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.
As per the FMI’s projections, automotive pillar market demand is set to rise at 4% compound annual growth rate (CAGR) over the forecast period of 2021 and 2031. The market valuation will exceed US$ 6 Bn, registering the sales of 303,264,000 automotive pillar units in 2021.
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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.
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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.
Automotive pillar Market by Category
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Product Type
- Pillar A
- Pillar B
- Pillar C
- Pillar D
By Sales Channel
- Original Equipment Manufacturers (OEMs)
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Middle East and Africa (MEA)
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.
Key Points Covered in Automotive Pillar Market Study
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Automotive Pillar Tools Market and How to Navigate
- Recommendation on Key Winning Strategies
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.