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Global Smart Bumper Market - Use of Lightweight Materials to Boost Growth | Technavio

Global Smart Bumper Market - Use of Lightweight Materials to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)--Apr 26, 2018-- market research analysts forecast the to grow at a CAGR of over 5% during the period 2018-2022, according to their latest report.

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Technavio has published a new market research report on the global smart bumper market from 2018-2022. (Graphic: Business Wire)

Development of bumper airbags for pedestrian safety is a new trend which is expected to impact the market during the forecast period. OEMs are working on the development of bumper airbags, which are designed to protect the pedestrians from crashing into vehicles, thereby, reducing the chances of serious injuries and fatalities. This was one of the measures to improve the safety of pedestrians driven by the regulations of various authorities.

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In this report, Technavio analysts highlight the use of lightweight materials to manufacture smart bumpers leading to enhanced fuel efficiency, as a key factor contributing to the growth of the global smart bumper market:

Use of lightweight materials to manufacture smart bumpers

The automotive industry is witnessing a structural shift in terms of use of lightweight materials and engine downsizing to achieve higher fuel efficiency. Features such as antilock braking system (ABS), ADAS, and infotainment system, which were earlier an essential part of luxury vehicles, are gradually witnessing adoption in entry-level passenger cars. The incorporation of such features increases the overall weight of a vehicle. This drives the need for the use of lightweight materials to manufacture lighter bumpers. Use of lightweight materials helps in enhancing the fuel economy and simultaneously reducing CO2 emissions.

According to a senior analyst at Technavio for research , “Fuel economy norms implemented by regulatory bodies in different countries impel OEMs to focus on lightweight materials for better fuel efficiency. Traditionally, consumers considered engine power as the only criterion when purchasing new vehicles. However, with time, they have shifted their focus toward vehicles that offer an optimum combination of power, performance, reliability, and fuel efficiency. Consumers prefer fuel-efficient vehicles to reduce the overhead cost.”

Smart bumpers include an active aerodynamic system and are expected to incur lesser maintenance costs. Due to easy availability and less cost price, plastic bumpers are expected to penetrate a wider market. As a result, smart bumper manufacturers are focusing on materials that have aerodynamic properties along with performance stability. Therefore, it is expected that the global smart bumper market will witness healthy growth during the forecast period.

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Global smart bumper market segmentation

This market research report segments the by end user (OEM and aftermarket) and key regions (the Americas, APAC, and EMEA).

The OEM end-user segment is expected to dominate the market with a market share of more than 98% during the forecast period. In 2017, the Americas dominated the global smart bumper market with a share of close to 55%, followed by EMEA 32% and APAC. However, the market share of the Americas is expected to decline by close to 3% over the forecast period, while the other two regions are expected to witness an increase in their share of the market.

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SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 04/26/2018 02:54 PM/DISC: 04/26/2018 02:54 PM

Updated : 2021-10-18 19:51 GMT+08:00