As per the ongoing study, bumper beam market will grow at a positive rate during 2021-2031. 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.
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What is Driving Demand for Bumper Beam?
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.
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Recovery in Automotive Industry is likely to Amplify Bumper Beam Sales
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.
US and Canada Demand Outlook for Bumper Beam
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 US and other countries around the globe.
Manufacturers in US 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.
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Europe Demand Outlook for Bumper Beam
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.
Who are the key Manufacturers and Suppliers of Bumper Beams?
Some of the leading manufacturers and suppliers of bumper beams include
- Magna International
- Plastic Omnium
- thyssenkrupp
- Futaba Industrial
- CIE Automotive
- Hutchinson
- Benteler International and others.