Market Overview
The global Automotive Bumper Market is expected to witness massive growth, which will help it reach USD 14,489 million by 2030. The solid growth will likely occur at 5.76 % CAGR during the forecasted period between 2023 and 2030.
An automotive bumper is a vital component attached to vehicles. The bumper is designed to safeguard the vehicle’s occupants if an accident occurs by minimizing the shock. It even helps curtail the vehicle repair costs that may arise from the accident. It is attached to the rear and front sections of vehicles. Road accidents have increased the demand for automotive bumpers across various nations. Several businesses operating in the promising market domain have been integrating new and advanced technologies to enhance the safety of vehicle occupants. It has increased the market’s competitive intensity, contributing to the possibility of major automotive bumper design innovations.
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The chief function of automotive bumpers involves absorbing most of the impact in case of a collision. These bumpers act as a cushion and reduce the damage caused to a vehicle from the Front and back sides. Even though designing automotive bumpers can be created using diverse materials such as steel, rubber, or plastic, they serve a common purpose.
Market Segments
The major segments into which the global Automotive Bumper Market has been divided include materials, positioning, and end-users.
The material segment focuses on the type of material that is used for creating automotive bumpers. Based on materials, the market has been further fragmented into Metal, Fiber and Composite. The positioning segment of the market mainly focuses on the specific section where the bumper is attached to a vehicle. It is further divided into Front ends, and Rear ends. The end-user segment primarily revolves around the market audience that utilizes the automotive bumpers available. The end-user segment is categorized into Original Equipment Manufacturer (OEM) and Aftermarket.
Regional Analysis
The Automotive Bumper Market has a solid presence at the global level. Its major geographical regions include Europe, North America, Asia Pacific and the rest of the world. The Asia Pacific region has been dominating the global market landscape due to a surge in vehicle production in developing countries like India and China. The key variables that have been working in favor of these nations include low vehicle manufacturing costs and expanding production capacity.
The national governments are also playing a proactive role and contributing to the solid performance of the automotive bumper industry. For instance, the VAT rate on small- and medium-sized vehicles has reduced considerably. This move has led to an increase in vehicle demand in the market, which is a favorable sign for the Automotive Bumper Market. The Asia Pacific segment will likely continue its exemplary performance during the forecasted period.
Industry News
August 2022 – Magna International, Inc., a major player in the Automotive Bumper Market, made a comeback at the 2022 North American International Auto Show by demonstrating its dedication to mobility. The business showcased its expertise in delivering innovative solutions across diverse areas of the vehicle. It has been focusing on developing improved mobility technologies to enhance customer satisfaction by emphasizing safety and unique experience.
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