Analysis of Automotive Step Plate market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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 the 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.
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 plates 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.
The US is projected to remain one of the most lucrative markets for automotive step plates 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 the 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.
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 regions.
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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Some of the leading manufacturers and suppliers of automotive step plate include
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.
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
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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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According to Fact.MR's recent research report, the automotive step plate market is anticipated to expand significantly between 2022 and 2032 at a CAGR of 3%-5%.
During the forecast timeframe, demand for automotive step plates is predicted to be driven by customers' shifting preferences for light-duty and multi-utility vehicles.
Because of the wide adoption of safety accessories and significant sales of light commercial vehicles, the automotive step plate market will generate the majority of its market share in the United States.
The automotive step plate market is likely to be worth US$ 2.3 Million in 2022.
The automotive step plate market has high growth potential due to the rise in concerns of customers about comfort and vehicle protection/
The manufacturers in the automotive step plate industry are likely to find the most opportunities in the U.S. market.
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