LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive inner fenders (AIF) market is expected to reach 405.67 million units by 2021, growing at a CAGR of almost 5%.
This research report titled ‘Global AIF Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Progressing urbanization rates, especially in developing economies like China and India, are placing a large demand for housing and related infrastructure for accommodating the newly joined population. Construction activities are undertaken to provide residential support to newly joined urban dwellers. This is expected to drive the market for commercial vehicles as large-scale real-estate projects would require additional services of M&HCV to transport raw materials to the place of construction.
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Technavio’s analysts categorize the global AIF market into three major segments by the application. They are:
- Passenger car
Global AIF market in passenger car segment
The sales of AIF in the passenger car segment are positively correlated with the sales of passenger vehicles, as each passenger car is equipped with two inner fenders above the front wheels and two inner fenders above the rear wheels.
According to Neelam Barua, a lead automotive components research analyst from Technavio, “Inner fender is an important component of the passenger car as it protects the vehicle’s engine from road debris, mud, and water. In a passenger car, inner fenders are manufactured from different materials such as plastic, fiberglass, or metal.”
Global AIF market in LCV segment
The major growth driver of the AIF in the LCV segment is the increase in the sales of LCV across all regions. The wider application of LCV has led to the rise in popularity of LCV. LCVs such as mini vans are now widely used for business purposes like a mobile canteen and intercity transportation, leading to the increase in the sales of LCV.
“In addition, LCVs are mainly used for facilitating last-mile connectivity over a limited region or area like a city for distribution of goods and its transportation, especially in stop-and-go traffic, light construction, and municipal applications,” says Neelam.
AIF market in M&HCV
The rise in the preference for transporting freight through roadways is driving the sales of M&HCVs. The increase in sales of M&HCVs drives the market for inner fenders in the M&HCV segment. Freight companies mainly in countries like China and India prefer road for transporting freight due to irregular freight services offered by rail despite the rail services, constituting the cheapest mode of freight transport.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Samvardhana Motherson
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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