Automotive Mudguards Market is Estimated To Witness High Growth Owing To Trends Increasing Demand for Off-Road Vehicles

 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, also known as mud flaps or wheel skirts, are installed on vehicles behind each wheel to prevent mud, water, snow, gravel, tire debris, and other road residue from being thrown into the air or onto the surfaces of the vehicle or other vehicles. They help maintain the cleanliness of the vehicle body and components as well as reducing the risks of road accidents. Mudguards are commonly installed on light commercial vehicles, trucks, off-road vehicles, agricultural equipment and construction machinery.

Market key trends:
The automotive mudguards market growth is primarily driven by increasing demand for off-road vehicles around the world. According to reports, global sales of off-road vehicles registered a year-on-year growth of 12% in 2022. Regions like North America, Europe and Asia Pacific are witnessing rising interest of adventure sports and outdoor recreational activities which require off-road compatible vehicles for transportation. This has significantly boosted the sales of Jeeps, SUVs, trucks and other off-road specialty vehicles that often require robust mudguard installations for protection against harsh weather and terrains. Leading mudguard manufacturers are developing durable, lightweight and customizable mudguard solutions to cater to the growing off-road vehicle industry.

Porter’s Analysis

Threat of new entrants: The automobile mudguards market requires high initial capital investments and established distribution channels. This poses moderate threat from new entrants.

Bargaining power of buyers: The presence of many established automobile mudguard manufacturers gives buyers options and bargaining power. However, customized product demand reduces their power.

Bargaining power of suppliers: The availability of raw materials like plastic and rubber from numerous global sources gives suppliers low bargaining power.

Threat of new substitutes: There exists no close substitutes for automobile mudguards. However, alternative protective floor liners pose threat.

Competitive rivalry: The global automobile mudguards market comprises several international players. Intense competition exists based on product quality, pricing and innovation.

SWOT Analysis

Strength: Mudguards are a necessary automotive accessory with growing demand. Established brands have strong distribution and brand recognition.

Weakness: Market fragmentation impacts margins. Fluctuating raw material costs and economic slowdowns impact certain regional markets.

Opportunity: Large aftermarket offers scope as vehicle usage rises. Developing nations will drive future sales as automobile ownership increases.

Threats: Stringent regulations on plastic waste disposal pose challenges. Shift to electric vehicles may slightly impact demand in the long run.

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 motorization rates globally. The Asia Pacific dominates currently with China and India being the major markets due to large vehicle manufacturing bases.

Regional analysis: The Asia Pacific accounts for over 40% of the global market led by China and India. China remains the largest producer and consumer of automobiles globally. The market in India is expected to grow at 5% CAGR owing to “Make in India” initiative and increasing household incomes.

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. They cater to both OEMs and aftermarkets globally with innovations in material, design and production.