US automotive trends show rapid growth at $440m by 2026
According to a recent study from market research firm Graphical Research, the North America automotive heatshield market size is poised to expand at substantial CAGR during the forecast period.
High sales of luxury vehicles and stringent regulations placed by the authorities will expand North America automotive heatshield market size over the coming years. When a vehicle generates excess heat and its systems are unable to control the same, then the automobile begins to underperform and ends up using excess fuel. The excessive heat and fuel emissions are quite harmful for the environment, leading to increased production and installation of heatshields in vehicles.
Electric vehicles are gaining popularity across North America, and this has increased the production of lithium-ion batteries. These batteries are known to generate a lot of heat and if the heat management system of electric vehicles is not proper, then the battery lifespan reduces to a great extent. This factor will drive the production of automotive heatshields in the region. Reputed automotive heatshield manufacturers in North America like AK Steel Corporation, Dana Incorporated, Tenneco Inc, UGN Inc., and Polymer Technologies Inc., among a few others are making use of innovative materials and technologies to enhance the performance of their product in vehicles.
With North America automotive heatshield market share estimated to be worth almost $440m by 2026, the regional industry size from passenger cars is estimated to expand at 3.7% CAGR up to the mentioned timeline. Growing awareness about the importance of buying fuel efficient vehicles has driven the demand for electric vehicles in the region. PV manufacturers enjoy several benefits from the regional governments like tax relief and faster processing of loans to set up manufacturing plants. Electric vehicles are now being commercially sold across the region, thereby fostering heatshield application scope.
North America automotive heatshield market size from aluminum material will witness a CAGR of 3.5% through 2026. Regional governments are introducing stringent rules with regards to emission rates from the automotive sector, prompting heatshield manufacturers to go for materials like aluminum as it is lightweight in nature. The material is highly resistant to corrosion, which makes it ideal for making automotive components.
The regional automotive heatshield industry size from engine application will record 3% CAGR through 2026. The most important part of any automotive is its engine. However, this component faces the most damage when exposed to extreme heat conditions. Keeping this in mind, the automakers across North America are using different kinds of materials and are continuously implementing innovative technologies to protect the engines from heat damage. The regional automotive sector is going through technological advancements, thereby boosting the demand for high-performing heatshields.
Light commercial vehicles or LCV manufacturers in North America increasingly use heatshields in production. LCVs are used for both commercial and industrial purposes. As the name suggests, these vehicles are designed to take on moderate load capacity. LCVs are among the most preferred vehicles across commercial sector and they run a high risk of getting damaged due to excessive heat generation. Here, automotive heatshields will be crucial to keep the engines and other components running at an optimum rate, while protecting them from extreme conditions during transit.
Automotive heatshields are being heavily used across LCVs, HCVs, and passenger cars with materials like stainless steel, aluminum, and aluminized steel witnessing robust use in their production. The component has high use in underbody & tank heatshields, engines, catalytic converters, turbo chargers, and many others.