Increase in sales of automobiles globally, rise in customer demand for advanced safety features, and strengthening safety regulations drive the growth of the global automotive bumpers market.
PORTLAND, Ore., June 13, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Bumper Market by Type (Standard Bumper, Deep Drop Bumper, Roll Pan Bumper, Step Bumper, Tube Bumper), Material (Steel, Aluminum, Fiber, Plastic), and Vehicle Type (Passenger Vehicle, Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the Automotive Bumper Market size was valued at $18.8 billion in 2022, and is estimated to reach $28 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.
Prime determinants of growth
The global automotive bumpers market has experienced significant growth and transformation, driven by a combination of increase in sales of automobiles globally, an increase in customer demand for advanced safety features, and strengthening safety regulations. Also, technological advancement, the use of composite materials, and the growing trend towards lightweight components are likely to shape the industry’s future, enhancing safety and efficiency.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size In 2022 |
$18.8 Billion |
|
Market Size In 2032 |
$28 Billion |
|
CAGR |
4.2 % |
|
No. Of Pages In Report |
280 |
|
Segments Covered |
Type, Material, Vehicle Type, And Region. |
|
Drivers |
Increase In Sales Of Automobiles Globally |
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Increase In Customer Demand For Advanced Safety Features |
|
|
Strengthening Safety Regulations |
|
|
Opportunities |
Technological Advancement And The Use Of Composite Materials |
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Growing Trend Towards Lightweight Components |
|
|
Restraints |
Fluctuation In The Price Of Raw Materials |
|
Increasing Trend Towards EV |
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The standard bumper segment to maintain its leadership status throughout the forecast period.
Based on type, the standard bumper segment held the highest market share in 2022, and a CAGR of 4.9%. It is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to its simple design, low maintenance cost, and easy integration with different vehicle models. However, the tube bumper segment is projected to have the highest CAGR of 6.1% from 2023 to 2032, owing to simple and compact design. Similarly, tube bumpers are also extensively used in SUVs and offroad vehicles as they provide maximum protection during off-road adventures and in harsh driving environments.
The plastic segment to maintain its leadership status throughout the forecast period.
Based on material type, the plastic segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to plastic bumpers being easy to manufacture, repair, and install in various vehicle models, making them a popular choice among automobile manufacturers. In addition, due to the growing trend towards reducing overall vehicle weight is also driving the demand for plastic bumpers. However, the fiber segment is projected to manifest the highest CAGR of 5.4%, owing to an increase in use of fiber bumpers in high end and luxury vehicles. Manufacturers are using different materials such as carbon fiber and glass fiber to manufacture durable automotive bumpers. With the growth in the luxury vehicle segment, the demand for fiber bumpers is anticipated to witness a strong growth rate.
The passenger vehicle segment to maintain its lead position during the forecast period.
Based on vehicle type, the passenger vehicle segment accounted for the largest share in 2022, and is estimated to maintain its leadership status throughout the forecast period. Passenger vehicle segment is also projected to witness the strongest growth rate of CAGR 4.4% during the forecast period owing to increasing disposable income among consumers in the developing economy and growing inclination towards personally owned vehicles. Furthermore, rapid urbanization across the globe with a growing population in cities has resulted in consumers spending more on owning a passenger vehicle for daily commute. Moreover, with the growth in electric and hybrid vehicle e-technology, the demand for the passenger vehicle segment is anticipated to continue to grow in the coming years.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the Asia-Pacific region is anticipated to witness the strongest growth rate of CAGR 5.0% during the forecast period, owing to the higher adoption rates of smart mobility solutions, such as EV and hybrid vehicles in the region, due to an increase in disposable income and growing urbanization. The growing government regulations towards decreasing vehicle emissions, increasing fuel prices, and the trend toward adopting non-fossil fuel-based vehicles are creating more demand for automobiles. The growing vehicle sales in developing countries such as India, China, and Indonesia are creating lucrative opportunities for the automotive bumpers market in this region. Moreover, various technological advancements related to the automotive sector because of government initiatives and rising investment in R&D further propel passenger vehicle sales in the region.
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Leading Market Players: –
TOYODA GOSEI Co., Ltd.
FORVIA Faurecia
TOYOTA BOSHOKU CORPORATION
SMP Deutschland GmbH
Flex-N-Gate Corporation
Plastic Omnium
MONTAPLAST GmbH
WARN International Ltd.
NTF GROUP
KIRCHHOFF Group
The report provides a detailed analysis of these key players in the global automotive bumpers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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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