Market Research Future Published Research Report on Global Automotive Bumpers Market Research Report. The increased use of electronics in the automotive industry is likely to propel the expansion of Automotive Bumpers market over the next couple of years.
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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.
The major player operating in the market are Toyota Boshoku Corporation (Japan), Plastic Omnium (France), Magna International, Inc. (Ontario), Toyoda Gosei Co., Ltd (Japan), SMP Deutschland GmbH (Germany), Yanfeng Plastic Omnium automotive Exterior Systems Co. Ltd (Shanghai), JiangNan Mould & Plastic Technology Co., Ltd. (Japan), Venture Otto SA (Pty) Ltd. (South Africa), NTF (India) Private Ltd (India) and Fab Fours, Inc. (U.S.).
Global Automotive Bumpers Market Insights:
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. 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 (2017 – 2022).
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.
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 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 sales of new vehicles that has fuelled the demand and growth of auto bumper market. The increase in the sales 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 sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales 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.
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.
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.
List Of Tables:
Table 1 Global Automotive Bumpers Market: By Region, 2017-2023
Table 2 North America Automotive Bumpers Market: By Country, 2017-2023
Table 3 Europe Automotive Bumpers Market: By Country, 2017-2023
Table 4 Asia Pacific Automotive Bumpers Market: By Country, 2017-2023
List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top Down & Bottom Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Automotive Bumpers Market Share, By Type, 2016 (%)
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