Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global automotive bumper market 2023 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
The global automotive industry has observed a potential demand for lightweight vehicles. Over the past few years, it has been analyzed that the demand for lightweight vehicles has increased among the end-users, which in turn has put pressure on auto bumpers manufacturers to reduce the material weight. Primary reasons that have propelled this decision is that lightweight vehicle consumes less fuel, and the emission rate, additionally, the governments of various countries have taken similar initiatives. Furthermore, the major automotive producers have also observed a strong demand for lightweight vehicles owing to the government initiative on less fuel consumption as lightweight vehicles consume less fuel consumption.
Thus, increasing demand for lightweight bumpers will accelerate a higher growth rate. In addition, the demand for cars is also growing with the rising population, contributing to an increase in the production of automobiles. Cars account for 75 percent of the overall automotive market, and nearly 67 percent of the total automotive bumper has found use in cars. This has contributed to an increase in the manufacture of cars and a further boost to the car bumper industry. Overall, from 2013 to 2017, global car production is projected to grow by an average annual rate of 3.5 per cent. Consequently, with rising car production, the OEMs would simultaneously increase demand for automobile bumper. However, demand growth is expected to be impeded by fluctuating prices of raw materials.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Plastic Omnium (France), Toyota Boshoku Corporation (Japan), Magna International, Inc. (Ontario), SMP Deutschland GmbH (Germany), Toyoda Gosei Co., Ltd (Japan), Yanfeng Plastic Omnium Automotive Exterior Systems Co. Ltd (Shanghai), Venture Otto SA (Pty) Ltd. (South Africa), JiangNan Mould Plastic Technology Co., Ltd. (Japan), NTF (India), Private Ltd (India), and Fab Fours, Inc. (U.S.).
Segmental Analysis
The global market for automotive bumpers has been segmented based on material, positioning, and end markets.
By material, the global market is segmented into composite, plastic, metal, and fiber.
By positioning, the global market has been bifurcated into front ends, and rear ends.
By end market, the market has been divided into OEM and aftermarket.
Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
Asia-Pacific currently dominates the market with rising vehicle output in countries like India and China and is focused on increasing production efficiency, driving the automotive bumper market. The government promptly intervened and reduced the VAT rate on small and medium-sized vehicles. Also, high vehicle demand and low manufacturing costs are some of the factors that fuel the Asia-Pacific market. The demand in developing countries is primarily driven by economic growth and increasing industrialization, which is expected to increase motor vehicle production and other manufacturing performance dramatically. Being amongst others, the presence of the world's most populated countries such as China and India, APAC's supremacy becomes evident in the global market value of auto bumper. Due to increasing passenger car sales, increased use of plastic on cars increased the popularity of plastic bumpers and technological advances, and the market has experienced rapid growth in the last two years, giving much-needed impetus to the auto bumpers industry.
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