19.8 billion by 2027, at a CAGR of 2.6%.
The increasing vehicle production & focus on light-weighting, fuel efficiency, and technological advancements in the automotive industry are driving the growth of the automotive heat shield market.
Factors such as the increasing demand for commercial vehicles, rising vehicle production, and the adoption of advanced technologies are expected to boost the market growth. However, additional cost and vehicle weight and increasing competition are the key challenges in the automotive heat shield industry.
Increasing emphasis on increasing fuel efficiency and reduce NVH levels are likely to propel the growth of the market during the forecast period.
Increasing concerns over air pollution and global warming have forced the governments of several countries to enforce strict emission policies and regulations for ICE vehicles. OEMs are focusing on increasing fuel efficiency by adopting lightweight technologies in vehicles.
Manufacturers of heat shields are developing products best suited to fulfil the requirements of vehicle manufacturers. For instance, Autoneum manufactures multifunctional, lightweight components for optimal protection against heat and noise. The company’s RIMIC technology in heat shield designs heat-resistant up to 500C. ElringKlinger specializes in lightweight solutions, e-mobility, sealing and shielding technology, tooling, and engineering services. The shielding technology develops high temperatures thermal and acoustic shielding solution. ElroTherm shielding systems product range for automotive heat shields manufactured by the company.
Asia Pacific is expected to lead the market during the forecast period.
Asia Pacific comprises rapidly emerging economies such as China and India, along with developed nations such as Japan, and is the largest market for automotive. In recent years, the region has emerged as a hub for automobile production.
The key drivers for the automotive heat shield market in the region are the growing concerns about rising emission and continuous increase in vehicle production. Additionally, factors such as the rapid industrialization and urbanization in the country are driving the demand for commercial as well as passenger vehicles. The total volume of light commercial vehicles sold in India during the year 2018 was exceeded 663 thousand, up from about 504 thousand in 2017.
Commercial vehicles are installed with exhaust systems and under chassis heat shields to protect the overheating of the engine. Hence, with the increase in commercial vehicle sales, the automotive heat shield market will be exhibiting significant growth.
Europe is expected to be the second-largest market during the forecast period.
Europe is pegged to be the second-largest market for automotive heat shield in 2019, after Asia Pacific. Europe is a major hub for several renowned automotive heat shield manufacturers such as Autoneum, Lydall, ElringKlinger, TKG Automotive, Zircotec, Carcoustics, Happich GmbH, and Morgan Advanced Materials, among others.
The growth of the automotive heat shield market in this region can be attributed to technological advancements such as lightweight and increased flexibility. The trend of engine downsizing and the growing demand for fuel-efficient vehicles are also driving the market for automotive heat shields in the region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the automotive heat shield market.
The automotive heat shield market comprises major manufacturers such as Dana Incorporated (US), Morgan Advanced Materials (UK), Autoneum (Switzerland), ElringKlinger AG (Germany), Lydall Inc. (UK), Carcoustics (Germany), and UGN Inc. (US), among others.
Revenue Missed: Opportunities for Automotive Heat Shield Manufacturers
Revenue Shift Driving Market Growth
Automotive Heat Shield Market, Scenarios (2019-2027)
Other Key Players
For more information about this report visit https://www.researchandmarkets.com/r/8hgc0u
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SOURCE: Research and Markets
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PUB: 12/02/2019 09:21 AM/DISC: 12/02/2019 09:21 AM