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Automotive side step enables easy entry and exit from vehicles. The side step is fitted at the at the bottom of the doors of the vehicle. It primarily reduces the gap or space between the ground and the vehicle to enable easy & comfortable entry & exit. Automotive side steps are made of different shapes & sizes in order to enhance their lifespan & durability. Changing preferences of customers toward heavy duty and multi utility vehicles is expected to fuel the demand of the automotive side step in the market during the forecast period. Demand for automotive side step is significantly high in the aftermarket. However, the installation of aftermarket automotive side step is difficult and expensive. High rate of adoption of latest technologies in North America and Europe is expected to drive the market for automotive side step in these regions during the forecast period.
COVID-19 Impact analysis
Many companies have claimed that the disruption in the supply of components from various countries due to the outbreak of COVID-19 is estimated to impact the companies' planned production. The ongoing COVID-19 in several countries has affected the supply of many components to companies manufacturing facilities. Almost every worker in every company has been affected due to the pandemic as there are jobs and salary cuts by companies. COVID-19 has forced the automotive industry to re-think its business. The premium segment is expected to revive soon in the market, but it is estimated to take a long time to get back on track for the entire market after the lockdown.
Top Impacting Factors
The automotive side step market trends are as follows:
Fluctuating prices of raw materials used in manufacturing side step
The raw materials used to produce a side step consist of materials such as plastics, metal sheets, and plating material. The plating materials used is usually noble metals, the prices of which fluctuates in the market, which in turn causes variation in the price of the side step produced, restraining its growth in the market. The cost of metal regularly fluctuates in the market, further varying the cost of the side step. All these reasons restrain the growth of automotive side step market.
Growing vehicle sales & production in emerging countries
Vehicle sales and production is increasing in developing nations as a result of increased disposable income of consumers, rapid industrialization, and urbanization. Rapid technological advancements and infrastructure growth in developing countries has led to rise in demand for vehicles. Growth in the automotive side step market is directly proportional to the production and sales of vehicles. The average disposable income of people in developing countries has increased, owing to growing economies in developing countries, and has led to the higher standards of living of people in developing countries. This high growth in sales has led to an increase in demand for automotive side step. The vehicle parc volumes in the developing countries have also increased in past five years and are projected to continue growing. The primary reason for this growth is increase in average life of vehicles, and growing production and sales volume. The developing nation, owing to their higher vehicle parc volumes, becomes a potential opportunity for automotive side step aftermarket.
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Questions answered in the automotive side step market research report:
Key Market Segments
Key Market Players