The global Bumper Beam market is expected to witness a market value of US$ 1.8 Billion in 2023 and is expected to accumulate a market value of US$ 2.7 Billion by registering a CAGR of 4.0% in the forecast period 2023 to 2033. The Bumper Beam market registered a CAGR of 2.3% in the historical period 2018 to 2022. Factors such as the rising awareness for safety among vehicle owners, as well as increasing usage of innovative and new materials by manufacturers are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Bumper Beam has been flourished. One of the major factors that is expected to accelerate the market growth includes the increasing demand for lightweight materials. These materials reduce vehicle weight and improve fuel efficiency. Bumper beams made from lightweight materials like aluminum, magnesium, and carbon fiber-reinforced polymer (CFRP) can offer significant weight savings while maintaining structural strength and stiffness. As such, the market is expected to grow as automakers seek to reduce the weight of their vehicles to meet regulatory requirements and consumer demand for fuel-efficient vehicles.
Additionally, another key driver of the bumper beam market is the rising focus on safety and crashworthiness in the automotive industry. Bumper beams are an important component of a vehicle's safety system, designed to absorb the impact of a collision and protect the occupants of the vehicle. The market is expected to grow in response to increasing demand for safer and more crashworthy vehicles, particularly in emerging markets where safety standards are less developed.
The market is also driven by the factors such as the increasing adoption of advanced driver assistance systems (ADAS). ADAS systems like automatic emergency braking (AEB) and lane departure warning (LDW) rely on sensors and cameras mounted in the bumper beam to detect obstacles and other vehicles on the road. The market anticipated to propel, as automakers integrate more ADAS features into their vehicles to improve safety and convenience for drivers.
The bumper beam market is also expected to augment, in response to the rising demand for electric vehicles (EVs). EVs typically require a different type of bumper beam than traditional internal combustion engine (ICE) vehicles due to the different weight distribution and crash requirements. As such, the market is expected to grow as automakers invest in developing bumper beams that are optimized for EVs to meet the unique safety requirements of these vehicles.
Furthermore, increasing production of vehicles in developing countries is another major factor that is likely to escalate the market growth in the forthcoming years. As developing countries continue to grow and their middle class expands, demand for automobiles is expected to increase significantly. The market growth is expected to stimulate, as automakers expand their production capabilities in these markets to meet rising demand, driving the demand for bumper beams.
On the regional end, the Bumper Beam market in North America is expected to account for the maximum share during the analysis period. Factors such as the increasing demand for lightweight materials, rising focus on safety and crashworthiness, and growing adoption of advanced driver assistance systems (ADAS) in vehicles.
The United States is the largest market for bumper beams in North America, accounting for the majority of the region's revenue. The market is expected to grow in the country due to the increasing production of vehicles and the growing demand for lightweight materials to improve fuel efficiency.
On the other hand, the Bumper Beam Market in Europe is witnessing significant growth in recent years, driven by factors such as the growing adoption of advanced driver assistance systems (ADAS) in vehicles.
Germany is the largest market for bumper beams in Europe, accounting for the majority of the region's revenue. The market is expected to grow in the country due to the increasing production of vehicles and the growing demand for lightweight materials to improve fuel efficiency.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Bumper Beam are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in 2021, HBPO GmbH announced that it had developed a new, modular front-end system for electric vehicles that included a lightweight bumper and other components. The system was designed to reduce weight and improve aerodynamics, which would help extend the range of electric vehicles.
Subsequently, in 2020, Magna International Inc., announced that it had developed a new, modular bumper system that was designed to be more flexible and adaptable to different vehicle platforms. The system was intended to reduce development costs and improve production efficiency.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1.8 Billion |
| Projected Market Value in 2033 | US$ 2.7 Billion |
| Growth Rate (2023 to 2033) | 4.0% CAGR |
Demand for bumper beams will witness fast growth due to the rising awareness for safety among vehicle owners in the forecast period due to poor condition of roads in many developing countries.
Bumper beams are found in the rear- most and front- most parts of the vehicle and helps the vehicle to sustain any tremendous injury that happens during collision or any high speed impact.
Bumper beams are an important part of the vehicle’s exterior as it protects the vehicle from heavy damage during collision or any type of external injury to the vehicle. Increasing need of safety among vehicle passengers due to poor condition of roads of many developing countries as well as increasing frequency of road accidents is one of the factors driving the demand for the bumper beam.
Manufacturers are focusing on using innovative and new materials like manganese- boron steel for making bumper beam that not only reduces the weight of the vehicle but also has improved crash performance structure for the vehicle. This factor is also one of the crucial factors increasing the sales of automotive beams in the market during the forecast period.
COVID- 19 disrupted the automotive industry in terms of supply and manufacturing of vehicles as well as components. The entire automotive industry suffered huge losses due to closure of manufacturing facilities across the globe due to lockdown which ultimately led to decline in sales of new vehicles of around 12- 15% as compared to 2019 across the globe.
Global vehicle production plummeted due to limited supply of parts as well as due to shutdown of production activities.
The market is estimated to recover slowly with the resume of manufacturing facilities around the globe. Recovery in the industry will take time where eventual recovery will lead to rebound in imports and exports of automotive parts.
Manufacturers are now focusing on engaging customers using online or mobile channels for enhancing the brand image of the company to retain as many customers as possible.
The automotive industry registered a decline in sales in 2020 due to shut down of manufacturing facilities in North America because of limited supply of vehicle parts due to lockdown and trade restrictions in China who supplies vehicle parts to major OEMs in USA and other countries around the globe.
Manufacturers in USA are focusing on serving customers by improving vehicle safety and energy efficiency of vehicle through their components. Bumper beam manufacturers are using innovative materials to meet challenges like lightweight, increasing safety measures and customized designs of bumper beams. Manufacturers adopt research & development for designing attractive and customized beams for customers.
The pandemic affected countries in Europe due to closure of production facilities in all the countries. New vehicle sales plummeted in 2020 as compared to the previous year due to decline in production of vehicles and vehicle components.
Automotive aftermarket also witnessed a decline in repair & replacement of vehicle components due to lockdown and closure of all dealership and independent stores in the region.
Major manufacturers for automotive components in the region focus on using unique materials with conventional designs for vehicle beams according to different car models. These high performance materials also reduce the weight of the vehicle as well as provide innovative designs of front- most and rear- most beams for customers that offer high protection to vehicle.
Some of the leading manufacturers and suppliers of bumper beams include
Many leading manufacturers are adding new features and innovative designs of bumper beams along with latest technological advancements to light weight automotive parts, improve quality and expand their geographical footprint across the globe. Many manufacturers are also using authorized online E- commerce platforms to increase the sales of automotive beams in the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Bumper Beam Market
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