— Automotive Bumper Market to grow at highest CAGR and reach notable market value during 2019 and 2023 due to 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.
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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.).
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 (2019 – 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.
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 consumes 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. However, due to all the above factors, the demand for light weigh vehicle is expected to increase which in turn for light weight auto bumpers.
Automotive Bumper System Market Segmentation:
The global automotive bumper market is segmented in to 3 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.
Being the presence of most populous countries of the world such as China and India among others, the dominance of APAC becomes evident in the global auto bumper market value. The market has been experiencing rapid growth in the last two years owing to the rising sales of passenger cars, increasing usage of plastic on vehicles, increasing popularity of plastic bumpers and technological advancements are giving a much-needed thrust to the auto bumpers market. Another major reason behind APAC leading the global market is that the countries within this region were able to sustain its economy during the global economic crisis of 2008-09 and have been able to showcase continued growth in automobile production and sales across the globe.
China, being the largest populated country in the world, has gained the top position in the global automotive market, surpassing the U.S. in 2014. The country has for long maintained the reputation of standing at the forefront of the automotive industry, rapidly progressing towards miniaturization and innovation. Therefore, in spite of being the market leader in the global automotive marketplace, the country holds immense potential to grow in terms of auto bumpers sales for automobile applications. The preference for mid-end cars has been identified to be the highest in China, and therefore, contributes the maximum revenue in the total market value for the country.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porters Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Automotive Bumper Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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