LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive heat shield market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automotive heat shield market will grow at a CAGR of over 3% during the forecast period. The growing penetration of energy-efficient technologies in automobiles is a major factor driving the market’s growth.
The growing competition among automakers has led to the increased adoption of energy-efficient technologies in automobiles. This increases the rate of adoption of heat shields in automobiles, which, in turn, positively impacts the growth of the global automotive heat shield market.
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In this report, Technavio highlights the integration of heat shields with other vehicle components to form multifunctional components as one of the key emerging trends driving the global automotive heat shield market:
Integration of heat shields with other vehicle components to form multifunctional components
Advancements in the global automotive market have led to the integration of heat shields with other vehicle components. This ensures multifunctionality of automotive heat shields. Heat shields act as sound management solutions, in addition to their thermal management functions. Integration of heat shields contributes to improved fuel efficiency and reduced hydrocarbon emissions through engine encapsulation techniques.
According to a senior analyst at Technavio for automotive components research, “Automakers are investing in acoustic heat shield designs that facilitate thermal protection with maximum noise reduction. Integration of heat shields with under-the-body components facilitates the maintenance of the aerodynamic coefficient of vehicles. Such advanced integrated heat shield designs offer functional benefits, in addition to offering cost savings and weight reductions, which augurs well for the growth of the market.”
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Global automotive heat shield market segmentation
This market research report segments the global automotive heat shield market by end-user (passenger vehicle and commercial vehicle), and key regions (the Americas, APAC, and EMEA).
The global automotive market is witnessing an increase in demand for automobiles, especially passenger cars. There exists high penetration of luxury vehicles in North America and European economies. The increased volume sales of automobiles in the global market will positively influence the demand for heat shields during the forecast period.
In 2017, APAC dominated the global automotive heat shield market with a market share of more than 35%. The APAC market was followed by EMEA and the Americas. The developed and emerging economies in APAC (such as Japan, South Korea, Australia, and China) are the key contributors to the automotive heat shield market in the region.
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