Automotive Tibia Pad Market: Introduction
- Automotive tibia pads are installed between the vehicle floor and carpet. In the event of impact, the tibia pad acts as an energy absorbing body that lessens the impact placed on the legs of the vehicle occupants. In recent years, some tibia pads also provide noise absorption or reduction properties.
Key Drivers of Automotive Tibia Pad Market
- Macroeconomic and demographic trends, such as rapid urbanization, rising incomes and increased participation of women and youth in the labor force, have contributed to the demand for mobility. For instance in developing economies, such as India, growing working population and expanding middle class are driving the demand for cars. Therefore, these factors are fueling the demand for automotive tibia pads from OEMs and the aftermarket.
Challenges in Automotive Tibia Pad Market
- The COVID-19 pandemic has affected local as well as global automotive supply chains, manufacturing and R&D operations, thus hampering the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations, thus the COVID-19 impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has forced governments to impose a second round of lockdown restrictions. Consequently, the uncertainty in the automotive industry continues. However, easing of lockdown restrictions and stagnant demand during the times of lockdown have resulted in the recovery of automotive and ancillary sales in the last few months.
Opportunities in Automotive Tibia Pad Market
- Rapid advancements in technology continue to transform every major manufacturing industry, including automotive, leading to vast improvements in safety. Advances in auto technology mean improved safety features in new models. As automakers continue integrating advanced safety feature concepts to protect human lives during the vehicle collisions, automotive tibia pads use is estimated to be extended to all passenger vehicles, thereby offering significant opportunity for the automotive tibia pads in the next few years.
Europe to Dominate Automotive Tibia Pad Market
- In terms of geography, Asia Pacific is a significant market for automotive tibia pads. China is a prominent market for the automotive industry with an annual sale of 25.76 million new vehicle units. India is a lucrative market with the future sales and production of vehicles in the country driven by a rise in the population and income levels of the middle class. In 2019, India became the fourth-largest auto market, in terms of sales, displacing Germany with about 3.99 million units sold in the passenger and commercial vehicles categories. Furthermore, the Government of India is focused on the development of domestic manufacturing and R&D industry in the country under the scheme of ‘Make in India’, thus showcasing the promising future for tibia pads in the country. Japan and South Korea are major automotive producing countries in the region with the presence of prominent and established automotive brands such as Hyundai, Honda, Nissan, and Kia that are export-centric and cater to the domestic demand for automobiles. Consequently, these factors propel the automotive tibia pads market in the region.
Key Players Operating in Automotive Tibia Pad Market
The global automotive tibia pad market is moderately fragmented. A few of the key players operating in the global automotive tibia pad market are:
- Hyundai Motor Co
- Hayashi Telempu Corporation
- Sekisui Kasei Co., Ltd
- Supreme Treves Pvt Ltd
- MITSUBISHI GAS CHEMICAL COMPANY, INC
- Wolters Europe
Global Automotive Tibia Pad Mark: Research Scope
Global Automotive Tibia Pad Market, by Vehicle Type
- Passenger Vehicle
- Utility Vehicle
- Light Duty Vehicle
- Buses & Coaches
Global Automotive Tibia Pad Market, by Sales Channel
Global Automotive Tibia Pad Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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The following regional segments are covered comprehensively:
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4. Which regions might see the demand maturing in certain segments in near future?
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