Automotive Skid Plate Market by Application and Geography — Forecast and Analysis 2020–2024

During 2020–2024 the automotive skid plate market will grow at a CAGR of 15%. The market size has the potential to increase by 64.74 million units.

Factors such as Rising popularity of off-road motorcycles will offer considerable growth opportunities to automotive skid plate market vendors. Rising popularity of off-road motorcycles Consumers’ interest in recreational activities such as off-roading and adventures is increasing day-by-day. The increase in the number of off-road enthusiasts, growing awareness about recreational activities, and increasing disposable income are some of the major reasons that are growing the popularity of off-road motorcycles. This, in turn, is driving the growth of the global automotive skid plate market, owing to standard fitment of skid plates in such motorcycles. Additionally, Growing Availability of Bumper Skid Plates as OEM Fitment in Compact SUV and Crossovers, a key automotive skid plate market trend will also influence the growth of the market during the forecast period.

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Though the automotive skid plate market vendors have several growth opportunities, they also face challenges in increasing their sales and improving profitability due to factors such as greater use of body accessories for aesthetics rather than as functional component. The global automotive market is witnessing the growing use of accessories such as skid plates, non-functioning fender vents, and multiple rear diffuser pipes, which are increasingly used as just design elements rather than functional components. This acts as a challenge for the growth of the global automotive skid plate market, as such accessories are used only to enhance the design and do not perform the intended function, which does not create a value proposition for consumers.