Automotive Bumper Market Poised to Cross the US$ 16.6 Billion Mark by 2031, Reports Transparency Market Research Inc.
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Increase in awareness among consumers regarding vehicle safety has propelled the demand for advanced safety features in automobiles
Wilmington, Delaware, United States, Sept. 08, 2023 (GLOBE NEWSWIRE) — The worldwide automotive bumper market is expected to thrive, with a projected 3.5% CAGR spanning from 2023 to 2031. According to a report by TMR, the market is poised to achieve a valuation of approximately US$ 16.6 billion by 2031. As of 2023, the automotive bumper market is forecasted to conclude at around US$ 12.6 billion.
Expansion of the automotive industry, increase in sale of passenger and commercial vehicles, and prominent development in LCV and SUV segments along with surge in awareness about vehicle safety requirement as per norms suggested by regulatory authorities are projected to boost the automotive bumper industry.
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The overall growth in the automotive industry, driven by rising consumer demand for vehicles, contributes directly to the demand for automotive bumpers.
Stringent safety regulations and standards imposed by governments and regulatory bodies worldwide require vehicles to have effective bumper systems to protect occupants and pedestrians during accidents
Increasing technological advancements in materials and manufacturing processes, such as injection molding and thermoforming, are enabling the production of more cost-effective and durable bumpers, provides opportunity for market growth during the forecast period.
In a nutshell, the Transparency Market Research Report is essential reading for start-ups, individuals in the industry, investors, researchers, consultants, business strategists, and anyone seeking to gain insight into this particular sector. Take a brief look at it: https://www.transparencymarketresearch.com/automotive-bumpers-market.html
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 12.2 Bn | |
| Estimated Value | US$ 16.6 Bn | |
| Growth Rate – CAGR | 3.5% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 310 Pages | |
| Market Segmentation | Type, Material, Positioning, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Plastic Omnium,Hyundai Mobis Co. Ltd.,Magna International, Inc.,SMP Deutschland GmbH,Toyoda Gosei Co. Ltd.,Benteler Automotive,Samvardhana Motherson Group (SMG),Faurecia SA,NTF Group,Tong Yang Group,KIRCHHOFF Automotive,Yanfeng Automotive Interiors,Futaba Industrial Co. Ltd.,Flex-N-Gate Corporation,Toyota Boshoku Corporation,Other Key Players | |
Key Takeaways from the Market Study
- As of 2022, the automotive bumpers market was valued at US$ 12.2 billion
- By type, the standard bumper segment to enjoy high demand, accumulating a high revenue share during the forecast period.
- In terms of material, the use of plastic materials in various types of automotive bumpers is a significant and prevalent trend due to the numerous advantages that plastic offer in terms of performance, cost, and design flexibility
- Based on vehicle type, passenger cars, including sedans, hatchbacks, and SUVs, account for the largest automotive bumper market share.
Automotive Bumper Market: Key Trends and Opportunistic Frontiers
- The rapid growth in EV manufacturing industry is expected to create lucrative opportunities for established as well as new automotive bumper companies over the coming years.
- Increasing demand for lightweight automotive components, expansion of the transportation industry, rising focus on research and development of advanced materials, and surging sales of vehicles around the world are key factors that are estimated to boost automotive bumper demand.
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Automotive Bumper Market – Regional analysis
- Asia Pacific dominates the global market for automobile bumpers due to the presence of prominent automotive industries in China, Japan, India, and South Korea. The presence of key automotive manufacturers, rising disposable income, soaring sales of electric vehicles, are other aspects that could shape automotive bumper sales in Asia Pacific.
- North America is expected to account for significant share in automotive bumper market owing to the stringent safety regulations and consumer preferences for larger vehicles, such as SUVs and trucks, drive demand for robust bumper systems. Integration of advanced safety features and ADAS in vehicles contributes to the demand for specialized bumpers.
Competitive Landscape
Key players operating in the global automotive bumper business are expected to benefit from the formation of strategic alliances with other global players. These players have strong global presence, firm establishments, and diverse product portfolios. Prominent players operating in the global automotive bumper market include:
- Plastic Omnium
- Hyundai Mobis Co. Ltd.
- Magna International, Inc.
- SMP Deutschland GmbH
- Toyoda Gosei Co. Ltd.
- Benteler Automotive
- Samvardhana Motherson Group (SMG)
- Faurecia SA
- NTF Group
- Tong Yang Group
- KIRCHHOFF Automotive
- Yanfeng Automotive Interiors
- Futaba Industrial Co. Ltd.
- Flex-N-Gate Corporation
- Toyota Boshoku Corporation
- Other Key Players
Key Developments in the automotive bumper market
- In June 2021, Ford Motor Company, a leading American automotive manufacturer, announced that it was working with Origin Materials, an organization known for its carbon-negative materials. Through this collaboration, Ford aimed to explore the use of carbon-negative PET plastic produced from wood residues in the automotive supply chain.
- In May, 2023. BENTELER officially inaugurated a new production building with four bays at its Schwandorf site. The plant extension began in summer 2022. This is the third expansion within just a few years.
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Automotive Bumper Market- key segments
Type
- Standard Bumper
- Deep Drop / Cowboy Bumper
- Roll Pan Bumper
- Step Bumper
- Tube Bumper
Material
- Steel
- Aluminum
- Rubber
- Plastic
- Polypropylene (PP)
- HDPE (High-Density Polyethylene)
- Polycarbonate
- Thermoplastic Polyolefins (TPOs)
- Carbon Fiber
- Fiberglass
Positioning
- Front Ends
- Rear Ends
Vehicle Type
- Passenger Cars
- Hatchbacks
- Sedans
- Utility Vehicles (SUVs & MPVs)
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Off- Highway Vehicles
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
- Industrial Vehicles (Forklift, AGV, Etc.)
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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