Bumper market Product Development Survey 2030
Global automotive bumper market Growth Driven by Purchase of SUVs
Automotive bumpers are installed on SUVs, hatchbacks, and other passenger vehicles to protect it against hurdles on roads. Production of lightweight vehicles and demand for high-end products can drive its demand over the forecast period. MRFR’s report on the automotive bumper market outlines drivers and opportunities for the forecast period (2020-2027). The sudden outbreak of the COVID-19 pandemic and its cascading effects on the industry are explored below.
The global automotive bumper market size can reach USD 15,600 million by 2025.
Huge Demand for Luxury Cars to Drive Market Demand
Increasing population and improved purchasing power of customers can drive demand for automotive bumpers. Automotive manufacturers provide bumpers as a add-on security safeguard against sudden speedbreakers and bumps on roads. Prevention of accidents as well as efforts to improve passenger safety can drive its demand significantly. Moreover, regulations to lowering vehicle weight as well as purported surge in car production can augur favorably for the market.
Huge need for infrastructure development and public safety can drive market demand. Moreover, regulations on airbags and other safety implementations mandated by governments can fare well for the industry in the coming years.
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International Trade to Amp up Market Growth
Balanced growth of commercial and passenger vehicles can capture a large market share. They can increase comfort and usability while managing traffic on expressways and freeways. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for bumpers due to aware customers.
High Costs of Raw Materials to Hamper Market Growth
The huge costs of plastic, aluminum, fiber, and steel can pose a major challenge to market growth. Increasing demand for electric vehicles can be challenging to conventional vehicles and limit use of bumpers.
The COVID-19 outbreak had weakened the market owing to hurdles in supply chains and production of lights. Dependence on Chinese suppliers for components and lockdown restrictions can wear down manufacturers. The halt on new construction projects and lack of tax benefits on installation of LED lights can prove detrimental to the market. This will cause a dip in adoption rate in highways, roadways, and public places.
Composite Plastic to Rule Global Market
Based on the application, the market is segmented into composite plastic, metal and fiber. The composite plastic segment is expected to gain traction during the forecast period owing to lightweight nature of plastic as well as its compatibility with other car accessories.
OEM to be Biggest End-user
By end-user, the market is segmented into OEM and aftermarket. The OEM segment is likely to capture a huge market share owing to car manufacturers developing their own production line for major components.
Europe to Lead Global automotive bumper market size
Europe is anticipated to dominate the demand share of the automotive bumper market owing to investments in modernization of infrastructure and technological advances in lighting. Applications of smart lights in automobiles, commercial buildings, and public places coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing automotive bumper solutions to conserve energy.
APAC to Display Highest CAGR
APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
SMP Deutschland GmbH (Germany), Magna International, Inc. (Ontario), Toyoda Gosei Co., Ltd (Japan), Venture Otto SA (Pty) Ltd. (South Africa), Yanfeng Plastic Omnium Automotive Exterior Systems Co. Ltd (Shanghai), Toyota Boshoku Corporation (Japan), Plastic Omnium (France), JiangNan Mould & Plastic Technology Co., Ltd. (Japan), Fab Fours, Inc. (U.S.), and NTF (India) Private Ltd (India) are prominent players of the global automotive bumper market size.
Expansion of the automotive industry as well as need for SUVs can create opportunities for the market in the coming years.
Fab Fours’ Premium Winch bumper for the 2020 GMC has included cutouts for LED pods for drivers to navigate in urban spaces and rough terrains.
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