Automotive Skid Plate Market to grow at a CAGR of 9.9% during 2024-2028
The Automotive Skid Plate Market is expected to grow at a CAGR of 9.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 59.36 billion. In the automotive industry, skid plate manufacturers are innovatively employing advanced materials to optimize the performance, durability, and weight attributes of their skid plates. By integrating high-performance alloys and other cutting-edge materials, these manufacturers address the industry's dual demand for robust undercarriage protection and lightweight design. For instance, the use of high-strength alloys in skid plate production offers superior strength and resilience, enabling these components to withstand impacts and safeguard vital vehicle components even in harsh off-road conditions. This strategic application of advanced materials results in skid plates that are both lightweight and robust, contributing significantly to overall vehicle efficiency.
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Technavio analysts predict that the SUV subsegment will lead the Application segment during 2024 and 2028 The global automotive market has experienced significant growth in the popularity of Sport Utility Vehicles (SUVs), catering to consumers' increasing demand for versatile vehicles. SUVs, recognized for their robust construction and elevated ground clearance, are engineered to traverse diverse terrains, including urban roads and challenging off-road conditions. SUVs offer numerous advantages, including spacious interiors with adaptable seating arrangements and expansive cargo capacity. These features make SUVs an ideal choice for families and consumers with varying transportation requirements, from daily commuting to extended road trips and outdoor activities.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing interest in off-road activities among consumers
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The Automotive Skid Plate Market encompasses a wide range of applications, including E-commerce channels, workshops, and the independent aftermarket. Skid plates are essential protective components for various types of vehicles, such as adventure motorcycles, pickup trucks, military vehicles, ATVs, and SUVs. These plates shield the underside of vehicles from damages caused by stumps, rocks, and other road debris. Skid plates are crucial for transfer cases, differentials, transmissions, engines, oil pans, fuel tanks, and steering boxes in mineral oil vehicles. They are available in different materials, including plastic, aluminum, and high-grade steel, ensuring durability and protection against mud and rough terrains. Adventure motorcycles and off-road vehicles often require skid plates to protect against the harshest conditions. Pickup trucks, SUVs, and military vehicles also benefit from these protective components, especially when navigating tough terrains. ATVs and other off-road vehicles also require skid plates to protect against damages caused by stumps, rocks, and other obstacles. Skid plates for military vehicles are often made of high-grade steel to withstand the rigors of military use. In summary, the automotive skid plate market caters to various types of vehicles and applications, ensuring the protection of vital components from damages caused by mud, road debris, and other hazards.
The global automotive skid plate market is a segment of the broader automotive parts and equipment market, which encompasses organizations involved in the manufacturing of components and accessories for various automobile types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the size of the global automotive parts and equipment market is determined by the consolidated revenue generated by automotive component and equipment manufacturers. Key growth drivers for this market include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs), and the increasing sales of electric vehicles, motorcycles, and passenger cars over the past decade.
The Automotive Skid Plate Market is experiencing significant growth, fueled by the growing interest in off-road activities among consumers. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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