Global Automotive Skid Plate Market 2019-2023 | Growing Availability of Bumper Skid Plates as OEM Fitment in Compact SUV and Crossovers to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
The global automotive skid plate market is expected to post a CAGR of over 15% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global automotive skid plate market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising popularity of off-road motorcycles. The increase in the number of off-road enthusiasts, growing awareness about recreational activities, and increasing disposable income are some of the major reasons that are growing the popularity of off-road motorcycles. The prominent automakers that are offering off-road motorcycles have increased their product offerings over the years, to gain a competitive edge in the market. Prominent motorcycle OEMs have also increased the offerings of dirt motorcycles or off-road motorcycles. These factors, in turn, are driving the growth of the global automotive skid plate market, owing to standard fitment (or optional availability) of skid plates in such motorcycles.
As per Technavio, the growing availability of bumper skid plates as OEM fitment in compact SUVs and crossovers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive skid plate market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global automotive skid plate market: Growing availability of bumper skid plates as OEM fitment in compact SUV and crossovers
The global automotive skid plate market is witnessing various trends that are expected to impact the market positively during the forecast period. One of the prominent trends is the increasing use of lower bumper skid plates by automakers in small and compact SUVs and crossovers. The demand for SUVs and crossovers is witnessing an upward trend in the last few years. The growing popularity of SUVs in emerging APAC markets is also fueling the growth of the global SUV market. Within SUVs, the compact and small-size segment is dominating the sales. Looking at the market potential, automakers are differentiating their products by offering best-in segment features and functionalities. To enhance the appearance of vehicles, automakers are also offering design elements to the exterior of their vehicles. Thus, the increasing use of skid plates in new SUV and crossover models are expected to drive the global market in the coming years.
“The growth in the availability of body design accessories at authorized dealers (at the store or official online store) is fueling the growth of the global automotive skid plate market, as more skid plates are being offered by the automaker (either as an individual accessory or as part of an add-on package). This is driving the sales at the dealer level, which is contributing to the overall growth of the global automotive skid plate market,” says a senior analyst at Technavio.
Global automotive skid plate market: Segmentation analysis
This market research report segments the global automotive skid plate market by application (SUV, pickup truck, ATV, adventure motorcycle) and geographical regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to continue dominating as well as register the highest incremental growth due to the high popularity of recreational vehicles in the region.
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INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING AUTOMOTIVE AFTERMARKET MOTORCYCLES OFF-ROAD TRUCKS & SUVS RECREATIONAL VEHICLES
SOURCE: Technavio Research
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