by The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive mudguards, also known as mud flaps or splatter guards, are fabricated accessories fitted on a vehicle to avoid soil, water, ice and other flying debris from hitting the underside and rear end of the vehicle. They help protect areas such as wheel arches, inner linings, paintwork, and bumpers from damage and corrosion. Made from durable materials such as rubber, plastic and fiberglass, mudguards increase longevity of a vehicle and provide a cleaner look. They are easily accessible and low cost protective add-ons for all types of vehicles including commercial, agriculture and passenger vehicles.
Market key trends:
Increasing consumer preference for aftermarket vehicle customizations in order to improve utility and aesthetic appeal of vehicles is driving the demand for mudguards. Growing awareness about vehicle protection solutions and availability of attractive designs, colors and materials through online sales channels is fueling the adoption of mudguards globally. Moreover, stringent regulatory guidelines in many countries regarding excessive mud splash and debris flung from commercial vehicles also favors the mudguards market growth.
Porter’s Analysis
Threat of new entrants: New players need substantial investments to cater to the strict manufacturing standards and norms of the automotive industry. However, mudguards have low switching costs which can attract new players.
Bargaining power of buyers: Buyers have medium bargaining power due to the presence of several established players offering differentiated products. They can negotiate on price and demand value-added features.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials such as plastic and rubber required for mudguard production are widely available from multiple sources.
Threat of new substitutes: There exist no close substitutes for mudguards. However, car manufacturers can potentially exclude mudguards from vehicle design which can impact demand.
Competitive rivalry: The automotive mudguards market is moderately competitive due to the presence of regional and global players. Players differentiate through innovation, pricing, and strong distribution channels.
Key Takeaways
The global Automotive Mudguards market is expected to witness high growth, exhibiting a CAGR of 4.4% over the forecast period, due to increasing vehicle production worldwide. The market size for 2023 is estimated to reach US$9.03 Billion.
Regional analysis: Asia Pacific dominates the automotive mudguards market and is expected to continue its leadover the forecast period. Countries like China, India, and Japan witness massive vehicle production which fuels mudguards demand. The growing automotive aftermarket is also propelling the APAC market.
Key players: Key players operating in the automotive mudguards market include MrMudguard, Rhino Manufacturing, FeatherWing, KN Rubber, Jonesco, KWIK PFYT mud flaps, FIEM Industries, and Sant Manufacturers. Players focus on expanding into lucrative global regions through tailored product portfolios. Partnerships with OEMs have also helped boost sales.
