Bumper is the one of the important structures in the vehicle. The bumper design must be flexible enough to reduce the passenger and occupant injury and stay intact in low-speed analysis. It is designed to prevent and reduce physical damage to the front and rear ends of the vehicles. In the car’s exterior, plastics are used everywhere from the body panels to the bumpers, it helps to reduce the overall weight without affecting the safety or performance of the vehicle. According to a recent study report published by the Market Research Future, The global market of automotive bumper is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2020 – 2022).
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The global automotive industry has experienced a potential demand for light weight vehicles. Over the years it has been analysed that the demand for light weight vehicles has increased among the end users which in turn has put pressure on auto bumpers manufacturers to reduce the material weight. Major reasons that have propelled this decision is that light weight vehicle consumes less fuel and the emission rate, moreover, the governments of various countries have taken same initiatives. Owing to all these factors, the OEMs such as Compagnie Plastic Omnium, Faurecia Group, Magna International, Fab Fours and other have actively shifted their focus on reducing bumpers weights. Furthermore, the major automotive producers have also witnessed a strong demand for light weight vehicle due to the government’s initiative on less fuel consumption as light weight vehicles consumes less fuel consumption. Additionally, it has been observed that in North America and Europe, the government have made regulation on per miles average of vehicles and as per European automotive associations and US Corporate Average Fuel Economy (CAFE) standards, the amendments have been made for vehicles average, which ensures that vehicles must give average of around 34 miles per gallon. However, due to all the above factors, the demand for light weigh vehicle is expected to increase which in turn for light weight auto bumpers.
With the increasing population, the demand for vehicles is also increasing, leading to an increase in the production of automobiles. Cars accounts for 75% of the total automobile segment and about 67% of the total auto bumper has found application in cars. This has led to an increase in cars manufactured and further boosting the auto bumper market. Overall, global car production is expected to rise by an annual average rate of 3.5% in the period from 2013 to 2020. Hence, with a growing car production, the demand for auto bumper will simultaneously increase by the OEMs. Furthermore, in the global auto bumper market, it has been experienced that there has been a substantial increase in Markets of new vehicles that has fuelled the demand and growth of auto bumper market. The increase in the Markets of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, which in turn has increased the demand for bumpers in automotive industry. Another factor responsible for the increase in vehicle Markets, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the Markets of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 93.8 million.
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Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global Automotive Bumper Market are that of new product development.
On April 2014, Toyota Boshoku begins Service Bumper production in North America.
On July 2016, Plastic Omnium has completed the acquisition of the Faurecia’s Exterior Systems business.
On March 2015, Magna International, Inc. launched new exteriors facility in Mexico.
Automotive Bumper Market – Segmentation
The global Automotive Bumper Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Material: Comprises Composite Plastic, Metal and Fiber
Segmentation by Positioning: Comprises Front ends and Rear Ends
Segmentation by End Market: Comprises OEM and Aftermarket
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Automotive Bumper Market: Regional Analysis
Being the presence of most populous countries of the world such as China and India among others, the dominance of APAC becomes evident in the global auto bumper market value. The market has been experiencing rapid growth in the last two years owing to the rising Markets of passenger cars, increasing usage of plastic on vehicles, increasing popularity of plastic bumpers and technological advancements are giving a much needed thrust to the auto bumpers market. Another major reason behind APAC leading the global market is that the countries within this region were able to sustain its economy during the global economic crisis of 2008-09 and have been able to showcase continued growth in automobile production and Markets across the globe. China, being the largest populated country in the world, has gained the top position in the global automotive market, surpassing the U.S. in 2014. The country has for long maintained the reputation of standing at the forefront of the automotive industry, rapidly progressing towards miniaturization and innovation. Therefore, in spite of being the market leader in the global automotive marketplace, the country holds immense potential to grow in terms of auto bumpers Markets for automobile applications. The preference for mid-end cars has been identified to be the highest in China, and therefore, contributes the maximum size in the total market value for the country.
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