Wilmington, New Castle, Delaware, May 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive Rocker Panel Market by Product Type (Steel, Plastic, and Rubber), Vehicle Type (Passenger Car and Commercial Vehicle), and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024–2033." According to the report, the automotive rocker panel market was valued at $ 54,341.2 million in 2023 and is projected to reach $ 86,444.32 million by 2033, registering a CAGR of 5.1% from 2024 to 2033.
Prime determinants of growth
The industry’s sales are majorly influenced by an increase in vehicle production. Manufacturers adjust their strategies based on demand fluctuations to take advantage of opportunities and manage risks effectively. When production volumes increase manufacturers can have cost savings due to economies of scale resulting in profits per unit. Higher production levels further enable manufacturers to keep up with growing consumer demand, ensuring delivery of vehicles to dealerships and customers. Rise in vehicle production often corresponds with indicators like consumer confidence and spending, which further boosts sales. Moreover, expanding production creates job opportunities and drives growth in areas where automotive manufacturing facilities are located, thereby fostering a supportive environment for increased vehicle sales. However, manufacturers align their production levels with market demand to avoid overproduction and excess inventory accumulation that could lead to pricing pressures and reduced profitability. By monitoring production trends and consumer preferences, manufacturers can optimize their production strategies to effectively meet demand and boost sales in the automotive market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $54,341.2 Million |
| Market Size in 2033 | $86,444.32 Million |
| CAGR | 5.1% |
| No. of Pages in Report | 305 |
| Segments covered | Product Type, Vehicle Type, Sales Channel, and Region |
| Drivers | Innovations in vehicle technology |
| Stringent emission regulations, safety standards, and fuel efficiency requirements to increase sales | |
| Investments in transportation infrastructure to create global demand | |
| Opportunities | Collaborations with original equipment manufacturers |
| Consumer demand for personalized vehicle aesthetics | |
| Restraints | Increase in production costs |
| Slow adoption of new technologies |
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The steel segment to maintain its leadership status throughout the forecast period
Depending on product type, the steel segment held the highest market share in 2023, accounting for around two-thirds of the global automotive rocker panel market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that the sales of steel rocker panels is projected to rise as they are known for their durability and strength, providing protection against impacts and scratches. In addition, steel panels offer enhanced safety and endurance, thereby appealing to buyers who value toughness and strength of materials. Moreover, steel’s ability to withstand harsh environmental conditions draws a large customer base who prioritizes reliability above all.
However, the plastic segment is projected to exhibit a suitable CAGR of 7.5% during the forecast period, owing to increase in use of plastic to manufacture automotive rocker panel due to its lightweight, design flexibility, and resistance to rust and corrosion. In addition, plastic rocker panels serve as a cost-effective solution. Furthermore, there have been developments in plastic technology aimed at enhancing durability and visual appeal, which are expected to boost the growth of the segment in the coming future.
The passenger car segment to maintain its leadership status throughout the forecast period
On the basis of vehicle type, the passenger car segment held the highest market share in 2023, accounting for more than two-thirds of the global automotive rocker panel market and is projected to grow at a CAGR of 4.3% during the forecast period. Passenger cars designed for passengers frequently focus on looks and fashion leading to an increased interest in rocker panel enhancements to boost their appeal. Moreover, with the growing passenger car industry, the demand for replacement components and personalized features is expected to rise simultaneously.
However, the commercial vehicle segment is projected to register a CAGR of 7.0% during the forecast period. This is attributed to the fact that the demand for rocker panels for commercial vehicles is expected to rise as industries such as transportation, logistics, and construction, continue to grow. Moreover, commercial vehicles endure usage and wear, which necessitates the replacement of rocker panels to uphold fleet integrity, safety, and operational efficiency.
The OEM segment to maintain its leadership status throughout the forecast period
By sales channel, the OEM segment held the highest market share in 2023, accounting for more than three-fourths of the global automotive rocker panel market, and is projected to grow at a CAGR of 4.5% during the forecast period. The demand for rocker panels from OEMs is expected to rise as they guarantee quality, compatibility, and smooth integration with vehicles during production. Consumers and vehicle manufacturers trust OEM parts for their dependability, warranty protection, and compliance with industry regulations, making them a preferred choice.
However, the aftermarket segment is projected to register a CAGR of 9.1% during the forecast period. This is attributed to the fact that the demand for rocker panels through aftermarket is poised to increase as consumers often turn to aftermarket options for customization, performance upgrades, and cost-effectiveness compared to OEM parts.
Asia-Pacific to maintain its dominance by 2033
Region-wise, Asia-Pacific was the major revenue contributor in 2023, accounting for more than half of the global automotive rocker panel market revenue. This is attributed to the fact that the demand for automotive rocker panels is projected to increase in Asia-Pacific due to the burgeoning automotive industry and rising vehicle ownership rates. With expanding economies, the demand for both passenger and commercial vehicles is expected to rise, thereby driving the need for replacement parts and aftermarket customization, including rocker panels, to meet diverse consumer preferences.
However, North America is projected to register a CAGR of 7.9% during the forecast period. This is attributed to the fact that the deals of automotive rocker panels are expected to rise in North America due to aging vehicle fleet, increased focus on vehicle customization & restoration, and expansion of the aftermarket automotive industry. Moreover, harsh winter conditions in some regions contribute to higher rates of corrosion and damage, necessitating rocker panel replacements.
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Leading Market Players
- C2C Fabrication
- Putco
- Smittybilt
- Innovative Creations
- Rugged Ridge
- B&I
- QMI Sharp
- Willmore Manufacturing
- Nor/Am Auto Body Parts
- Auto Metal Direct
The report provides a detailed analysis of these key players in the global automotive rocker panel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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