Global Automotive Skid Plate Market 2019-2023 | 15% CAGR Projection Over the Next Five Years
The automotive skid plate market size is poised to grow at a CAGR of about 15% during the period 2019-2023, according to the latest market research report by Technavio.
Off-road motorcycles are in demand due to several factors such as the increase in the number of off-road enthusiasts, growing awareness about recreational activities, and increasing disposable income. This has led prominent automakers to increase their product offerings in the off-road motorcycles segment. Therefore, the growing popularity of off-road motorcycles will drive the growth of the global automotive skid plate market, owing to standard fitment (or optional availability) of skid plates in such motorcycles.
As per Technavio, the growing availability of bumper skid plates as OEM fitment in compact SUV and crossovers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Skid Plate Market: Growing Availability of Bumper Skid Plates as OEM Fitment in Compact SUV and Crossovers
The demand for SUVs and crossovers has also been witnessing an upward trend over the last few years especially in the emerging markets of APAC. Within SUVs, the compact and small-size segment is dominating the sales. Looking at the market potential, automakers are differentiating their products by offering best-in segment features and functionalities. To enhance the overall appearance of vehicles, automakers are also offering various design elements to vehicle exteriors. For instance, Maruti Suzuki offers a faux silver side plate in its compact SUV, Vitara Brezza. The company also offers skid plate in its crossover, S-Cross. Other automakers that are offering SUV in this segment are also providing skid plates. Thus, the increasing use of skid plates in new SUV and crossover models is expected to drive the growth of the market during the forecast period.
“Other factors such as the increasing availability of skid plates at online marketplace will have a significant impact on the growth of the automotive skid plate market value during the forecast period,” says a senior analyst at Technavio.
Automotive Skid Plate Market: Segmentation Analysis
This market research report segments the automotive skid plate market by application (SUV, pickup truck, ATV, adventure motorcycle) and geographical regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to continue dominating as well as register the highest incremental growth due to the high popularity of recreational vehicles in the region.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
