Automotive Mudguards Market Effect and Growth Factors Research and Projection
Asia Pacific held the largest industry share in 2016 and is expected to continue its dominance, primarily owing to the presence of the world’s largest automobile market, China and the fastest growing automotive market in India. Growing employment opportunities have led to substantial per capita income and the affording capability of the population in the region. Moreover, increased spending on road infrastructure and manufacturing activities in the region will drive the growth of commercial and passenger vehicle demands. This will provide the required boost to the industry growth. Increased inclination of consumers towards high-end automobile solutions and decreasing price of gasoline will present considerable opportunities in the developed economies, such as U.S., Canada, UK, Germany and France.
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Automotive mudguards, also known as fenders, are parts of automobiles that frames the wheel and prevent the sand, rocks, mud, liquids or any other forms of dust from getting sprayed into by the wheels of the vehicle in the air or on vehicles and pedestrians. These are standard fixtures that can also be customized based on the consumer requirement in aftermarket and attached externally. Commonly used materials include steel, aluminum, ABS plastics, PE and carbon fibers.
Increasing demands for automobiles, specifically green mobility will provide considerable growth opportunity for the automotive mudguards market
Increasing consumer concerns regarding global warming, increasing investments in advancement of electric & hybrid vehicles and advanced engines to reduce emissions, regulatory amendments such as EPA in U.S. and European emission standards in EU are expected to drive the demands for better fuel efficiency vehicles. Various peripheral components of the vehicle influence the fuel efficiency of the vehicle. These factors inadvertently are projected to majorly contribute to the automotive mudguards market growth over the forecast period.
China and countries in Western Europe are increasingly encouraging the electric and hybrid vehicle purchases to regulate the fuel emissions and optimize their environmental impacts through government incentive plans, tax exemptions and dedicated parking spaces among the few other initiatives to encourage ownerships of these vehicles. In conjunction with the high growth market for these vehicles, increasing sales figures of other conventional vehicles is expected to provide potential growth prospects over the next few years. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), international sales of vehicles witnessed an increase of around 4.65%, accounting for a Y-o-Y increase of over 93 million units in 2016.
Utilization of natural fibers in the manufacturing is expected to drive the demand growth
Increased usage of natural fibers in the manufacturing processes is a major trend gaining traction in the industry. These natural fiber polymer composites are environment-friendly, lightweight, and bio-degradable. Moreover, according to our research, incorporation of natural fibers can reduce over 25% of the vehicle weights in comparison to other glass reinforced fibers. These enhanced features are expected to provide large growth potential to the automotive mudguards market.
Passenger cars are expected to dominate the industry segment demands over the forecast period
Passenger car segment dominated the overall automotive mudguards market share in 2016, and is expected to continue its dominance over the next few years. Its growth can be attributed to large inclination of consumers towards owning cars, proliferation of commercial usage of automobiles such as car sharing and cab aggregators, and the pre-existing large consumer base across the globe. Moreover, large presence of aftermarket players that offer custom-made solutions to enhance the vehicle aesthetics and performance, will also continue to contribute to the industry growth.
Industry presence is characterized by established presence of major players with moderate competition among them. Chief players in the automotive mudguard market include MrMudguard, Rhino Manufacturing, FeatherWing, KN Rubber, Jonesco, KWIK PFYT mud flaps, FIEM Industries, and Sant Manufacturers.
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