North America Automotive Heatshield Market Size and Trends Shows a Rapid Growth at USD 440 Million by 2026
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- February 3, 2022
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- Automotive Heatshield,
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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 $440 million 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.