In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSHenkel AG & Co. KGaA - launched Loctite EA 9400 and Loctite FPC 5060 protective coating solutions, a fire protection solution for safer EV batteries.
TE Connectivity Ltd. - completed the acquisition of shielding and sealing specialist, Kemtron, adding EMI and RFI shielding, environmental sealing, gaskets, and components to its portfolio.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 21 Billion |
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Forecast Year Market Size (2033) |
~ USD 32 Billion |
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Regional Scope |
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The global automotive shielding market is estimated to garner a revenue of ~USD 32 billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 21 billion in the year 2022. The growth of the market can primarily be attributed to the growing demand for vehicles worldwide with the rising need to prevent vehicles from damage and malfunction. It was found that there were about 80 million motor vehicles produced worldwide, with a rise of ~3% in 2021.
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Automotive shielding reduces the coupling of radio waves (RF shielding) and blocks electromagnetic and electrostatic fields from interfering with other electronic systems and devices. Rapid industrialization and the rising number of automobiles globally along with demand for engine-efficient, light-weighting vehicles are being prioritized to abide by the standards of fuel efficiency worldwide propelling the global automotive shielding market during the forecast period.
Rising Demand for Electric Vehicles – where electric vehicle (EV) manufacturing inevitably requires installing electronic systems in confined spaces and also needs to refrain the electromagnetic energy generated from these systems from “crosstalking” and causing malfunctions and failures. As EMI shielding is important for EVs, the surge in the demand for EVs is expected to boost the automotive shielding market in the forecasted period. It was found that the global sales of EVs were over 3 million units in 2020 which was more than 4% of global vehicle sales.
Increasing Sales of Battery Charger – for instance, the battery charger sales value worldwide reached around USD 21 billion in 2018.
Growing Penetration of Automotive Radars - which will reach nearly 65% in Europe by 2030.
Rising Trend of Hydrogen Fuel Cell Technology – it was found that there were more than 25000 such vehicles registered worldwide in 2020.
Surge in the Demand for Automotive Electronics – as it is projected that by 2030, electronics will make up approximately 50% of a cost of a new car.
Design Complexity – designing a shield that meets the needs of modern vehicles can become costly manufacturer if the task is delayed. The major challenge in engineering an EMI shield is knowing when the shield is needed—EMI signals, which always need to be prioritized at the beginning of the design process, as working retroactively to create a suitable solution may be expensive.
Risk of Product Failure
Unsatisfactory Sound Absorption Performance by the Conventional Panel
The global automotive shielding market is segmented and analyzed for demand and supply by vehicle type segment into passenger cars, light commercial vehicles, and heavy commercial vehicles. Amongst these segments, the passenger cars segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing demand for cars worldwide and the rising demand for heat shields to protect the vehicle body against excessive heat. It was found that the auto industry in United States sold more than 3 million cars in 2021.
The Asia Pacific automotive shielding market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by a growing number of installed bases of global navigation satellite system (GNSS) devices and rising awareness amongst the automobile manufacturers for electromagnetic interference (EMI) sourced by the navigation system. It was found that Asia Pacific region leads the way in the usage of the navigation system, as it accounted for ~900 million GNSS devices in 2021.
Our in-depth analysis of the global automotive shielding market includes the following segments:
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By Type |
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By Material Type |
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By Application |
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By Vehicle Type |
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FREQUENTLY ASKED QUESTIONS
Growing number of vehicles as well as the rising number of electric vehicles along with a surge in the sales of battery chargers are some of the major factors anticipated to drive the growth of the market.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 – 2033.
Design complexity as well as risk of product failure are some of the factors estimated to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
he major players in the market are Henkel AG & Co. KGaA, ElringKlinger AG, TE Connectivity Ltd., PPG Industries, Inc., Laird Technologies, Inc., Tenneco Inc., Dana Incorporated, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, material type, application, vehicle type, and by region.
The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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