The Automotive Mudguards Market is estimated to be valued at US$9.03 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive mudguards are exterior vehicle components that are fitted on wheel wells to protect vehicles from mud, debris, stones and water. They protect vehicles from corrosion and prevent mud and water from splashing on other vehicles. Plastic-based materials and composites are commonly used in manufacturing mudguards. Key functions of mudguards include preventing road spray, protecting vehicles from damage and maintaining aerodynamic properties. They are necessary attachments to reduce maintenance costs of vehicles.
Market Dynamics:
Growing vehicle production and rising vehicle miles traveled are some of the major factors driving the growth of the automotive mudguards market. As per projections by International Organization of Motor Vehicle Manufacturers, global vehicle production is estimated to surpass 110 million units by 2026 from around 95 million units in 2019. This rising automotive production will fuel the demand for mudguards. In addition, increasing consumer preference for off-roading and outdoor activities is prompting demand for all-weather protective accessories like mudguards. However, availability of inexpensive and low-quality alternatives remains a challenging factor. OEM partnerships and new product innovations focused on advanced materials can provide opportunities for market players.
Segment Analysis
The automotive mudguards market is segmented into material, vehicle type, and sales channel. Based on material, the plastic segment held the largest market share in 2022 owing to its light weight, durability, and rust resistance. Plastic mudguards are increasingly being used by OEMs as they help reduce the overall vehicle weight. The metal segment is expected to witness significant growth during the forecast period due to the rising demand for off-road and commercial vehicles where metal guards offer better protection against mud, stones, and debris.
PEST Analysis
Political: Stringent emission norms imposed by governments worldwide are boosting the electric vehicle market. This is expected to positively impact the automotive mudguards market over the coming years.
Economic: Rising disposable incomes and growing automobile production are fueling the automotive aftermarket. This will drive the demand for replacement and accessory products like mudguards.
Social: Changing consumer preferences towards vehicle customization and trend of adding accessories is supporting the uptake of mudguards across developed markets.
Technological: Major players are focusing on developing lightweight yet durable mudguards using fiber-reinforced plastics and composite materials. 3D printing technology is also being explored to customize designs as per vehicle types.
Key Takeaways
The global automotive mudguards market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing consumer demand for vehicle protection and customization. Regionally, Asia Pacific held the largest market share in 2022 led by countries like China, India, and Japan. Stringent emission norms and expanding automotive production are propelling the mudguards demand across APAC. Key players like MrMudguard, Rhino Manufacturing, and FeatherWing dominate the competitive landscape and are focusing on new material innovations to stay ahead of competition.
Regional analysis:
Asia Pacific is the fastest growing as well as dominating region in the global automotive mudguards market. Stringent emission norms aimed at promoting electric vehicles along with expanding automotive manufacturing base in China, Japan, and India are driving the mudguards market in Asia Pacific.
Key players:
Key players operating in the automotive mudguards market are MrMudguard, Rhino Manufacturing, FeatherWing, KN Rubber, Jonesco, KWIK PFYT mud flaps, FIEM Industries, and Sant Manufacturers. Major players are focusing on developing innovative materials and designs to complement a wide range of vehicle types.
