Automotive Bumper Market Racing Up To Perceive Radical Growth By 2023

Automotive Bumper Global Market - Overview
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 impact. It is designed to prevent and reduce physical damage to the front and rear ends of the vehicles. The Global Automotive Bumper Market is growing with the rapid pace; mainly due to the advancement of technologies and increasing prevalence of accidents and increasing per capita income.

According to a recent study report published by the Market Research Future, The global Automotive Bumper Market is booming and expected to gain prominence over the forecast period growing rapidly. The global Automotive Bumper market is forecasted to accrual up to 14,489 Million USD by 2023; surpassing its previous growth records in terms of value with a striking CAGR of 5.76% during the anticipated period (2017 – 2023).

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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 consume 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. Thus, increasing demand of light weight bumpers will accelerate higher growth rate.

Furthermore, 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 2017. Hence, with a growing car production, the demand for automotive bumper will simultaneously increase by the OEMs. However, fluctuating raw materials prices is expected to hinder the market growth.
Based on end market, it is segmented as OEM and Aftermarket. Most of the automotive manufacturers purchase automotive bumpers from the OEMs and after that they assembles it into the automotive manufacturers. At the time of replacements or maintenance, most of the end users prefer to go for OEM rather than aftermarket. Thus, OEM accounted the largest market share in 2016.

Automotive Bumper Global Market - Competitive Analysis
Highly competitive market of the Automotive Bumper is totally dependent on automobile sales and is driven by the increase in automotive production. The market appears to be fragmented owing to the presence of several large and small key players accounting for a substantial market share. Well established players incorporate acquisition, collaboration, partnership, expansion, product & technology launch in order to gain competitive advantage in this market and to maintain their market position. The competitive nature of this market is envisaged to intensify as more Bumpers enter the mass market, which is inevitable in the wake of increasing government regulations and consumer demand for automotive safety and advanced features.

These players emphasis upon new product development initiatives, and geographical expansion. The global Automotive Bumper market is anticipated to witness relentless innovations and development of new products that will eventually result in intense competition among the Automotive Bumper manufacturers.

These Players invest heavily in the R&D to develop a technology that is completely on a different level compared to their competition. These Key players strive to develop products with the adept technologies, unrivalled design and features. Players compete against each other based on factors such as the product and technology launch, quality, reliability, and cost. Marketers are tapping the growing markets for expansions.

Automotive Bumper Global Market - Segmentation
The Automotive Bumper Market can be segmented in to 4 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 Global Market - Regional Analysis
Currently, Asia-Pacific is dominating the market with increasing vehicle production in countries such as India and China and is focused on increasing the production capacity, thus driving the market for automotive bumper. The government intervened immediately and lowered the VAT rate on small and medium-sized vehicles. Moreover, high production of vehicles, and low manufacturing cost are some of the factors that boost the market in Asia-Pacific. The market in the developing countries is largely driven by economic growth and ongoing industrialization, which is likely to raise the production of motor vehicles and other manufacturing output, considerably.

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