The smart bumper market size has the potential to grow by USD 99.43 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (OEM and aftermarket) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Autoliv Inc., Continental AG, DENSO Corp., Ford Motor Co., Magna International Inc., COMPAGNIE PLASTIC OMNIUM SE, REHAU AG + Co., Robert Bosch GmbH, Valeo SA, and ZF Friedrichshafen AG.
Market Overview
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Market Competitive Analysis
The smart bumper market is concentrated. It is characterized by the presence of well-diversified international and regional players. However, as international players are expanding their presence in many regions, they occupy a major share of the global market. Key vendors in the market are currently growing their customer base and increasing their investments in R&D. Autoliv Inc., Continental AG, and DENSO Corp. are some of the major market participants. Although the use of lightweight materials to manufacture smart bumpers leading to enhanced fuel efficiency will offer immense growth opportunities, the technology readiness toward advanced safety systems in emerging countries will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this smart bumper market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this smart bumper market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Autoliv Inc.
- Continental AG
- DENSO Corp.
- Ford Motor Co.
- Magna International Inc.
- COMPAGNIE PLASTIC OMNIUM SE
- REHAU AG + Co.
- Robert Bosch GmbH
- Valeo SA
- ZF Friedrichshafen AG
Smart Bumper Market: Segmentation by Geography
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North America was the largest smart bumper market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The penetration of advanced safety and ADAS in the passenger vehicles market will significantly drive smart bumper market growth in this region over the forecast period.
44% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the smart bumper in North America. Market growth in this region will be faster than the growth of the market in APAC.
Smart Bumper Market: Segmentation by End-user
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OEMs prefer smart bumpers, as they are lightweight and have an active air-flow management system to enhance the aerodynamic properties of a vehicle. Developed regions such as Europe and the US will attain significant penetration rates for smart bumpers offered by OEMs in most of the car variants of the premium and luxury segment. Improving economic situation, evolving lifestyle, and the rising income has resulted in higher demand for fuel-efficient and technologically advanced cars equipped with more safety features. These factors are responsible for the growth of the OEM segment of the smart bumper market. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart bumper market size.
Smart Bumper Market: Key Drivers and Trends
The use of lightweight materials for manufacturing automotive bumpers to ensure enhanced fuel efficiency will be one of the key factors positively impacting the smart bumper market growth during the next few years. With regulatory bodies across several countries adopting fuel economy norms, OEMs are shifting their focus from the use of conventional materials to lightweight materials such as plastics for offering fuel-efficient automobiles. Consequently, several automotive manufacturers are preferring flexible and convenient to use plastic bumpers over conventional metal bumpers. Benefits such as active aerodynamic system, performance stability, and lesser cost are also driving the demand for smart bumpers. The smart bumper market is expected to grow at a CAGR of almost 2% during the forecast period.
With the growing concerns of pedestrian safety, vendors in this automotive bumper market are increasingly focusing on the development of bumper airbags, particularly designed to protect pedestrians from crashing into vehicles. The introduction of bumper airbags in SUVs saves pedestrians from serious injuries and fatalities as they are triggered by the pre-crash radar sensor. Furthermore, companies such as Ford have started patenting pedestrian protection systems equipped with inflatable bumper and airbags for the bonnet. Since these systems help in cushioning the impact of collisions, the deployment of bumper airbags will increase in the coming years, which will be one of the major smart bumper market trends gaining traction in this market.
Smart Bumper Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive smart bumper market growth during the next five years
- Precise estimation of the smart bumper market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the smart bumper industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart bumper market vendors
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