Automotive bumpers are imperative in absorbing the impact in the event of a collision, thereby minimizing repair costs and saving the lives of occupants or pedestrians. The automotive bumper market is driven by the rapidly evolving automotive industry, increasing traffic jams leading to numerous accidents, and greater urbanization and industrialization fueling the need for personal mobility. In addition to this, technological advancements in bumper materials coupled with automation and the integration of manufacturer value chains’ is benefiting the automotive bumper market that is estimated to witness a robust CAGR of 5.9% from 2017 to 2022.
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The OEM segment holds the lion’s share in the sales channel segment of the automotive bumper market and this is unlikely to change soon. An absolute dollar opportunity of over US$ 2 billion should be created in the OEM segment for the five-year forecast period and companies must take this into account while plotting their distribution strategies. Nonetheless, it is not advisable to ignore the aftermarket channel entirely as it accounts for the balance revenue share in the automotive bumper market. The aftermarket bumper segment has maximum scope in APEJ as customers in these countries are often image-conscious and like to customize their vehicles in a way that suits their personal tastes and preferences.
There is minimal opportunity in the heavy commercial vehicle segment and key stakeholders in the automotive bumper market may want to implement specific strategies to tap into it. The heavy commercial vehicle segment is predicted to have a value of less than half a billion dollars at the end of 2022, considerably smaller than other vehicle types in the automotive bumper market. The commercial vehicle segment is nearly thrice the size of the heavy commercial segment. Along with APEJ, companies could look closely at the Europe commercial vehicle segment.
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Compact and mid-sized passenger cars should continue to remain popular in the automotive bumper market for the foreseeable future. Between the two, the compact car segment is slightly larger because customers in the APEJ region typically chose compact cars over other vehicle segments.
Regular/ Standard bumpers are a preferred choice in the automotive bumper market and had a revenue share approaching half of the product type segment in 2017. The regular / standard bumper segment is on track to grow with a CAGR greater than 6% from 2017 to 2022 ensuring that it remains high on the radar of major companies actively involved in the automotive bumper market. Deep drop bumpers are substantially smaller in comparison and are estimated to hold steady throughout the duration of the forecast period. Europe and North America are projected to record a similar CAGR for the study period with the latter edging slightly ahead during this time.
The companies profiled in the automotive bumper market report are Toray Industries, Toyota Boshoku Corporation, Faurecia SA, SMP Deutschland GmbH, Flex-N-Gate Corporation, Hyundai Mobis Co., Toyoda Gosei Co., Futaba Industrial Co., Magna International, and Plastic Omnium SA.
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