Increasing Penetration of Autonomous and Connected Cars are Anticipated to Boost the Automotive Shielding Market during the Forecast Period 2021-2026. Automotive Shielding Market size is projected to reach $22.6 billion by 2026, and it is estimated to grow at a CAGR 4.7% during 2021-2026.
Automotive Shielding Market is growing at a significant rate due to massive and quick transition of consumers towards fuel efficient vehicles to comply with the stringent fuel emission norms. Increasing penetration of advanced autonomous cars and rising government initiatives to reduce carbon footprint are the major factors the driving the growth of Automotive Shielding Market. Automotive manufacturers are incorporating various advanced electric components in connected cars to provide consumers with an enhanced immersive experience and safety. These electric components inside the small interior of the car result in electromagnetic interference and thus increasing the demand for automotive shielding market.
Exponential growth in electric vehicles across globe leveraging zero carbon or low carbon technology to curb the vehicle emission is stimulating the market. Incorporating various advanced AI based applications and electronic devices in electric vehicles to experience more convenience, safety and immersive experience has bolstered the growth of Electromagnetic Interference (EMI) Shielding. The advanced features in electric vehicles including ADAS, infotainment, V2X communication technology result in high electromagnetic noise and elevate the complexity in electronic devices in the limited interior space of the vehicle causing malfunctioning or cross-connection of magnetic fields. Growing adoption of EMI shields such advancements are further set to propel the demand towards automotive shielding in the long run.
APAC is estimated to hold the largest market share of 47% by 2026 in the Automotive Shielding Market owing to rising demand for fuel efficient vehicles, stringent government norms to combat pollution level in urban areas. Key countries including Japan, China, South Korea, and India have increased the production of electric and hybrid vehicles in domestic and global market incorporating cutting edge technologies and innovative concepts and thus fostering the demand for Automotive Shielding. Rising adoption of electric vehicles, major developments in electronics industry, stringent environment norms imposed by government are the major key factors driving the market in this region. Growth in production and sale of autonomous cars, integrated with various AI based applications in APAC region is enhancing the growth of automotive shielding market. In January 2021, Blackberry and Chinese search engine giant Baidu announced to expand their partnership to assist automotive manufactures with tools they require to launch next generation connected and autonomous cars in China. Such partnerships are anticipated to boost the market during the forecast period 2021-2026. To integrate these tools, OEM companies will have to make the application of automotive shielding, thus driving the market growth.
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Automotive Shielding Market Growth Drivers:
Rising Adoption of Autonomous Cars Globally
Autonomous or connected cars have been getting increasingly adopted across globe, making it one of the major driving factors for the growth of Automotive Shielding Market. Autonomous cars consist of various advanced features such as Advanced driving assistance system (ADAS), infotainment, vehicle communication system leveraging digital age technologies including Artificial Intelligence (AI), Cloud Computing. These IoT technologies depend on various electronic components including sensors, GPS, camera and radars. Installation of large number of electronic devices in a small interior space results in electromagnetic interference and device cross-connection causing malfunctioning of the system. Rising demand for EMI shields in autonomous or connected cars to protect against those threats has significantly triggered the Automotive Shielding Market growth. In February 2021, Aurora, US autonomous technology group announced collaboration with Toyota and Densot to develop test driverless-capable vehicles equipped with the Aurora driver, starting with the Toyota Sienaa. Such developments in autonomous vehicles are anticipated to enhance the market during 2021-2026.
Strict Emission Norms by Government
Increasing stringency of emission norms and increasing compliance policies implemented by Government to curb the air pollution have significantly triggered the growth of the market. Various government regulations on fuel usage to reduce greenhouse gas emission to certain extent are set to drive the market during 2021-2026. India has proposed new Corporate Average Fuel Efficiency (CAFÉ) rule to curb carbon emissions from new passenger cars to 113 grams per kilometer. Europe has planned to cut CO2 emissions from passenger vehicles and vans by 15% by 2025 and 37.5 percent by 2030. For light commercial vehicles it planned to reduce by 15% by 2025 and 31% by 2030.
In May 2021, Schlegel Electronics announced to expand its thermal management product line by developing TimSorb, a hybrid thermal and EMI Shields to be used in navigation or infotainment system.
In May 2021, SABIC unveiled plastic intensive electric vehicle battery pack, molded with STAMAX FR resin to be metalized for electromagnetic interference (EMI) and radio frequency interference (RFI) shielding.
The Major Players in this Market Include
The major companies in the Automotive Shielding Market include Laird PLC, Henkel AG & Co. KGaA, Dana Incorporated, The 3M Company, Morgan Advanced Materials, Tenneco Inc., Parker Hannifin Corporation, KITAGAWA Industries Co. Ltd., The Schaffner Group, and Federal-Mogul Corporation among others.
In March 2020, KEMET Corporation launched new composite power inductor for fulfilling burgeoning demand in automotive sector with additional feature such as reducing electromagnetic interference.
In May 2020, Laird PLC unveiled a new fabric-over-foam-gasket EcoTemp Series FoF 619 to suppress electromagnetic interference with damaging sensitive components
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