Increase in sales of automobiles globally, rise in customer demand for advanced safety features, and strengthening safety regulations drive the growth of the global automotive bumpers market.
According to a new report titled โAutomotive Bumper Market,โ the global market for automotive bumpers was valued at $18.8 billion in 2022 and is projected to reach $28 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032. This growth reflects a wider transformation in the automotive industry as it embraces safety, design innovation, and material efficiency.
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Automotive bumpers are structures used in automobiles to reduce the impact on the vehicle during collision. However, automotive bumpers cannot reduce the effect of impact at higher speeds but they can lessen the injury caused to the pedestrians struck by the vehicles.ย The automotive bumpers are also used to safeguard hood, fuel system, exhaust, and cooling system and other critical components in a vehicle.
The global automotive bumperย industry has seen significant growth due to an increase in sales of automobiles globally, an increase in customer demand for advanced safety features, and the strengthening of safety regulations. However, fluctuation in the price of raw materials and the increasing trend towards EVs are anticipated to hinder the market growth rate during the review period. Furthermore, technological advancement and the use of composite materials and growing trend towards lightweight components.
The standard bumper segment to maintain its leadership status throughout the forecast period.
Based on type, the standard bumper segment held the highest market share in 2022, and a CAGR of 4.9%. It is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to its simple design, low maintenance cost, and easy integration with different vehicle models. However, the tube bumper segment is projected to have the highest CAGR of 6.1% from 2023 to 2032, owing to simple and compact design. Similarly, tube bumpers are also extensively used in SUVs and offroad vehicles as they provide maximum protection during off-road adventures and in harsh driving environments.
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The plastic segment to maintain its leadership status throughout the forecast period.
Based on material type, the plastic segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to plastic bumpers being easy to manufacture, repair, and install in various vehicle models, making them a popular choice among automobile manufacturers. In addition, due to the growing trend towards reducing overall vehicle weight is also driving the demand for plastic bumpers. However, the fiber segment is projected to manifest the highest CAGR of 5.4%, owing to an increase in use of fiber bumpers in high end and luxury vehicles. Manufacturers are using different materials such as carbon fiber and glass fiber to manufacture durable automotive bumpers. With the growth in the luxury vehicle segment, the demand for fiber bumpers is anticipated to witness a strong growth rate.
The passenger vehicle segment to maintain its lead position during the forecast period.
Based on vehicle type, the passenger vehicle segment accounted for the largest share in 2022, and is estimated to maintain its leadership status throughout the forecast period. Passenger vehicle segment is also projected to witness the strongest growth rate of CAGR 4.4% during the forecast period owing to increasing disposable income among consumers in the developing economy and growing inclination towards personally owned vehicles. Furthermore, rapid urbanization across the globe with a growing population in cities has resulted in consumers spending more on owning a passenger vehicle for daily commute. Moreover, with the growth in electric and hybrid vehicle e-technology, the demand for the passenger vehicle segment is anticipated to continue to grow in the coming years.
Asia-Pacificย to maintain its dominance by 2032.
Based on region,ย Asia-Pacificย held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, theย Asia-Pacificย region is anticipated to witness the strongest growth rate of CAGR 5.0% during the forecast period, owing to the higher adoption rates of smart mobility solutions, such as EV and hybrid vehicles in the region, due to an increase in disposable income and growing urbanization. The growing government regulations towards decreasing vehicle emissions, increasing fuel prices, and the trend toward adopting non-fossil fuel-based vehicles are creating more demand for automobiles. The growing vehicle sales in developing countries such asย India,ย China, andย Indonesiaย are creating lucrative opportunities for the automotive bumpers market in this region. Moreover, various technological advancements related to the automotive sector because of government initiatives and rising investment in R&D further propel passenger vehicle sales in the region.
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Leading Market Players: –
- TOYODA GOSEI Co., Ltd.
- FORVIA Faurecia
- TOYOTA BOSHOKU CORPORATION
- SMP Deutschland GmbH
- Flex-N-Gate Corporation
- Plastic Omnium
- MONTAPLAST GmbH
- WARN International Ltd.
- NTF GROUP
- KIRCHHOFF Group
The report provides a detailed analysis of these key players in the global automotive bumpers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
