Europe Automotive Heat Shield Market size was USD 587.8 million in 2019 and is expected to record a CAGR of 3.5% from 2020 to 2026. The growth is primarily attributed to the rising automotive fleet coupled with increasing passenger car adoptions.
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Europe holds a significant share of global vehicle sales, which acts as a primary driver for automotive heat shield industry size. The demand is also underpinned by the rising production of powerful engines and an increasing preference for closed engine compartments to lower noise generation & vehicle emissions. Improving fuel efficiency standards are leading industry players to focus on the development of product offerings aligned with the needs. Additionally, the elevated rate of electric vehicle adoption coupled along with expected future regulations concerning vehicle emissions are most likely to propel the market size over the forecast period.
However, the supply chain for the automotive heat shield market has been considerably disrupted owing to the widespread of Covid-19 disease. The major hit countries include Russia, France, the United Kingdom, and Italy, among others. The lockdowns and reduced consumer spending led to a decline in the vehicle adoption rate in the region. Even though countries are entering into the recovery phase, a delay in the normalization of full capacity production will be witnessed. The interruption can be majorly ascribed to the restriction in the international trade scenario. However, countries, such as Russia, Germany, and Italy among others are displaying a strong growth recovery from the pandemic and it is anticipated that the market will be on its normal course in the coming years.
Europe Market, By Vehicle
The PCV segment will expand around 3.3% growth rate during the forecast period attributed to the large fleet of passenger vehicles currently on the roads and the increasing usage of vans and pickup vehicles. In Europe, passenger transport holds a major share of over 80% among all vehicles, which is a key factor fueling the demand for automotive heatshield for PCVs.
Europe Market, By Material
Among the material type, aluminum was observed to be the highest revenue-generating segment with a market share exceeding 40%. The high demand for aluminized automotive heatshield can be ascribed to the exceptional properties, such as low thermal expansion coefficient, lightweight, and high-temperature resistance. Moreover, the rapid adoption of electric vehicles and the installation of powerful batteries in these automobiles is likely to develop lucrative opportunities for heatshields fabricated from aluminized steel.
Europe Market, By Application
Based on the application, the tank heat shield held a significant market share in terms of revenue. The demand for tank heat shield is primarily contributed to the higher vulnerability. The fuel tank is most susceptible to damages in case of elevated temperature and accidents. Hence, the tank heat shield provides enough protection against damages incurred by hot exhaust parts.
Europe Market, By Sales Channel
Based on the sales channel, aftermarket witnessed the highest growth rate during the projection period. As per the European emission standards, the European Union is aiming to increase the number of vehicles to 30 million by 2030. This factor is likely to propel future market growth and create opportunities for industry participants.
Competitive Industry Landscape
Key players in the Europe market include Estamp S.A.U., QUSA Thermal, Inc., iSoKlick Holding GmbH, Boyd Corporation, Rieter, ISOLITE GmbH, Martin Group, HAPPICH GmbH, Carcoustics International GmbH, and Autoneum Holding Ltd., among others.