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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.