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The automotive bumpers (rear/front) are made along with attachment brackets to safeguard the vehicle in a low-speed collision as well as to safeguard pedestrians. The metal or fiber bars attached on the front ends and or the rear ends of the vehicles prevents the contact of vehicles from the obstructions, they also absorb the shock generated by collisions between vehicles. Basically, automobiles bumpers are made by covering a reinforcement bar, that is composed of plastics, fibreglass composite, aluminium, and steel. The automotive bumpers help to enhance the safety of the vehicular system and also enhances the vehicle’s appearance.
The increased demand for automobiles and increased number of accidents due to lack of safety precautions in the vehicles and change in demographic trends are expected to drive the growth of the market. Also, the increasing environmental concerns and severe regulations for vehicle safety is expected to drive the growth of the market.
Also, increased demand for fuel-efficient vehicles and electric vehicles are expected to drive the growth of the market. However, the increase in prices of raw materials such as fibreglass is expected to hamper the growth of the market.
Key Market Driver -
The increased no. of accidents due to lack of safety precautions in vehicles and changed demographic trend are expected to drive the growth of the market
Key Market Restraint -
The increased prices of raw materials such as fiber and composite metals are expected to hamper the growth of the market.
The global automotive bumpers market is segmented by material type, by vehicle type, by positioning and by geography. Based on material type the market is further sub-segmented into metal, fiber and composite metals. Among these, fiber segments are expected to account for the largest market share in the year 2020 and it is expected to continue its dominance over the forecast period. The easy availability and comparatively cheap cost of fiber are expected to drive the growth of the market. fiber is very light in weight as compared to plastics, these are some of the major reasons driving the growth of the market.
Based on vehicle type the market is segmented into commercial vehicles and passenger vehicles. The commercial vehicle segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. the increased demand for commercial vehicles as these vehicles travel frequently on highways wherein the possibility of road accidents is high.
Based on Positioning the market is segmented into front ends and rear ends. The front ends segment accounted for the largest market share in the year 2020 and it is expected to dominate the market during the forecast period with a rapid CAGR. the bumpers are basically attached to the front or the rear ends of an automotive vehicle, these are used to absorb the impact caused by a minor collision, it also helps in minimizing the repair cost, these are some of the major factors driving the growth of the market.
Major players operating in the global automotive bumpers market include Magna International, Inc, Plastic Omnium SA, Futaba Industrial Co., Ltd., Hyundai Mobis Co., Ltd., Toyoda Gosei Co., Ltd., SMP Deutschland GmbH, Flex-N-Gate Corporation, Toyota Boshoku Corporation, Faurecia SA, Toray Industrieson Inc., and among others.
Geographically, the global automotive bumpers market is segmented into Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. This can be attributed due to the presence of major key players in the countries such as China and Japan. Also, due to the ever-growing population of the developing countries the region is expected to grow rapidly over the forecast period.
Moreover, North America is expected to be the second-largest region for the market the increasing environmental concerns and severe regulations for vehicle safety in the region are expected to drive the growth in the market. Europe is expected to account for a considerable share in the market over the forecast period the enhanced roadways infrastructure and demand for fuel-efficient systems are some of the major factors driving the growth of the market. Also, with the rapid adoption of fully autonomous and hybrid vehicles, the market is expected to experience a boost over the forecast period.
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