Car Bumper Market Size, Share, Growth, and Industry Analysis, By Type (Polyester Polypropylene, Steel and Aluminum), By Application (Passenger Vehicle and Commercial Vehicle), Regional Forecast to 2027

Updated On: 13 March 2023

Report Overview

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The global car bumper market size was expected to be USD 12.01 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with car bumper market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 16.91 billion in 2027, exhibiting a CAGR of 5.86% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A bumper is the curved bar in front of a car which protects it from getting dented or scratched during minor accidents thereby minimizing repair costs. The main purpose of bumpers is to reduce or prevent physical damage to the front and rear of vehicles in low-speed crashes. It is basically a shield which is made of steel, aluminum, rubber, or plastic. It can also absorbs shocks from car accidents.

Recent changes in demographic trends, increasing number of accidents, rapid urbanization and technological advancements, increasing demand for lightweight vehicles, innovative product launches by bar manufacturers and increase in transportation due to expansion of service and commercial industry are the factors responsible for the growth of market.

COVID-19 Impact: Pandemic Hampered the Market Demand

Covid-19 pandemic led to supply chain disruptions in the whole world. Manufacturing companies closed all their operations and many companies were shut down until reopening instructions received from the government authorities. Many companies forced their employees to work from home. In addition, due to reduction in labour force as a result of social distancing norms, the entire industry witnessed significant decrease in the production. Lockdown measures led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses and utilities, which reduced the demand for bumpers from these customers.

Latest Trends

"Rising Demand in the Service and Commercial Sector to Fuel Market Growth"

Growth in the commercial and service sector in modern economies is anticipated to propel the market demand during the forecast period. Development of new and innovative ideas by key market players target new customers and increasing demand for lightweight vehicles is expected to increase the sales of car bumper during the forecast period. For instance, Plastic Ominum has introduced an intelligent automotive plastic bumper that features embedded intelligence. This automotive plastic bumper includes integrated radar, an innovative front grille, and advanced impact absorption and detection system. This innovation also features lightweight, facilitates reduction in carbon dioxide levels, and enhanced personalization and safety. Change in demographic pattern will further help to boost market demand.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into PolyesterPolypropylene, Steel and Aluminum.

• By Application Analysis

Based on application, the market can be divided into Passenger Vehicle and Commercial Vehicle.

Driving Factors

"Increasing Demand for Lightweight Vehicles to Stimulate Market Demand"

Demand for lightweight vehicles in automotive industry is increasing as it demands less fuel and break down emissions. Fuel costs are rising day by day. Hence, people are moving towards lightweight vehicles which require less fuel compared to heavy vehicles. In addition to this, lightweight materials increase efficiency of vehicles. This is anticipated to boost the Car bumper market growth.

"Rapid Technological Advancements to Boost Market Growth"

With the growth of modern economies, rapid technological advancement has attributed in the expansion of manufacturing sector that helps in the production of good quality lightweight car bumper. In addition the key industry players in the market are coming up with new ideas and technologies to capture market share. They are offering variety of new products to match consumer demand. This is expected to propel market growth.

Restraining Factors

"Increasing Price of Raw Materials to Restrict Market Growth"

To start car bumper industry, high investment is required. But investment is subject to market risk. It depends on multiple factors such as rate of interest, market situation, technological change, government policies and other such factors. Rising price of raw materials such as steel and aluminum to manufacture car bumper and fluctuations in their prices are the factors anticipated to hinder the growth of Car bumper market during forecast period.

Regional Insights

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"Growing Demand in Asia-Pacific Anticipated to Boost Market Expansion"

The market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa (MEA). Due to increasing demand for lightweight vehicles, increase in production of vehicles, and different development strategies made by the key players in Asia-Pacific, it is considered to be the most dominating region in car bumper market share. The main elements anticipated to contribute to the industry growth is the increasing demand for high end products, raid technological progress and innovative ideas by key players.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Plastic Omnium, Tong Yang, Jiangnan MPT, KIRCHHOFF, Ecoplastic, Flex-N-Gate, Huayu Automotive and others .Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market growth.

List of Market Players Profiled

• Plastic Omnium
• Tong Yang
• Jiangnan MPT
• KIRCHHOFF
• Ecoplastic
• Flex-N-Gate
• Huayu Automotive
• AGS
• Zhejiang Yuanchi
• Toyoda Gosei
• Hyundai Mobis
• Seoyon E-Hwa
• Magna
• Rehau
• SMP
• Benteler

Report Coverage

This report examines an understanding of the car bumper market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.