“Global Automotive Rocker Panel Market to reach a market value of USD 75.3 Billion by 2031 growing at a CAGR of 4.9%”
The Global Automotive Rocker Panel Market size is expected to reach $75.3 billion by 2031, rising at a market growth of 4.9% CAGR during the forecast period.
High-strength steel provides the same strength as traditional steel but is lighter, making it ideal for improving fuel efficiency without compromising on durability. Thus, the steel segment acquired $33,782.11 million in 2023. Additionally, high-strength steel is more corrosion-resistant, extending the lifespan of rocker panels and reducing maintenance costs for vehicle owners.
Over the past few years, the automotive industry has witnessed significant growth globally. According to numerous statistics, worldwide light vehicle production has steadily risen, reaching over 75 million units in 2021. Hence, the high vehicle production and sales growth are significant factors propelling the demand for automotive rocker panels.
Automakers and consumers have collectively influenced a substantial shift in the automotive industry towards a greater emphasis on vehicle aesthetics. They are increasingly incorporating design elements that enhance the overall look of vehicles, including the exterior styling. Rocker panels, as an integral part of the vehicle's exterior, play a crucial role in enhancing its aesthetics. Thus, these elements will aid in the growth of the market.
However, competition from substitutes poses a significant challenge to the growth of the traditional market. Aftermarket body kits, for example, offer vehicle owners a customisable alternative to traditional rocker panels. Hence, the competition from substitutes may significantly hamper the market's growth.
By sales channel, the market is divided into OEM and aftermarket. The OEM segment witnessed the maximum revenue share in the market in 2023. This is primarily because rocker panels are essential for new vehicles, forming part of the vehicle's structural integrity and design. Automakers procure rocker panels in large quantities from OEM suppliers as part of the vehicle assembly process. Several factors, including vehicle production volumes, model launches, and design trends, influence the demand for rocker panels from OEMs.
Based on product type, the market is characterised into steel, plastic, and rubber. The plastic segment procured a considerable growth rate in the market in 2023. Plastic rocker panels are lightweight and offer flexibility in design, allowing for more creative and customised vehicle aesthetics. They are also corrosion-resistant, making them a durable and cost-effective alternative to steel rocker panels. In order to enhance fuel economy as well as decrease emissions, the automotive industry has increased its use of lightweight materials, which has contributed to the expansion of the plastic segment.
On the basis of vehicle type, the market is classified into passenger car and commercial vehicle. The passenger car segment acquired the largest revenue share in the market in 2023. This can be attributed to passenger cars' higher production and sales volume than commercial vehicles. Passenger cars are typically equipped with rocker panels as standard components, contributing to their dominant position in the market. Additionally, the automotive industry has witnessed a significant increase in passenger cars globally.
Free Valuable Insights: Global Automotive Rocker Panel Market size to reach USD 75.3 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2023. This can be attributed to several factors, including the rapid growth of the automotive industry in countries like China and India. These countries have seen a significant increase in vehicle production and sales, driving the demand for rocker panels.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 51.9 Billion |
| Market size forecast in 2031 | USD 75.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.9% from 2024 to 2031 |
| Number of Pages | 189 |
| Number of Tables | 329 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Vehicle Type, Sales Channel, Region |
| Country scope |
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| Companies Included | Smittybilt Inc., B&I Trim Products, Inc. (TACNA Services, Inc.), Auto Metal Direct, LLC, Nor/Am Auto Body Parts, Classic 2 Current Fabrication, Putco Inc., EGR Automotive (EGR Group), Westin Automotive Products, Inc. (Wedgestone Corporation), Omix-ADA, Inc. (RealTruck Group, Inc.) |
By Sales Channel
By Product Type
By Vehicle Type
By Geography
This Market size is expected to reach $75.3 billion by 2031.
Rising vehicle production and sales are driving the Market in coming years, however, Substantial competition from substitutes6 restraints the growth of the Market.
Smittybilt Inc., B&I Trim Products, Inc. (TACNA Services, Inc.), Auto Metal Direct, LLC, Nor/Am Auto Body Parts, Classic 2 Current Fabrication, Putco Inc., EGR Automotive (EGR Group), Westin Automotive Products, Inc. (Wedgestone Corporation), Omix-ADA, Inc. (RealTruck Group, Inc.)
The expected CAGR of this Market is 4.9% from 2023 to 2031.
The Steel segment is leading the Market by Product Type in 2023; thereby, achieving a market value of $47.6 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $37 billion by 2031.
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