The global splash shield market is expected to witness significant growth over the forecast period. A splash shield is a protective device in form of a cover located underneath of cars. It helps in protect the car engine, alternators, brakes, drive belts, disks and other parts that may get hampered due to road obstacles or due to water debris in rainy season. The splash shield not only gives extra protection but also helps in cooling the engine by allowing a proper airflow.
Splash shield being continuously open to all kind of road elements and debris, is made from higher density polyethylene or polyurethane materials that helps in absorbing the scratches to vital components of a car. Along with the device, it is also designed to fit for most vehicles and models. The manufacturing is done according to OE specifications and is perfect for the most extreme conditions. The importance of splash shield is significant in automobile industry. Therefore, aftermarket splash shield market enjoys heavy market demand as they are readily available.
The driving forces responsible for the growth of splash shield market include constant growth in automobile sales globally. Additionally, the periodical wear& tear of splash shield along with rising awareness about engine safety and car life cycle propels the market growth of splash shield aftermarket sales. In the past years, the market has witnessed innovative splash shield designs that help in improving engine performance by enabling a proper airflow path. These additional advantages are expected to fuel the market growth during the forecast period. Overall, the market growth is projected to witness a higher CAGR during the forecast period.
On the basis of application area, the global splash shield market is segmented into engine components, breaks, alternator, drive belts, etc. On the basis of type, the global market is segmented into single unit shields and twin unit shields. On the basis of manufacturing material, the global market is segmented into plastics & fiberglass and metals. On the basis of vehicle type, the global market is segmented into passenger vehicles and commercial vehicles. Passenger vehicles are sub-segmented into conventional and electric/hybrid. Commercial vehicles are sub-segmented into LCV and HCV. On the basis of market type, the global market is segmented into OEM and After-market. On the basis of geographic segmentation, the global market spans North America, Europe, Asia-Pacific excluding Japan, Japan, Middle-East and Africa.
North America and European regions dominate the global market owing to presence of large number of major manufacturers. The rising number of vehicles in the APEJ regions has resulted in dominance of APEJ regions over global market. Also, with the rise in FDI opportunities in India and China enable major OEM’s to establish their manufacturing plants in these regions. Japan is the major hub of manufacturing units for Toyota and Honda. Japan is projected to be the major player for the growth of market during the forecast period.
The key players in the global splash shield market include Crown Automotive Sales Co. Inc., A.P.A Industries Inc., Rugged Ridge, Husky Liners Inc., Omix-ADA Inc., NuVue Products, Hangzhou Kapaco Automotive Parts Co. Ltd, Dekar Engineers Pvt. Ltd., etc.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.