Car Bumpers Market

Increasing global sales of both passenger and commercial cars is driving the market growth

Market CAGR for car bumpers is being driven by the increasing global sales of both passenger and commercial cars. The area of the automotive industry devoted to the creation, production, and retailing of bumpers for automobiles is known as the automotive bumper market. Installed on the front and back of cars, bumpers are vital safety and aesthetic elements. They fulfill several purposes. The main purpose of bumpers is to disperse and absorb impact energy during collisions. This minimizes damage and lowers the chance of injury, protecting the car and its occupants.

Additionally, global passenger and commercial vehicle sales are increasing, which is a major element driving demand for automotive bumpers in cars. Car bumpers contribute to pedestrian safety by offering a more cushioned and impact-absorbing surface in the event that a car collides with a pedestrian. Auto bumpers enhance a vehicle's overall look and style in addition to providing safety features. Bumpers are frequently used by automakers as focal points of an automobile's external design.

Radar, parking, and camera sensors are just a few of the sensors and parts that modern car front bumpers frequently incorporate for advanced driver assistance systems (ADAS).

Advanced safety features in cars are in high demand due to customer awareness of vehicle safety increasing. Part of a car's overall safety system that is often overlooked is the front fascia. Strong bumpers that provide good passenger and pedestrian accident protection are what buyers look for in automobiles. Furthermore, a major selling factor these days is bumper integration with advanced driver assistance systems (ADAS), like parking sensors, automated emergency braking, and adaptive cruise control.

For instance, strict guidelines for vehicle safety, including bumper performance in crash testing, are established by regulatory agencies like the European New Car Assessment Programme (Euro NCAP) in Europe and the National Highway Traffic Safety Administration (NHTSA) in the United States. Thus, result in driving the Car Bumpers market revenue.

The Global Car Bumpers Market Industry is experiencing growth driven by the rising production of vehicles worldwide. In 2024, the market is projected to reach 13.7 USD Billion, reflecting the increasing demand for automobiles across various segments. Countries such as China and India are leading in vehicle manufacturing, contributing significantly to this trend. The automotive sector's expansion necessitates the incorporation of advanced bumper designs that enhance safety and aesthetics, thereby boosting the demand for car bumpers. As manufacturers strive to meet consumer expectations, the Global Car Bumpers Market Industry is poised for continued growth.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America's largest automobile market is in the United States. The desire of American consumers for trucks, SUVs, and crossover cars affects bumper market figures. Beauty and safety elements are frequently given priority in bumper designs. The market is also impacted by strict safety laws from organizations like the NHTSA.

Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.

Figure2: CAR BUMPERS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Europe Car Bumpers market has the second-largest portion of the market. In enforcing strict safety regulations and advancing the sustainability of car bumpers, the area frequently takes the lead. Further, the German Car Bumpers market had the biggest market share, and the UK Car Bumpers market was the European market with the quickest rate of growth.

The Asia-Pacific Car Bumpers Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because of the existence of significant automobile manufacturing in South Korea, China, Japan, and India. Moreover, China’s Car Bumpers market had the biggest market share, and the Indian Car Bumpers market was the Asia-Pacific region's fastest-growing market.

Leading market players are putting a lot of money on R&D to expand their product lines, which will help the automobile bumper market grow. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Car Bumpers industry must provide reasonably priced goods.

One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Car Bumpers industry to help customers and expand the market segment. In recent years, the Car Bumpers industry has provided some of the biggest benefits to medicine. Major players in the Car Bumpers market, including Plastic Omnium, Hyundai Mobis Co. Ltd., Magna International, Inc., SMP Deutschland GmbH, Toyoda Gosei Co. Ltd., Benteler Automotive, Samvardhana Motherson Group (SMG), Faurecia SA., and others, are engaging in research and development activities in an effort to boost market demand.

Faurecia SE (now FORVIA) is a French global automobile supplier. In terms of car interiors and emission control technology, it ranked first in 2022 and was the seventh-largest global maker of automotive parts. Faurecia equips one out of every two cars. It creates and produces vehicle seats, exhaust systems, interior systems (dashboards, center consoles, door panels, acoustic modules), and exterior features (wood, aluminum). In 2023, the company and Hella, a German car parts producer, combined to form Forvia.

Tong Yang Group) is a conglomerate based in South Korea. It grew over the next few decades to incorporate a variety of holdings, including a basketball franchise and financial services organizations. When cash flow problems caused it to default on its debt in September 2013, the company, which was ranked 38th in the nation, tried to raise money by selling off important subsidiaries. Group chairman Hyun Jae-hyun was detained in January 2014 together with three other senior executives on allegations of financial product fraud and misconduct.

In 2022, Tong Yang was certified as an AEO by the Ministry of Finance's Customs Administration and Kaohsiung Customs.