Monday, 17 April 2023 08:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / April 17, 2023 / The worldwide automotive pillar market is anticipated to amass a revenue of US$ 10,690.3 million by 2033 as opposed to US$ 7,016.9 million in 2023. The market is set to experience a moderate CAGR of 4.3% from 2023 to 2033. An integral part of a vehicle's body structure, automotive pillars are used to provide support to the vehicle's body and roof.
Owing to the critical function of automotive pillars, market manufacturers are concentrating on utilizing robust materials for the production of these pillars. It is projected that the global automotive pillar market will generate an absolute dollar opportunity of US$ 3,673.38 million during the forecast period of 2023 and 2033; driven by a heightened demand for passenger cars and the growing awareness of vehicle safety features.
Historically, the market witnessed a CAGR of 2.50% from 2018 to 2022, attaining a value of US$ 6,753.5 million in 2022. During the projection period, there is expected to be a considerable expansion in the global automotive pillar market, largely attributed to the increasing vehicle production in developing countries. This growth is further fueled by the rising disposable incomes of consumers, which is leading to a surge in demand for automobiles, and subsequently, automotive pillars.
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Additionally, stringent passenger safety regulations and growing concerns for safety are also driving the growth of the automotive pillar market. The market is also experiencing immense growth potential due to the rising demand for high-end luxury vehicles, as well as the incorporation of advanced technology in automotive design, leading to an increased demand for automotive pillars.
Increasing use of lightweight technologies in the production of luxury, passenger, and commercial vehicles due to their environment-friendly properties will have a positive impact on the automotive pillar market. Manufacturers are, thus, enhancing their products by increasing their load-carrying capacity while simultaneously reducing their weight by using plastic composites in the manufacturing process. This results in automotive pillars that are both lightweight and capable of bearing heavy loads. Hence, a surging preference for lightweight products is anticipated to fuel the growth of the automotive pillar market.
Increased awareness and apprehension about CO2 emissions are projected to drive the demand for composite materials in the production of automotive pillars. Governments across the globe are implementing strict regulations on reducing CO2 emissions from automobiles which also led to a surge in demand for lightweight vehicles, resulting in a simultaneous increase in demand for composite materials. These factors are key drivers of growth in the automotive pillar market. However, increasing levels of global air pollution may still hinder the rising demand for the automobile pillar market.
Key Takeaways:
- By vehicle type, the passenger car segment will account for over 3/4th of the demand for the automotive pillars in the international marketplace.
- Based on product type, the pillar A category will dominate the global market with a 47.4% share of the market.
- Strict automobile safety regulations will propel the automotive pillars market in the US.
- India's automotive pillar market will be driven by a surge in favorable government initiatives.
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Competitive Landscape
In a competitive market, significant participants are focusing on increasing investment in research and development efforts to produce novel automotive pillars. These businesses also concentrate on product development and upgrades while also employing strategies to expand their product portfolio. In a recent development, in December 2022, Panasonic Automotive held demonstrations of Systems of Systems (CPSoS) for the automotive pillar.
Gestamp, Trinseo SA, G-Tekt Corporation, Shiloh Industries, Sewon, and Toyoda Iron Works Co. Ltd., among others, are a few of the key players in the automotive pillar market profiled in the full version of the report.
More Insights into Automotive Pillar Market
FMI's latest report delivers an impartial analysis of the global automotive pillar market with historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. This report offers insights into a ten-year sales forecast, important market drivers, trends, challenges, and opportunities. To understand the global market potential, growth, and scope, the market is segmented into product type, vehicle type, sales channel, and region.
According to FMI estimation, based on segmentation, the pillar A segment will be the most preferred type of automotive pillar. This segment will account for over 47.4% of the overall market share. In terms of vehicle type, the passenger car segment will lead the market owing to a marked preference for this vehicle type for commuting purposes. Based on the country, the automotive pillar market in the US will perform well. The target market in this country will account for 11.3% of the overall market share. Increasing automobile safety regulations, research and development efforts of several market players, and support from the government will aid the growth of this market in the US. Other nations like China, Germany, and India will also present notable growth in the market and thereby aid the expansion of the automotive pillar market.
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Automotive Pillar Market Outlook by Category
By Product Type:
- Pillar A
- Pillar B
- Pillar C
- Pillar D
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarkets
For more Insights:
https://www.futuremarketinsights.com/reports/automotive-pillars-market
Table of Content
1. Executive Summary | Automotive Pillar Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Units) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (Units) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
Explore Wide-ranging Coverage of FMI's Automotive Landscape
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