As per a study by FMI, the automotive pillar sales are expected to rise at 4% CAGR and reach market valuation of US$ 6 bn during the forecast period of 2021 to 2031. Overall volume of automotive pillars sold through 2021 is expected to reach 303,264,000 units.
According to a study by FMI, the rising demand for electric and passenger cars owing to urbanization has bolstered the demand for automotive pillar at a CAGR of 2.5% between 2016 and 2020. Increasing importance of vehicle and passenger safety is also propelling the sales of automotive pillars. Players are investing in offering advanced safety systems to attract more customers.
Rising popularity of light weight technologies, concerns related to crash rating, and need for efficient repairing of vehicles post-accident make structural stability imperative for improved vehicle performance.
Consequently, automakers are incorporating plastic composites instead of conventional composite to achieve lighter and more functional automotive pillars. This paradigm shift will encourage automakers to expand their product portfolio and invest in product launches.
China will lead the automotive pillar market, backed by increasing production of electric vehicles. Presence of a thriving aftermarket for innovative and upgraded automotive components also is driving sales in China. For instance, Tesla Inc. sold 33,463 electric cars made in China in May 2021.
With this trend forecast to continue in the long term, demand for automotive pillars will consistently rise in China.
As per FMI, the passenger cars segment is expected to dominate, accounting for 78% of the global automotive pillars market sales in 2021. The demand for passenger sales from numerous developing economies will continue bolstering growth in the market through the forecast period.
“Increasing focus on including advanced safety features will encourage automotive pillar producers to focus on technological advancements. Also overall focus on producing more lightweight automotive parts will rise as demand for fuel-efficient vehicles continues soaring,” says the FMI analyst.
- Passenger cars are expected to account for 78% of market in 2021 as sales of passenger cars have increased in the past decade across Mexico, India, Brazil, and China.
- Demand for lightweight technologies is boosting the popularity of automotive pillars among original equipment manufacturers segment. Rising sales of passenger vehicles is encouraging alliances of OEMs and automakers to deliver the same.
- The U.S. market is expected to exhibit high demand for automotive pillars since this region recorded 14.5 million unit sales of passenger cars in 2020.
- China is likely to show positive growth over the decade as the sales of passenger cars and electric vehicles continue growing in the country.
- India will offer lucrative opportunities, exhibiting growth at 4% CAGR over the assessment period.
- Initiatives undertaken by leading automakers to improve fuel economy is boosting demand for advanced, light weight automotive pillars.
- Rising alliances between OEMs and manufacturers to cater the demand for advanced safety systems in passenger cars are boosting the global demand for automotive pillars.
- Numerous players are introducing novel technologies to adhere to stringent safety policies implemented by government. This will offer lucrative opportunities for the global automotive pillars market.
- Usage of plastic composites will act as a restrain for the manufacturers of automotive pillars market as governments impose curbs on plastic use.
- Stringent regulations and policies related to carbon emission across the globe are expected to hamper global sales.
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The key players of automotive pillar market are extensively investing in research and development activities to improve automotive pillars. They are also investing in enhancing product quality, mergers & acquisitions, and expanding product portfolio.
For instance, in March 2021, General Motors got into a partnership with Lithium metal battery startup to start a manufacturing line and manufacture various automotive parts by 2023.
Tata Motors launched “Founders Edition” car in 2021 with four insignias- one on front fender above the wheel, on C-pillar, tail gate, and dashboard.
The key players operating in the global automotive pillar market profiled by FMI are
- KIRCHOFF Automotive GmbH
- Toyoda Iron Works Co. Ltd.
- Magna International Inc.
- Aisin Seiki Co. Ltd.
- Trinseo SA
- GEDIA Automotive Group
- G-Tekt Corporation
- Martinrea International Inc.
- Tower International
- Benteler International AG
- Meleghy Automotive GmbH & Co. KG
- Shiloh Industries
- ELSA LLC.
More Insights on the Automotive Pillar Market:
FMI provides an unbiased analysis of the automotive pillar market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global automotive pillar market with a detailed segmentation on the basis of
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Pillar A
- Pillar B
- Pillar C
- Pillar D
- Original Equipment Manufacturers (OEMs)
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Middle East and Africa (MEA)
Key Questions Covered in the Automotive Pillar Market Report
- The report offers detailed insights into automotive pillar demand outlook for 2021-2031
- The market study also highlights projected sales growth for automotive pillar market between 2021 and 2031
- Automotive pillar market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
- Automotive pillar market share analysis of the key companies within the Industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others