According to a new report, published by KBV research, The Global Automotive Bumper Market size is expected to reach $21.2 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period.
The Commercial Vehicles segment is registering a CAGR of 5.3% during (2024 - 2031). The demand for robust and durable bumpers in this segment is driven by the need for enhanced safety and protection in vehicles that often operate under challenging conditions and heavy loads. Commercial vehicles require bumpers that can withstand significant impacts and provide long-lasting durability, making materials such as steel and advanced composites particularly important in this segment.
The Standard Bumper segment is leading the Global Automotive Bumper Market by Type in 2023; thereby, achieving a market value of $7.6 billion by 2031. Standard bumpers are widely used across various vehicle types, from passenger cars to commercial trucks, due to their balance of functionality, cost-effectiveness, and regulatory compliance. The ability to satisfy fundamental safety standards while being relatively straightforward to manufacture and implement is the primary factor driving their widespread adoption.
The Steel segment is experiencing a CAGR of 5.2% during (2024 - 2031). Steel bumpers are renowned for their robustness and high impact resistance, making them a preferred choice for heavy-duty applications and vehicles that require superior protection, such as trucks, SUVs, and off-road vehicles. The inherent strength of steel provides exceptional durability and longevity, which is crucial for vehicles operating in demanding environments.
Full Report: https://www.kbvresearch.com/automotive-bumper-market/
The Asia Pacific region dominated the Global Automotive Bumper Market by Region in 2023; thereby, achieving a market value of $8.2 billion by 2031. The Europe region is anticipated to grow at a CAGR of 4.4% during (2024 - 2031). Additionally, The North America region would witness a CAGR of 4.2% during (2024 - 2031).
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