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I AgreeAnalysis of Automotive OE Bumper Cover Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global automotive OE bumper cover market is valued at US$ 47.2 billion in 2023 and is forecasted to jump to US$ 98 billion by the end of 2033, rising rapidly at a noteworthy CAGR of 7.6% from 2023 to 2033 (forecast period).
A bar that runs transversely in front of or behind the body of a car is called an automotive bumper, and it serves as protection against obstacles or as a way to lessen the force in case of a collision between two vehicles.
An automobile bumper acts as an increase in protection during an accident and deflects the impact, reducing repair costs and can help in saving the lives of passengers or pedestrians.
Standard bumper covers are available in a range of sectional shapes, including flat, round, tubes, and channels. They can be composed of steel, wood, or rubberized fabric. Bumpers serve to both protect the passengers of the car and enhance the appearance of the vehicle.
Various opportunities for the automotive OE bumper cover market are expected over the forecast years due to factors such as rising demand for automobiles, increase in accidents caused by lack of safety precautions, and shifting demographic trends across the world.
The market is also anticipated to grow due to increasing demand for passenger cars and commercial vehicles, rising environmental concerns, and stringent regulations by governments regarding car safety.
On the flip side, there are some limitations that may prevent the market from reaching its full potential. Rising costs of raw materials such as fiberglass can hinder industry expansion to some extent.
Report Attributes |
Details |
Market Size in 2022 |
US$ 43.8 Billion |
Estimated Market Value (2023) |
US$ 47.2 Billion |
Projected Market Value (2033) |
US$ 98 Billion |
Global Market Growth Rate (2023 to 2033) |
7.6% CAGR |
Market Share of Thermoplastic Polymer Bumpers (2023) |
32% |
Companies Profiled |
|
“Growing Focus on Smart Bumpers by Manufacturers”
Technology development is a key tactic employed by automakers to provide automobile components with more functionality. Smart vehicle bumpers, which include an integrated radar, a front grill with a de-icing system, and a lighting system based on flexible optical fibers, as well as an impact detection and absorption system, have been developed by automakers.
An automotive bumper cover, also known as a smart bumper, is a structure that helps safeguard pedestrians and drivers by absorbing the impact of a collision.
“Strict Government Environmental Standards”
The end-user segments for lightweight automobiles have grown over the past several years, which has put pressure on bumper producers to produce them in large quantities. The ability of automotive bumpers to consume less gasoline and produce fewer emissions is what is driving the demand for them in automobiles.
Governments of emerging nations have made steps to restrict pollution rates, which has increased the demand for automotive OE bumper covers in the segment of lightweight vehicles. These bumpers are constructed in a flexible way that is sufficient to reduce the danger of injury to passengers.
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“Growing OEM Production Costs Significant Barrier to Market Expansion”
Rising production expenses experienced by OEMs are a result of technological advancements and new fabric developments. Side airbags must now be installed in addition to frontal airbags due to the growing competition among vehicle manufacturers to acquire a competitive edge through product differentiation.
The volume of side airbags that are deployed in addition to the vehicle's total airbag deployment increases the cost of OEMs' purchases, which is anticipated to hurt the market for automotive OE bumper covers.
“Upsurge in Vehicle Production in the Country”
With the increase in car production in developing nations such as China and India, Asia Pacific is having a significant impact on industry expansion. Region market players are concentrating on increasing production capacity, which is propelling the growth of the automotive OE bumper cover market across Asia Pacific.
Another significant factor driving the growth of the market in Asia Pacific countries is the low cost of manufacturing in the region as compared to Europe and North America.
“Government Regulations Complementing Market Expansion”
With growing environmental concerns and stringent laws for car safety in North America, the market is anticipated to overtake Europe as the second-largest regional market.
Strong and long-lasting vehicle bumpers are in high demand as a result of such regulations. Bumpers help improve the aesthetics of the vehicle in addition to protecting the occupants and pedestrians, which will drive market growth across different automotive industries in the country.
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“Beneficial Factors - Elastic Properties and Sun Resistance”
Thermoplastic bumper covers are made of a range of polymers, including polypropylene, polybutylene terephthalate, and acrylonitrile butadiene styrene. The bumper cover market has been dominated by thermoplastic because it is more durable and has superior sun resistance.
The popularity of using thermoplastic material for making bumper covers has increased because of how easily it can be processed and molded due to its elastic properties.
“Increasing Demand for Injection Molding Process for Various Applications”
Since it is a more straightforward and economical method, injection molding enjoys the most market penetration. The production of thermoplastic bumpers and the processing of urethane blends both utilize injection molding.
Demand for injection molded bumpers is anticipated to expand rapidly as plastic bumper covers become more prevalent. The thermoset urethane bumpers are widely manufactured using the reaction injection method. A majority of commercial cars are fitted with injection molded bumpers.
Key business tactics used by vehicle bumper cover manufacturers include product innovation, acquisitions, collaboration, and R&D initiatives. Compagnie Plastic Omnium SA, Magna International Inc., TONG YANG GROUP, NFT India Pvt. Ltd., TOYOTA BOSHOKU CORPORATION, SEOYON E-HWA, TOYODA GOSEI Co., Ltd., Montaplast GmbH, Magneti Marelli S.p.A., and LG HAUSYS, LTD. are major companies in the automotive OE bumper cover market.
These leading players are implementing various inorganic and organic growth methods such as joint ventures, strategic alliances, mergers and acquisitions, and partnerships to expand their business operations and geographical footprint.
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The global automotive OE bumper cover market is valued at US$ 47.2 billion in 2023.
Global demand for automotive OE bumper covers is expected to surge at a CAGR of 7.6% from 2023 to 2033.
The market for automotive OE bumper covers is anticipated to reach US$ 98 billion by 2033.
Thermoplastic bumper covers account for 32% market share in 2023.
Plastic Omnium SA, Magna International, Inc., Futaba Industrial co., ltd., Toyoda Gosei Co., ltd., Hyundai Mobis Co., ltd., and Faurecia SA are leading automotive OE bumper cover producers.