The global automotive skid plate market size is expected to grow by 64.74 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Skid Plate Market 2020-2024 (Graphic: Business Wire)
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Off-road motorcycles are in demand due to various factors such as the increase in the number of off-road enthusiasts, growing awareness about recreational activities, and increasing disposable income. This has led prominent automakers to increase their product offerings in the off-road motorcycles segment. Therefore, the growing popularity of off-road motorcycles will drive the growth of the global automotive skid plate market, owing to standard fitment (or optional availability) of skid plates in such motorcycles.
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As per Technavio, the growing availability of bumper skid plates as OEM fitment in compact SUV and crossovers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Skid Plate Market: Growing Availability of Bumper Skid Plates as OEM Fitment in Compact SUV And Crossovers
The demand for SUVs and crossovers has also been witnessing an upward trend over the last few years especially in the emerging markets of APAC. Within SUVs, the compact and small-size segment is dominating sales. Looking at the market potential, automakers are differentiating their products by offering best-in-segment features and functionalities. To enhance the overall appearance of vehicles, automakers are also offering various design elements to vehicle exteriors. For instance, Maruti Suzuki offers a faux silver side plate in its compact SUV, Vitara Brezza. The company also offers skid plates in its crossover, S-Cross. Other automakers that are offering SUV in this segment are also providing skid plates. Thus, the increasing use of skid plates in new SUV and crossover models is expected to drive the growth of the market during the forecast period.
"Other factors such as the increasing availability of body design accessories at dealership level, and the growing sales of utility vehicles will have a significant impact on the growth of the automotive skid plate market value during the forecast period," says a senior analyst at Technavio.
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Automotive Skid Plate Market: Segmentation Analysis
This market research report segments the automotive skid plate market by application (SUV, Pickup truck, ATV, and Adventure motorcycle) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the automotive skid plate market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high popularity of recreational vehicles and the rising demand for pickup trucks, sport-utility vehicles (SUV), and crossovers owing to the presence of diverse terrains, mountains, and rocky surfaces.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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