Automotive Bumper Market Market Size
Automotive Bumper Market is expected to grow at a CAGR of 5.1 % in the forecast period (2023-2032), with the market size valued at USD 11.01 billion in 2021 and projected to reach USD 19 billion by 2032.
Automotive Bumper Market refers to the segment of automotive market that manufactures and sells front and rear bumpers for automobiles. These components are crucial for vehicle safety and appearance. The market includes the production, distribution, and sale of different types of bumpers designed to meet safety standards, improve vehicle appearances, and keep up with changing automotive trends. It includes both original equipment manufacturers (OEMs), who integrate bumpers into new vehicles, and the aftermarket, where replacement bumpers are available for vehicle repairs and personalization. This market is influenced by variables such as vehicle production numbers, safety requirements, consumer preferences, and technological breakthroughs in bumper materials and design.
Market Highlights
Automotive Bumper Market is Expected to Exhibit a CAGR of 5.1% During the Forecast Period
Automotive Bumper Market is expected to reach USD 19 billion, growing at a CAGR of 5.1%. The market is expanding owing to the rising vehicle production, tougher safety standards, and changing consumer tastes. Manufacturers are required to produce more bumpers as global demand for vehicles grows, while governments' severe safety rules mandate the development of sophisticated bumper technologies and materials. Moreover, growing consumer concerns about car safety and aesthetics stimulate demand for novel bumper designs. Additionally, ongoing technology improvements and the emergence of electric and driverless vehicles open new prospects for bumper innovation, contributing to the market's growth.
Source: Fatpos Global
Automotive Bumper Market Segmentation
Fiber Segment to Continue its Growth for its Accessibility and Feasibility
Based on the material, the automotive bumper market is divided into metal, fiber, and composite Plastic. Notably, the fiber segment demonstrated its dominance in recent years and it is predicted to dominate throughout the projection period. This dominant position is supported by fiber materials' copious accessibility and economic feasibility, making them the preferred choice among industry. Additionally, the extraordinary lightweight nature of fibers, particularly when compared to plastics, is a key driver driving market expansion. The benefits of fiber materials is projected to rise further as industries prioritize sustainability and weight reduction in automobile design.
Commercial Vehicles will Continue to Dominate Due to Rising Demand
By vehicle type, the automotive bumper market is divided into passenger vehicle and commercial vehicle. The commercial vehicle sector emerged as the market leader, governing the biggest market share in the present scenario, and it is expected to maintain its dominance with a stable CAGR throughout the forecast period. This substantial domination is highlighted by the increasing demand for commercial vehicles, which is driven by their frequent use on highways, where the danger of traffic accidents is significantly higher. As a result, there is a greater emphasis on equipping these vehicles with robust bumper systems to improve safety and prevent potential dangers, thus strengthening the commercial vehicle segment's market position.
Source: Fatpos Global
Market Dynamics
Growth Drivers
Rising Demand for Customized and Engaging Driving Experiences Drives Market Growth
Individuals in modern society frequently strive to separate themselves from others, and this fact is a primary driving force behind the market's predicted rise. Rising consumer preference for an engaging and personalized driving experience, particularly among the younger generation, is likely to drive market growth. The need for customized bumper solutions is expanding as automobiles increasingly serve as a tool for car owners to show their individual identities and stand out from the crowd. Additionally, the active engagement of automotive enthusiasts and users of high-performance sports and racing cars is positioned to boost market performance, notably in the field of bumper upgrades. Furthermore, ordinary occurrences that result in bumper damage influence market dynamics.
Rising Vehicle Production Drives Automotive Bumper Market Growth and Safety Compliance
Automotive bumper market is expanding in pace with growing vehicle production, and it includes both passenger and commercial vehicles. The growth of global trade, fueled by the mobility of products, has increased demand for car bumpers. These bumpers serve an important role in improving vehicle safety and reducing the number of accidents caused by poor safety measures. Stringent laws requiring the permanent installation of bumpers in automobiles to meet durability, safety, aesthetics, and design standards are also fueling market expansion. Companies are investing in R&D to develop unique bumper solutions that meet both safety and cosmetic standards.
Restraints
Fluctuations in Raw Material Prices in the Automotive Bumper Market
Fluctuation in raw material prices is a significant barrier to the growth of the automobile bumper market. The production costs and profitability for enterprises in the sector can be greatly impacted by these price changes. Changes in the price of these raw materials, which include metals and plastics and are used to make automotive bumpers, might affect supply chains, raise production costs, and perhaps raise consumer prices. Additionally, it can be difficult for businesses to successfully plan and budget due to the unpredictability of raw material pricing, which can impair their overall business stability and competitiveness in the market.
Recent Developments
- Novitec introduced a carbon fiber body kit for the Ferrari 458 Speciale. The body kits include a front spoiler lip, a front air guide flap, a front air guide cover, a taillight cover, a trunk-lid side panel (set) with double-fins, and others.
- Toyoda Gosei Co., Ltd. increased production capacity at TG Missouri Corporation, one of its American production subsidiaries, in September 2021 to further develop its production network in the important North American market and meet the rising demand for safety system products.
Automotive Bumper Market
Key Players:
- Magna International Inc.
- Plastic Omnium
- Samvardhana Motherson Group (SMG)
- Flex-N-Gate
- TOYOTA BOSHOKU CORPORATION
- Montaplast GmbH
- Compagnie Plastic Omnium SA
- KIRCHHOFF Automotive
- Futaba Industrial Co., Ltd.
- Rehau Group
- Tong Yang Group
- ABC Group Inc.
- Hyosung Corporation
- Jiangnan MPT Co., Ltd.
- Faurecia
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Automotive Bumper Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. With the highest Compound Annual Growth Rate (CAGR), the Asia Pacific region dominated the market and is anticipated to continue doing so throughout the forecast period. This dominance is in large part due to the significant presence of key industry participants in nations like China and Japan. The region is also expected to grow quickly due to the population increase of developing countries. North America is predicted to overtake Europe as the second-largest market region concurrently. The region's strict car safety laws and growing environmental concerns are the driving forces behind this increase. Additionally, due to investments in improved road infrastructure and the rising demand for fuel-efficient vehicle systems, Europe is predicted to hold a sizable market share during the projection period. Fully autonomous and hybrid vehicle adoption is expected to accelerate market growth in the area.
Source: Fatpos Global
Impact of Covid-19 on Automotive Bumper Market
The COVID-19 epidemic has had an impact on every aspect of society, including the automotive sector. Production at the factories that make automotive bumpers as well as other parts and accessories for vehicles had to stop. In addition to production halts, the automobile industry saw significant employment losses as a result of supply and demand disruptions, which reduced revenue creation. For car makers, the sudden decline in the industry has presented a daunting obstacle as they travel the road to recovery after the lockout measures. Despite the general difficulties the auto industry is facing, early and thoughtful action plans can assist lessen the impact of the economic downturn on the automobile bumper market.
Automotive Bumper Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Automotive Bumper Market Scope and Segments:
|
ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.1% from 2022-2032 |
|
Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
By Material |
|
|
By Vehicle Type |
|
|
By Product Type |
|
|
By Region |
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Frequently Asked Questions (FAQ):
Automotive Bumper Market size was values at USD 11.01 billion in 2021 and is projected to reach the value of USD 19 billion in 2032, exhibiting a CAGR of 5.1% during the forecast period.
The Automotive Bumper Market specializes on creating and providing front and rear bumpers for automobiles that improve both safety and appearance. It satisfies a range of material and design preferences, driven by elements like growing vehicle production and safety laws. Although external disruptions and changes in the price of raw materials might have an impact on market dynamics.
The Fiber segment and the Commercial Vehicle segment accounted for the largest Automotive Bumper Market share.
Key players in the Automotive Bumper Market include Magna International Inc., Plastic Omnium, Samvardhana Motherson Group (SMG), Flex-N-Gate, TOYOTA BOSHOKU CORPORATION, Montaplast GmbH, Compagnie Plastic Omnium SA, KIRCHHOFF Automotive, Futaba Industrial Co., Ltd., Rehau Group, Tong Yang Group, ABC Group Inc., Hyosung Corporation, Jiangnan MPT Co., Ltd., Faurecia, and Other Prominent Players.
Rising demand for customized and engaging driving experiences along with rising vehicle production are the factors driving the Automotive Bumper Market.
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