New York, Feb. 01, 2024 (GLOBE NEWSWIRE) — The global automotive shielding market size is predicted to expand at ~4% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 32 billion by the end of 2033, up from a revenue of ~USD 21 billion in the year 2022.The market growth is attributed to the increasing requirement for vehicles across the world. The enhancing ratio of production of vehicles run by less fuel to reduce combustion and fuel costs is predicted to propel the market size. The revised curb weight of vehicles on average across the sector changed from 1150 kg to 1080 kg as per the estimated data in 2021.
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Moreover, the rising number of automobile industries across the world is fueling the market trend. As per the reports, there were nearly 1.5 Billion cars across the continent in 2024. The rising purchasing capacity of people is going up boosting the demand for automobiles. In addition, the escalating demand for the integration of electronics in the vehicle to advance the automobile level is contributing to the growth of the automotive industry.
Surging Demand for Electric Vehicles is Impacting the Growth of the Automotive Shielding Market
Electric vehicles are on surge owing to the need for eco-friendly and clean energy systems across the world. The government initiatives to promote clean energy vehicles by providing relevant incentives for the manufacturers are envisaged to advance the market development. The government of India provided a production-linked incentive (PLI) scheme in 2021 for the automobile industry with a budget of USD 3.1 Billion to promote advanced automotive technology products as per the National Investment Promotion & Facilitation Agency. The shielding for automobiles is on the rise with increased automation of vehicles worldwide which is anticipated to propel the market growth.
Automotive Shielding Market: Regional Overview
Improving Awareness of Automobile Manufacturers on Electromagnetic Interference is Soaring Market Growth in the Asia Pacific Region
The Asia Pacific automotive shielding market is reckoned to garner a significant market share of 31% during the forecast period. The market size of the region is determined to rise based on the expanding awareness of automobile manufacturers about electromagnetic interference (EMI). The rise of installation of the global navigation satellite system (GNSS) devices is going up with urbanization and digitalization technology adoption. The Government of Japan planned to expand its QZSS (Quasi-Zenith Satellite System) services from 4 to 7 functional satellites in 2023 to promote autonomous abilities. The enlarging automotive sector in some of the developing countries of the region such as China, India, and Japan is analyzed to augment the market trends.
The Adoption of Luxury Vehicles and Automotive Shielding Techniques is Developing the Market Expansion in the North America Region
The North America region market of automotive shielding is protruded to hold a sustainable market share of 28% backed by increasing demand for luxury automobiles. The improvement in the research and development of automotive shielding techniques is anticipated to mount the market growth. The preference for light-duty vehicles is adding to the market progression along with the government measures to reduce the pollution from carbon footprint. The United States is one of the countries among 11 countries where transport emissions reduced in 2022. The transport emissions of carbon dioxide in the U.S. minimized to 1800 Million tons in 2021 which was at the range of increasing 2 gigatons during 2020. Furthermore, the research and development of fuel-efficient engines in the automobile sector is nurturing the market trends.
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Automotive Shielding Market, Segmentation by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
The heavy commercial vehicles segment is analyzed to record a notable market share by the end of 2033 as a result of accumulating demand for transportation facilities across the world. The growing number of people traveling daily for various purposes is reckoned to extend the market segment size. Over 900 Million people across the world travelled in 2022 increasing from 400 Million people in 2021 as per the statistical reports. The population rise and adoption of advanced technology in vehicles are encouraging manufacturers to install in-built heat shields to promote their sales. The purchasing factors are hugely impacted by the level of advancement used in the vehicles which is estimated to aggregate the market segment expansion.
Automotive Shielding Market, Segmentation by Type
The heat shield market segment of automotive shielding is proposed to secure a significant share between 2023-2033. The utilization of heat shields in automobile manufacturing for engine compartments, exhaust systems, under chassis, turbochargers, and others is likely to have a positive impact on the market segment trends. The need to enhance engine efficiency to beat the market competition for vehicles by minimizing temperature rise in the vehicle parts is envisaged to promote the progress of the market segment in the coming years. Moreover, the surge in hydrogen fuel cell technology usage in vehicles is proliferating the market segment growth owing to the integration of advanced machinery. There were 8 thousand fuel cell electric vehicles in 2023 in Japan rose from 200 vehicles in 2015.
A few of the well-known industry leaders in automotive shielding market that are profiled by Research Nester are Henkel AG & Co. KGaA, ElringKlinger AG, TE Connectivity Ltd., OOG Industries, Inc., Laird Technologies, Inc., Tenneco Inc., Dana Incorporated, Morgan Advanced Materials plc., 3M Company, Parker-Hannifin Corporation, Marain, Inc., and others.
Recent Development in the Market
- Henkel AG & Co. KGaA introduced Loctite EA 9400 and Loctite FPC 5060 protective coating solutions to protect the battery housing from heat and fire during thermal runway events. This coating allows some time for passengers to evacuate the vehicle by delaying or inhibiting the spreading of fires.
- TE Connectivity Ltd. acquired Kemtron and its subsidiary in France which is a specialist in shielding and sealing solutions. The acquisition will enhance the capabilities of science and engineering in the EMC shielding and sealing industry. It also allows the creation of new products and materials to complement the demand of customers.
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