The global automotive heat shield market is growing at a significant CAGR of around 3.8% during the forecast period (2020-2026). Automotive heat shield absorbs the excessive heat either by reflecting, dissipating, and through absorbing the heat directly from the surface. There are several pivotal factors driving the global automotive heat shield market, which includes the rising focus on the manufacturing of light-weight vehicles, to enhance fuel efficiency, and the rising disposable income in emerging economies, such as India and China. Moreover, an increasing on-road vehicle base all across the globe is one of the key factors for the growth of the market. As per the International Organization of Motor Vehicle Manufacturers (OICA), more than 90 million vehicles were sold each year after 2016. As per WardsAuto, there were 1.32 billion vehicles (cars, trucks, and buses) on road in 2016 and by 2019, it is expected to be around 1.5 billion.

The global EV market is estimated to grow an impressive growth during the forecast period. Driven by rising environmental concerns and increasing government support, electric mobility is expanding at a rapid pace across the globe. However, the overprice of replacement of heat shield in aftermarket is one among the major factor hampering the global sales of automotive heat shields across the globe. Due to the COVID-19 pandemic, vehicle sales are expected to decrease by 15%-25% (varying in different regions) in 2020 as compared to 2019. A drop in vehicle sales is a restraining factor for the market growth for the longer run. However, it also indicates a smaller number of people are replacing their old vehicle with a new one. Therefore, based on the considerable decline in the automotive sales amidst the pandemic, the automotive heat shield market is expected to decline considerably in 2020.

Segmental Outlook  

The automotive heat shield market is classified on the basis of type, application, and vehicle type. Based on type, the market is classified into single shell, double shell, and sandwich. Based on application, the market is segmented into engine compartment, exhaust compartment, turbocharger, and others. Based on vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. 

Global Automotive Heat Shield Market Share by Vehicle Type, 2019 (%)

Passenger vehicles dominates the automotive heat shield market 

Passenger vehicle manufacturers are the major customers of automotive heat shields. The automotive heat shield in passenger vehicles market is estimated to project a considerable CAGR during the forecast period. High vehicle sales and the increasing average cost of a vehicle are the major factors for the growth of the market. Moreover, being individual, passenger vehicle owners spend a higher amount for safety, comfort, luxury, and better user experience. 

Regional Outlook 

The global automotive heat shield market is classified on the basis of geography, which includes North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific holds a significant share in the global automotive heat shield market. In Asia-Pacific, China holds over 40.0% share in the Asia-Pacific automotive heat shield market throughout the forecast period. The growth of the region is backed by factors such as comparatively large production of automobiles in major economies of the region such as China, India, Japan, South Korea, and others. Further, cohesive government policies in developing economies such as “Make in India” initiatives in India and “Made in China 2025” in China are boosting the regional business growth of the market.  

Global Automotive Heat Shield Market Growth, by Region 2020-2026

Europe is expected to propel with a considerable growth rate in the global market

Europe is estimated to project a considerable CAGR in the global automotive heat shield market. The European automotive market is also showing a lucrative growth rate in terms of sales. Countries in Europe that are contributing to the market growth include UK, Germany, Italy, France, and Spain. As per OICA (International Organization of Motor Vehicle Manufacturers), UK has shown a sales growth of 2% in 2016. Germany has shown a growth rate of 2.8% in 2017 with a total vehicle sale of around 3.8 million. Moreover, the continuous focus on the roll-out of electric vehicles in European economies, such as Norway, Germany, is further leading to the growth of the automotive heat shield market in the region. 

Market Players Outlook

The key players in the automotive heat shield market are contributing significantly by providing advanced technology-based products and through expanding their geographical presence across the globe. The key players operating in the global automotive heat shield market include Dana Inc., Lydall Inc., ElringKlinger AG, Autoneum Holding AG, and Talbros Automotive Components Ltd. These market players adopt various strategies such as product launch, partnerships, collaborations, merger, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global automotive heat shield market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.