Soaring carbon footprint attributed to heavy automotive usage has led manufacturers to use plastic composites in the production of automotive pillars. This will improve the demand for automotive pillars, according to ESOMAR-certified Future Market Insights’ (FMI) latest research report. As per the study, the global automotive pillar market is slated to surpass a CAGR of 4% across the forthcoming decade.
Demand for automotive pillars is rising extensively in emerging economies as consumers in these regions have become more willing to invest in high performance automobiles given the rising disposable income. Sales of electric vehicles have also augmented across India and China, improving the demand of automotive pillars.
Increasing sales of passenger cars across the globe, especially in developed regions such as Germany and the U.S., are improving the consumption of automotive pillars.
Moreover, with growing adoption of electric cars and luxury cars across the globe, government in such regions are imposing strict regulations to curb the carbon emission and improve the safety of passenger.
According to the FMI’s analysis, passenger cars segment is anticipated to exhibit high demand, accounting for over 78% of market share during the forecast period of 2021 and 2031.
Key Takeaways from FMI’s Automotive Pillar Market Study
- By vehicle type, passenger vehicles to emerge as primary automotive pillar end-users
- Sales across the original equipment manufacturers segment are likely to surpass an impressive valuation, given the rising demand for new and advanced safety system
- The U.S. will experience noteworthy expansion amid rising sales of passenger cars in the region
- India will generate lucrative opportunities across Asia Pacific excluding Japan, backed by the stringent government regulations pertaining to passenger safety
- Rising government initiatives to curb the emission and increased electric vehicle sales will augment production capabilities across Germany
- Broadening electric vehicle market will widen automotive pillars adoption across China
- Japan and South Korea, collectively, will account for 12% of global automotive pillar market share in the year 2021.
“Visibly increasing consumer demand for passenger vehicles and electric cars is likely to augment sales of automotive pillars. This is encouraging prominent automotive pillar manufacturers to offer sustainable solutions to keep pace with changing consumer behavior,” says a FMI analyst.
KIRCHHOFF Automotive GmbH, Gestamp, Toyoda Iron Works Co., Ltd., Magna International Inc., and Aisin Seiki Co., Ltd are some prominent players operating in the automotive pillar market.
Automotive pillar manufacturers are relying on slew of expansion strategies ranging from strategic mergers, and collaborations to expansion of their product portfolios.
Market players operating in automotive pillars market are incessantly focusing towards incorporating plastic composites and novel technologies to generate lucrative revenues. Some of the players are improving their product quality in order to improve their customer base.
Increasing research and development activities for developing innovating and new products seems to be a strategy adopted by leading players which will help them establish market presence.
Advancement in research has led manufacturers to make pillars that can bear the varied climatic conditions of the region and can maintain their properties without undergoing any variation.
Hence, manufacturers are providing design iterations along with modified thickness, material type and shape changing ability to increase formability requirements and structural strength, generating growth opportunities in the upcoming decade.
More Insights on the Global Automotive pillar Market
In its latest report, FMI offers an unbiased analysis of the global automotive pillar market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vehicle type (passenger cars, light commercial vehicle and heavy commercial vehicle), product type (pillar A, pillar B, pillar C, and pillar D) and sales channel (original equipment manufacturers and aftermarket) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)