LONDON--(BUSINESS WIRE)--The global commercial vehicle air deflector market is projected to reach 3.56 million units by 2021, growing at a CAGR of 5% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global commercial vehicle air deflector market for 2017-2021. Based on application, the market is divided into heavy commercial vehicles (HCVs) and medium commercial vehicles (MCVs) segment.
Commercial vehicle air deflectors are high-density plastic products used for preventing or reducing air drag and raising the aerodynamic qualities of the vehicle. The global commercial vehicle air deflector market is currently driven by the swift rise in adoption of commercial vehicles in emerging countries to cater to the rising urbanization and construction activities.
Technavio’s research study segments the global commercial vehicle air deflector market into the following regions:
Commercial vehicle air deflector market in APAC
“APAC is both the largest and the fastest-growing segment of the global commercial vehicle air deflector market, with China, Indonesia, India, and Japan as the key revenue contributors,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
The commercial vehicle market scenario in China and India are characterized by ample road and port infrastructure development for transportation, low cost of production due to the low rate of the local currency, lower employee wages, availability of skilled and unskilled labor, and the easy availability of raw materials.
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Commercial vehicle air deflector market in the Americas
The commercial vehicle air deflector market in the Americas expected to reach 0.78 million units by 2021, driven by the slow recovery of the American economy. The rise in employment rates indicates a revival of household’s spending powers, which will result in the rise in the consumption rates and volumes. Increasing consumption rates are expected to drive the sales of new commercial vehicles, which will be needed to facilitate transportation of goods for meeting the increased consumption patterns of the population in the Americas.
Commercial vehicle air deflector market in EMEA
“The commercial vehicle air deflector market in EMEA is expected to grow at a CAGR of nearly 3% over the forecast period, driven by the dominant automotive market in Europe,” says Praveen.
Britain's exit from the European Union is estimated have a significant impact on the market, since the sale of commercial vehicles in the Britain will be hit. The revival of employment in Spain, stability of the coach and bus vehicle segments, increasing demand for road transport are factors which will boost the market segment.
The top vendors in the global commercial vehicle air deflector market highlighted in the report are:
- Hatcher Components
- Altair Engineering
- Piedmont Plastics
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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, resellers, and end-users.
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