In 2022, the automotive pillar market was estimated to be worth around US$ 6,753.5 million. In the following ten years, it is anticipated to expand by 3.8% year over year. Between 2023 and 2033, the market is anticipated to grow at a strong CAGR of 4.3%. By 2033, it is projected to reach a valuation of US$ 10,690.3 million. By 2023, the global market is expected to be worth US$ 7,016.9 million.
Soaring carbon footprint attributed to heavy automotive usage has led manufacturers to use plastic composites in the production of automotive pillars. 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.
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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.
Competitive Landscape
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 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.
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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)
- Aftermarkets
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By Region
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa (MEA)
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.
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