Automotive Step Plate Market Forecast and CAGR
The Automotive step plate market is expected to develop steadily between 2021 and 2031 with a CAGR of 3%-5%, according to Fact.MR' latest research. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. However, it is estimated that the market will show positive growth from 2021 onwards. Increasing per capita income and growing consumer concerns about comfort and vehicle protection are expected to drive the market forward.
What is Driving Demand for Automotive Step Plate?
Step plates are used in vehicles to protect the step of the vehicle from scratches and scuffs caused by passenger’s footwear and freight while also providing grip for easy entry and exit from the vehicle. The global automotive step plate market is being driven by rising vehicle demand around the world.
Customers' shifting tastes for light-duty and multi-utility vehicles are expected to drive demand for automotive step plate during the forecast era. The demand is expected to grow due to increasing per capita income and rising consumer concerns regarding comfort. Step plates are highly used in commercial vehicles owing to the presence of larger sized steps.
Increased commercial vehicle purchases, as well as consumers' willingness to pay more for safety accessories, as a result of the disposable income, are expected to drive the growth of the step plate market during the forecast era. For added traction, the aluminum is normally diamond styled or grooved. Stainless steel step plates, on the other hand, are almost as durable as aluminum step plates but are far less expensive and hence are projected to be the leading segment in the forecast period.
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US and Canada Demand Outlook of Automotive Step Plate
The US is projected to remain one of the most lucrative market for automotive step plate over the forecast period owing to the rapid adoption of safety accessories and significant sales of light commercial vehicles, hence it is expected to be the prominent market. The market in US is being driven by the expansion of the automotive industry and strong demand for safety features. North America is expected to retain a large share of the global market due to the presence of key automotive parts manufacturers in the region.
Europe Automotive Step Plate Sales Outlook
In the European aftermarket, there arise increased demand for automotive step plate among the SUVs and light trucks. During the forecast period, the demand for automotive step plate in Europe is expected to be driven by a high rate of adoption of new technologies in these region.
Many European countries have been hit hard by the COVID-19 crisis, which has resulted in a decline in economic activity. Manufacturers have been steadily developing a new consumer base in the area in recent years. As the European automotive industry develops, demand for step plates is expected to increase.
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Who are the Key Manufacturers and Suppliers Automotive Step Plate?
Some of the leading manufacturers and suppliers of automotive step plate include
- Iowa Customs
- Lifetime Nut Covers Inc.
- Classic Parts of America
- Brindle Products Inc.
- Speedway Motors
- Carpenter Industries
To meet the needs of an expanding customer base, companies in the industry intend to acquire and partner strategically with end customers and regional distributors. Companies are concentrating on making the step plates light weight and durable using advanced technologies. The manufacturers are using geographic expansion strategies to gain a foothold in new and rapidly rising markets.
Automotive step plate Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
An Adaptive Approach to Modern-day Research Needs
By Material Type
- Stainless Steel
- Front side doors
- Back side door
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Poland, Russia)
- South Asia and Pacific (India, ASEAN, ANZ)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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