The Splash Shield Market is anticipated to reach US$ 370.1 Million by 2032, with a CAGR of around 5.4%. The primary factors driving the growth of the splash shield market are increased customer awareness of engine safety and vehicle lifespans, as well as rising vehicle utilization.
The steady increase in automotive sales across the globe is one of the factors propelling the market. Innovative splash shield designs that enable a suitable airflow channel have just hit the market, helping to enhance engine performance. During the anticipated time frame, these added benefits are anticipated to drive market expansion.
Attributes
Details
Market Size (2021)
US$ 207.5 Million
Market Size 2022
US$ 218.7 Million
Market Size 2032
US$ 370.1 Million
Value CAGR (2022 to 2032)
5.4%
Water and debris commonly impact an automobile from underneath, causing corrosion and the breakdown of vital components. For preventing damage to the engine, alternator, drive belts, discs, and other components from water and other debris, a vehicle's engine or disc brake system may be equipped with a removable splash shield. It contributes to appropriate airflow to cool the engine while also providing the car with an additional layer of protection. Because a splash shield is constantly exposed to different types of road debris and other factors, high-density polyurethane or polyethylene materials are typically used in its manufacture.
Splash Shields are designed to accommodate most vehicle types and brands in addition to the device, allowing installation quick and simple. Most splash shields are made in accordance with OE specifications and are ideal for harsh weather.
Splash shields are essential, and the market is flooded with heavy-duty aftermarket splash shields. During the forecast period, it is anticipated that the global market for splash shields would expand profitably at a steady CAGR.
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Historic Market Outlook for Splash Shield
The Splash Shield Market is expected to reach US$ 218.7 Million in value by 2022, according to the report, the historical growth rate was around 2.1% CAGR from 2017 to 2021. The COVID-19 pandemic crisis has hampered the global expansion of the automotive market industry as well as many other industries. As a result of the imposed lockdown disrupted the supply chain and also delayed deliveries of splash shields in the market.
After the reduction in the percentage of infection, the market experienced a drastic boom in the automotive industry market. Additionally, the cost of auto parts is rising regularly, which is causing the middle-class population to heavily favor engine protection systems. As a result, the market for engine splash shields is anticipated to grow throughout the projected time frame.
Manufacturers are employing lightweight, high-density materials as accessories and protection for vehicle components from corrosion and any other debris in response to the growing consumer demand for environmentally friendly and fuel-efficient automobiles. As a result, the demand for the splash shield market will also grow with advanced developments and trending opportunities for the forecast period. Over this, the Splash Shield market demand forecast by FMI anticipates a CAGR of 5.4% by 2032.
What are the Various Factors Driving the Splash Shield Market?
The key factor projected to propel the worldwide splash shield market during the forecast period is the continued development in automotive sales across the globe. People are becoming more interested in primary preventative tools like splash shields as a result of the rising expense of automotive engine and brake maintenance, which is concurrently driving demand for both original equipment and aftermarket splash shields.
The global splash shield aftermarket sales are being fueled by increased awareness about engine safety and automotive life cycles as well as the fact that the splash shield is directly exposed to water and debris and must be replaced after a finite amount of time.
In recent years, the market has seen the introduction of innovative and improved splash shield designs that, by permitting optimal airflow routes, also aid in improving engine efficiency. Consequently, it is anticipated that the market would grow throughout the forecast period of 2022 to 2032 due to these additional benefits.
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Which Factors May Hinder the Splash Shield Market Growth?
These days, the automobile sector is growing remarkably, and its associated industries are also profiting from this growth. The proactive components of the vehicle, such as a splash shield, are required to protect the vehicle components, such as the engine and drivetrain, from damage.
Even though awareness related to the splash shield, which protects your engine from debris and other relative damages, is higher, there is still the unpredictable nature of the driver, and unawareness related to the replacement of the splash shield could hamper the market negatively.
Automobile owners probably wouldn't consider this when assessing which components of the car are susceptible to wear and tear. Parts that are easily damaged by daily driving include the gas pedal, brakes, and tires. However, the underside of the car experiences a lot of damage, particularly around the engine splash shield. Unawareness of vehicle drivers or customers towards the replacement and installation of these splash shields could restrain the market in the forecast period, especially through aftermarket sales channels.
What is the Regional Analysis of the Splash Shield Market Share?
The market for splash shields can be divided geographically into six regions North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East and Africa (MEA). The regions of Europe and North America, which are home to a significant number of leading OEMs, will rule the worldwide splash shield market over the forecast period.
The countries in East Asia and the South Asia and Pacific region are predicted to grow their positions in the global splash shield market due to the growing number of cars on the road as well as their growing demand. Similar to this, with expanding opportunities in India and China, most of the prominent players are pushing significant OEMs to establish their manufacturing facilities there to boost their market share for OE splash shields during the projection period. Japan is also keeping a sizable stake during the projection period as it is home to Toyota and Honda's main manufacturing plants.
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Market Competition
The global market will be very competitive due to the expanding automobile sector and its internal developments. The market participants for splash shields are in competition with one another in terms of product development and trying to acquire local competitors. The key players operating in the Splash Shield market include A.P.A Industries Inc., Crown Automotive Sales Co. Inc., Husky Liners Inc., Rugged Ridge, NuVue Products, Omix-ADA Inc., Dekar Engineers Pvt. Ltd., Hangzhou Kapaco Automotive Parts Co. Ltd, and others.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 5.4% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Million, Volume in Units, and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered
Application Area
Type
Manufacturing Material
Vehicle Type
Market Type
Region
Regions Covered
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
Key Countries Covered
The USA
Canada
Mexico
Brazil
Germany
Italy
France
The UK
Spain
Benelux
Russia
China
Japan
South Korea
India
Association of Southeast Asian Nations
Australia and New Zealand
GCC Countries
Turkey
South Africa
North Africa
Key Companies Profiled
A.P.A Industries Inc.
Crown Automotive Sales Co. Inc.
Husky Liners Inc.
Rugged Ridge
NuVue Products
Omix-ADA Inc.
Dekar Engineers Pvt. Ltd.
Hangzhou Kapaco Automotive Parts Co. Ltd
National Auto Parts
Alfa Laval (China) Ltd.
Danyang Mincheng Autoparts Co., Ltd.
Others
Customization & Pricing
Available upon Request
Key Segments Profiled in the Splash Shield Market Report Splash Shield Market
By Application Area, Splash Shield Market is segmented as:
Engine Components
Breaks
Others (alternator, drive belts, etc.)
By Type, Splash Shield Market is segmented as:
Single unit shields
Twin unit shields
By Manufacturing Material, Splash Shield Market is segmented as:
Plastics and Fiberglass
Metals (Aluminium etc.)
By Vehicle Type, Splash Shield Market is segmented as:
Passenger Vehicles
Compact
Midsize
SUV
Luxury
Light Commercial Vehicles
Heavy Commercial Vehicles
Electric/Hybrid Vehicles
By Market Type, Splash Shield Market is segmented as:
OEM
Aftermarket
By Region, Splash Shield Market is segmented as:
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa (MEA)
Frequently Asked Questions
What was the value of the Splash Shield Market in 2021?
In 2021, the value of the Splash Shield Market reached over US$ 207.5 Million
At what rate is the Splash Shield Market projected to expand during the forecast period?
During the forecast period, the Splash Shield Market is estimated to expand at a CAGR of 5.4% from 2022 to 2032.
By 2032, what will the value of the Splash Shield Market be?
The Splash Shield Market is projected to reach US$ 370.1 Million by the end of 2032.
Which region is set to lead the Splash Shield Market?
North America region is projected to lead the Splash Shield market in the forecast period.
Which are the top players in the Splash Shield Market?
The key players operating in the Splash Shield market are A.P.A Industries Inc., Crown Automotive Sales Co. Inc., Husky Liners Inc., Rugged Ridge, NuVue Products and Omix-ADA Inc.
