Future Market Insights (FMI) has published a new report titled “Automotive Pillar Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027.” The report states that the growing demand for advanced quality passenger, commercial, and luxury cars is leading to a rise in the adoption of automotive pillars across the globe, especially in emerging economies. The demand for automotive pillars is rising extensively in emerging economies as the consumers in these regions are inclining towards a luxurious lifestyle given the growing disposable income. The rising population mainly in developing regions is also one of the factors that is expected to bolster the consumption of automotive pillars in the coming years. As a result, the global market for automotive pillars is anticipated to witness a CAGR of 3.9% from 2017 to 2027.
Growth in Automotive Industry to Boost Adoption
Rapid industrialisation, urbanisation, and economic growth across the globe is boosting the demand for automobiles in the market, which in turn is accelerating the demand for automotive pillars. The rising disposable income of consumers is impelling investors to invest more in the automotive industry. A significant rise in the total automotive production from 95.6 Mn in 2016 to 96.2 Mn in 2017 exhibits that the demand for automobiles is increasing with every passing year in the global market, which in turn is expected to significantly boost the progress of the global automotive pillar market. Incessant increase in global population from around 6.9 Bn in 2010 to above 7 Bn in 2016 has acted as a boon for the automotive industry as well as the related industries. Additionally, high standards of living of consumers across several regions, especially developing economies is projected to accelerate the growth of the automobile industry, which in turn is anticipated to drive the market of automotive pillars globally.
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Moreover, government and ruling authorities across the globe have imposed stringent regulations regarding the safety of passengers. If any irregularities are to be found, then the manufacturer is likely to be charged with heavy penalties and at the top of that, it also puts forward a negative image for the company among consumers and in the global market. These strict government policies are expected to drive the demand for automotive pillars as pillars act as the core structural support for the vehicle body and are responsible for providing a safe and comfortable driving experience to the driver as well as the passengers.
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Use of Automotive Pillars to be High in Passenger Cars
Passenger cars employ automotive pillars to the maximum as manufacturers of passenger cars focus on the safety aspect in passenger cars of various price ranges in order to adhere to and comply with the standards imposed by governments and regulatory bodies. Passenger cars accounted for a share of around 76% in the global automotive pillar market in 2017 and are expected to continue their reign over the market, increasing at a stable rate. As a result, LCVs and HCVs are expected to witness an unfortunate decline in their shares.
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Product Reliability to be Primary Concern of Manufacturers
Manufacturers of automotive pillars are incessantly focussing on enhancing their product quality and are striving to augment their consumer base. Some of the leading companies operating in the global automotive pillar market are KIRCHHOFF Automotive GmbH, Gestamp, Toyoda Iron Works Co., Ltd., Magna International Inc., and Aisin Seiki Co., Ltd. The struggle to acquire patents for new developments is expected to trigger competition in the market.