Automotive Skid Plate Market Projected to be Influenced by Rising Technological Innovations
A skid plate is an erosion-resistant substance attached to the bottom of a vehicle to thwart damage to the base when it comes in contact with the ground. Skid plates are primarily used on off-road vehicles as well as low ground clearance vehicles to avoid damage to the base of the vehicle. Often fake skid plates are added to vehicles to give them an off-road look.
The lifespan of a vehicle increases if a skid plate is used. This increase in longevity of vehicles is likely to be a key growth factor for the global automotive skid plate market. Since skid plates safeguard the underneath of the vehicles, its use is likely to minimize the issues related to serious damage to vehicle parts. Moreover, the skid plates offer safety to fuel tanks, transfer cases, oil pans, trans pans, differentials, steering boxes, and control arms, thereby providing safety and increasing the longevity of the vehicles.
The number of holes in vent systems can be reduced with one of the significant innovations in skid plates where the skid plates are produced using only one piece of metal as a replacement for many small pieces. These factors eventually protect the engine from overheating by reducing the quantity of debris and mud going into the engine. Skid plates improve the aerodynamics of the engine as well. As the demand for skid plates rises, innovations in the field will also gain momentum, thereby boosting the demand further. These factors are expected to drive the overall market for automotive skid plates in the coming years.
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The global automotive skid plate market can be segmented on the basis of vehicle type and geography. By vehicle type, the global automotive skid plate market can be divided into SUVs, pickup trucks, adventure motorcycles, ATVs, and others. In 2016, the SUVs vehicle segment held the maximum share of the global automotive skid plate market. The overall automotive industry is observing a consumer shift toward the SUV category of vehicles from sedans or premium hatchbacks. Skid plates are a vital part of SUVs as these vehicles are primarily used for off-road activities. Moreover, availability as well as demand for SUVs is on the rise with easy financing options. Factors including safeguarding of critical components of a vehicle and a rise in the longevity of vehicles are likely to encourage the growth of this industry segment during the forecast period.
In terms of geography, the global automotive skid plate market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the maximum market share of the global automotive skid plate market in 2016. Factors such as rising preference for off-road vehicles, increase in tourism, off-road races, and adventure enthusiasts are the major reasons for the dominant position of the market. Moreover, rise in the prevalence of adventure motorcycles are likely to be one of the key growth factors for the growth of the automotive skid plate market in this region.
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Owing to the presence of a considerable number of aftermarket players, this market is highly fragmented and as all the players compete to gain substantial revenue shares, the market is fairly competitive. One of the key market players Setina Manufacturing Company offers VAS or value-added services to its customers through partnerships with other vendors and maintaining standards. Setina Manufacturing Company uses high-tech computerized CNC or Computer Numerical Control machinery that increases the overall speed of the manufacturing process.
Some of the key players operating in the global automotive skid plate market are All-Pro, Setina Manufacturing Company, Offroad, RCI Metalworks, PELFREYBILT, Relentless Off-Road Fabrication, and BudBuilt.