Rising demand for cars in the market
People living in developed or developing countries have higher purchasing power which validates the rise of car demand. The higher purchasing power along with the rising consumer awareness has further pushed the demand for cars in the market, especially in the developing nations, which are primary growth drivers for the market. Such a factor has a positive impact on the growth of the global market of the door dent protection pads market during the forecast period.
Saves costly repairs and diminishes depreciation factor
Small dents, dings, and removal of paint from the car cause problems to the consumers. The main issues consumer faces are the higher maintenance and painting costs which further reduces the depreciation of the car. Rising concerns among the consumers for such issues of higher maintenance costs and reducing the worth of the car are anticipated to increase the demand for door dent protection pad in the coming years.
The global door dent protection pads market is thriving on the back of the worldwide rising demand for cars, along with rising demand for car protection accessories. Door dent protection pads are extremely useful for people who park their cars in parking spaces, these protection pads help reducing car dings, dent, and scratches by absorbing the collision impact. Unwanted door-dings reduces value of the vehicle, however, these protection pads can save both the cost of repair and overall value of the car. Such a factor is predicted to foster the growth of the global door dent protection pads market. The global door dent protection pads market is anticipated to grow at a significant CAGR during the forecast period, i.e. 2020-2028. In 2020, the market is growing at a stable rate and with the rising adoption of innovating strategies by various market players, the market growth is expected to escalate over the projected period. The product type is further segmented into the magnet, suction-cup, and adhesive tape. As per the product segmentation, the magnetic door dent protection pad segment is anticipated to grow at the highest rate in the door protection guard market on account of their easy to-use, budget friendly, and impact-absorption characteristic along with the increasing demand for cars globally. The market is segmented by end user into domestic and commercial, out of which, the domestic segment is predicted to observe the highest growth. This can be accredited to the low maintenance, cost-effectiveness, and rising number of car owners.
Durability and longevity of the protection pad to hinder the market growth
The market of door dent protection pads is estimated to grow at a significant rate. However, the longevity of the product is predicted to become a restraining factor for the market growth. The common issue that consumers face is the lesser durability and longevity of the product, for instance, the protection pads are supposed to be replaced at least once within six months. This factor is estimated to act as a hindrance to the growth of the door dent protection pad market.
Availability of counterfeit products in the market to hamper the market growth
The door dent protection pad market has grown over the years, and this has made the market highly disintegrated. The disintegration of the market had made it easier for local players to produce counterfeits which are cheaper in quality and are difficult to differentiate from the original products. The homogenous market, as well as the growing number of counterfeits, are some of the factors estimated to act as a barrier to the growth of the door dent protection pad market.
In-depth analysis of the global door dent protection pads market includes the following segments:
By Product Type
By Material Used Type
By End-User Type
By Distribution Channel
By Region Type
On the basis of regional analysis, the door dent protection pad market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The door dent protection pads market is anticipated to hold the largest market share in the Asia-Pacific region, owing to the highest number of registered cars along with the shift in consumer awareness. In addition to this, the market is observed to have prominent gains in North America region over the forecast timeframe. The Asia-Pacific region is anticipated to hold the largest door dent protection pads market share. This can be accredited to the presence of the largest number of registered cars and the rising demand for the vehicles. Raising awareness, high purchasing power and being one of the largest car-producing regions are some factors that are projected to expand with significant CAGR in Asia-Pacific during the forecast timespan.
The global door dent protection pad market is further classified on the basis of the region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.