Automotive Shielding Market Drivers Rapid Penetration of Electric Vehicles Globally
HYDERABAD, TELANGANA, INDIA, December 21, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Automotive Shielding Market size is projected to reach $22.6 billion by 2026, and it is estimated to grow at a CAGR 4.7% during 2021-2026. The robust growth of Automotive Shielding Market is majorly attributed to the increasing adoption of stringent fuel efficiency norms, pollution prevention regulations globally to curb the vehicle emission. Automotive Shielding helps in increasing vehicle performance by protecting against heat or EMI and reduces fuel consumption complying with the vehicles emission standards. Furthermore, With the growing application of electronic components in automotive sector to cater to the burgeoning demand for various advanced features in passenger cars including advanced driver assistance system (ADAS), infotainment system for enhancing comfort, convenience and safety requires Electromagnetic Interference (EMI) shielding system to avoid interference or cross-talk among electronic components and thus propelling Automotive Shielding Market growth. The rapid growth in electric mobility and intelligent transportation system for low emission commuting is also analyzed to boost the market during 2021-2026. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. Passenger Vehicles are estimated to account for the largest market share of 70% by 2026 owing to growth in sales of passenger cars in emerging counties.
2. APAC has dominated the Automotive Shielding market in 2020 and is estimated to account for largest market share of 47% with the fastest growing CAGR 5.6% due to high demand for automotive shielding for electric vehicles stringent emission norms by government.
3. Rapid penetration of electric vehicles and rising government initiatives to curb vehicle emission are set to drive the market from 2021 to 2026.
4. High Maintenance Cost is one of the major challenges to impede the market growth during 2021-2026.
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1. Heat Shielding dominated the market in 2020 acquiring a share of 69% and is estimated hold the largest market share of 67% by 2026 due to increasing stringent environment policies imposed by government across various countries to curb the vehicle emission.
2. EMI shielding is estimated to witness the fastest growth with a CAGR 5.6% due to wide-spread use of high end electronic components in automobile.
3. APAC dominated the Automotive Shielding market in 2020 with a share of 44% and is estimated to hold the major market share of 47% by 2026 owing to rising adoption of electric vehicles, major developments in electronics industry. APAC is also estimated to grow at the fastest CAGR 5.6% from 2021 to 2026 owing to rapid adoption of fuel efficient cars.
4. Passenger cars are estimated to account for the largest market share of 70% by 2026 due to growth in personal mobility. Rising income per capita and improved lifestyle have increased the sale of passenger cars in emerging countries such as India and China and thus accelerating the growth of the market.
The top 5 players in the Automotive Shielding industry are –
1. Laird PLC
2. Henkel AG & Co. KGaA
3. Dana Incorporated
4. The 3M Company
5. Morgan Advanced Materials
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