ID: MRFR/AM/5714-HCR | February 2021 | Region: Global | 100 pages
The worldwide Automotive Diagnostic Scan Tools Market Size is assessed to rise at a 6% CAGR during the estimated time frame of 2020-2027.
Automotive Shielding can be defined as the method used for safeguarding automotive components by using heat-insulating materials. The industry has been delivering solid performance in the global market landscape. Some of the main factors that have led to automotive shielding market growth include the rising adoption of fuel-efficient vehicles and the surge in demand for fuel-efficient and environmentally-friendly cars. There has been a considerable increase in the demand for automotive Shielding as it strengthens vehicles, and they can bear varying temperatures of electromagnetic inference and automotive engines.
The automotive shielding industry is expected to deliver strong performance during the forecasted period. The accelerated growth in the global market domain could be stimulated by the rise in the application of electric components in vehicles. Similarly, the use of the automotive shielding method in various automotive parts such as combustion engines, under the bonnet, exhaust system, and turbochargers could influence the market performance in the future. The global market is expected to register a CAGR of 6 % during the projected period. According to the United States, Environmental Protection Agency, the average projected real-world carbon dioxide emission for all automobiles has increased by less than 1 %. It has accelerated the demand for fuel-efficient vehicles so that carbon footprint can be curtailed.
A detailed automotive shielding market research has been carried out and presented in the report. The major market trends that are likely to impact the market's growth potential have been identified. The competitive intensity in the market has also been captured as it could mold the global market performance in the future.
Covid 19 Analysis
The impact of the Covid 19 pandemic has been very severe for the global market. It has led to a slump in demand for automotive shielding solutions and thus hampered the market growth. As the mobility of people has been restricted due to stringent lockdown restrictions, the demand for the market has been at e receiving end. However, the market performance is expected to improve during the forecasted period due to the easing of restrictions by various national governments.
Major variables existing in the market
The automotive shielding market is driven by various elements, such as the surge in the popularity and demand for fuel-efficient vehicles, the rise in vehicle manufacturing globally, and the introduction of strict environmental regulations and laws in several nations. Such factors have boosted the market performance in recent times, and these factors are likely to contribute to the good market performance during the forecasted period.
Several challenges exist in the automotive Shielding industry that hampers the businesses' performance in the market. In recent times, the Covid 19 pandemic has served as a serious challenge that has restricted its growth and demand at the global level. The increase in the application of electronic components and devices in automobiles has increased concerns relating to radiofrequency and electromagnetic interference. To address these issues efficiently, the reliance on the automotive shielding market on technology has increased considerably.
There exist several opportunities in the global market, such as the increase in the number of premium vehicles all across the globe, the rise in the adoption of electronic components in automobiles, and the surge in demand for fuel-efficient and environmentally friendly cars. Such opportunities could be exploited by businesses that operate in the market during the forecasted period. Thus, these opportunities could lead to the expansion of the automotive shielding market size in the future.
One of the main restraints that have a negative impact on the automotive shielding industry is the steep price of metallic shielding systems. It acts as a major hindrance for most companies that operate in the market as it diminishes their profitability by increasing the cost. The availability of limited financial resources could further complicate the situation for businesses and limit their ability to expand their portion of the market share. The complexity relating to the development of automobile shielding components could considerably hamper the growth of the market.
Cumulative evaluation of the market
The critical evaluation of the global market has helped identify a diverse range of automotive shielding market trends. One of the key factors likely to increase the market's growth potential is the high demand for fuel-efficient vehicles at the global level. To exploit the opportunities in the market setting, businesses need to devise suitable strategies by considering the latest environmental regulations.
Overview of the main market segments
The global market can be segmented into heat and electromagnetic interference (EMI) based on type. The EMI segment has dominated the automotive shielding market due to the high use of electronic components in automobiles. This is one of the key market trends likely to continue during the forecasted period.
The market can be categorized into passenger vehicles, light commercial vehicles, and heavy commercial vehicles based on the vehicle type. The demand for the passenger vehicles segment is likely to intensify the growth of the market. The chief reasons for the solid market performance include the introduction of stringent environmental regulations.
The global market can be divided into several segments based on heat applications such as engine compartments, exhaust systems, and turbocharging. The increase would mainly influence the performance of each of these segments in need of protecting diverse automotive electronic components. The high concern relating to heat and electromagnetic interference could influence the performance of these market segments.
Based on the EMI application, the market can be further categorized into adaptive cruise control (ACC), intelligent park assist (IPA), engine control module (ECM), forward collision warning (FCW), lane departure warning (LDW), and electric motor. The performance of these segments during the forecasted period would be influenced by the adoption of new technologies to boost efficiency.
The global market can be divided into several regions such as North America, Europe, the Asia Pacific, and the rest of the world. A consistent factor that could impact the performance of the market in diverse areas is the increase in the demand for electric and fuel-efficient vehicles at the global level. The market is likely to perform well during the forecasted period due to an increase in stringent environmental rules and regulations across diverse nations.
Competitive intensity in the industry
There exists cut-throat competition in the global automotive shielding industry due to the high market attractiveness. Various businesses operate in the market and devise new strategies to expand their portion of the automotive shielding market share. Some of the key business players that have intensified the market competition at the global level include:
In order to capitalize on the diverse market opportunities, most of the business participants have been integrating technological innovation in their strategic approach. During the forecasted period, the contribution of the industry players could directly influence the global market size.
Recent market developments
The global market is regarded as a promising market that has showcased remarkable growth in recent years. In the dynamic global business landscape, various factors could contribute to automotive shielding market growth, such as the rising demand for fuel-efficient vehicles and higher demand for vehicle safety. A plethora of automotive shielding market trends have been identified in the report, such as technology integration by organizations to gain strategic advantage and the rise in the production of automobiles at the global level.
Key Industrial segments
By Vehicle type
By Heat application
By EMI Application
|Market Size||2027: Significant Value|
|CAGR||6% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Equipment Type, Product type, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Softing AG (Germany), Delphi Automotive PLC (Ireland), Denso Corporation (Japan), Continenetal AG (Germany), Robert Bosch GmBH (Germany), Actia SA (France), Kpit Technologies (India), AVL List GmBH (Austria), Hickok Incorporated (US), SnapOn Incorporated (US)|
|Key Market Opportunities||
|Key Market Drivers||Increased awareness regarding vehicle safety, growing urbanization, and the rapidly-growing automotive after-sale-services industry|
Frequently Asked Questions (FAQ) :
The report states the growth outlook to disclose a 6% CAGR growth approximately in the impending period.
The non-availability of specialized manpower along with the costly value of tools, is anticipated to restrict the growth of the market.
The Asia Pacific region is expected to back the global development of the automotive diagnostic scan tools market due to the existence of strong players in the region.
The increased awareness of users towards timely awareness, as well as the provision of free maintenance packages from car manufacturers, is expected to spur the market development in the coming years.