The Latin America, Middle East and Africa Automotive Rocker Panel Market would witness market growth of 6.6% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Automotive Rocker Panel Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,410.6 Million by 2031. The Argentina market is showcasing a CAGR of 7.5% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 6.3% during (2024 - 2031).
The market is influenced by various factors, including vehicle design trends, advancements in materials and manufacturing processes, and shifting consumer preferences. One key trend shaping the market is the increasing popularity of SUVs and trucks over sedans. These larger vehicles often have different body styles and configurations, which can impact the design and specifications of rocker panels. As the preference of consumers remains for SUVs and trucks, automakers and suppliers of rocker panels must modify their approaches to cater to the distinct specifications of these vehicles.
The automotive industry has witnessed a significant rise in vehicles on the road, particularly in emerging markets. This surge in vehicle parc, or the total number of vehicles in operation, has been fueled by several factors, including economic growth, urbanisation, and increasing vehicle affordability. As more vehicles are added to the roads, the demand for aftermarket replacement parts, including rocker panels, has also surged, driven by wear and tear from everyday use and environmental factors.
The International Trade Administration reported in 2021 that Saudi Arabia accounted for over 52% of GCC automobile sales in 2020. In Saudi Arabia, 436,000 automobiles were sold in 2020. The National Industrial Development Center (NIDC) is looking to bring in three to four Original Equipment Manufacturers (OEMs) from all points along the ICE and EV value chain to help meet its 2030 goal of producing 300,000 vehicles annually with 40% local content. The harsh desert climate and rough road conditions also necessitate durable rocker panels to protect vehicles from damage. Additionally, the increasing fascination with sustainable mobility solutions and electric vehicles contributes to the demand for specialised rocker panels. Therefore, the expanding automotive industry is driving the regional market's growth.
Free Valuable Insights: The Worldwide Automotive Rocker Panel Market is Projected to reach USD 75.3 Billion by 2031, at a CAGR of 4.9%
Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on Product Type, the market is segmented into Steel, Plastic and Rubber. Based on Vehicle Type, the market is segmented into Passenger Car and Commercial Vehicle. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Sales Channel
By Product Type
By Vehicle Type
By Country
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