The market for Automotive Pillar is expected to reach US$ 4.49 Bn in 2028.
The global automotive pillar market is growing competently, expected to grow at a CAGR of 7.0% during the estimated period from 2019 to 2027, starting from US$ 4.49 Bn in 2018.
The markets are radically varying, owing to the accelerated rise of new technologies, development in emerging markets, sustainability policies, and changing consumer preferences around ownership. Additionally, increasing automation, new business models, and digitization have revolutionized automotive industries globally. Furthermore, the application of technology-driven trends such as electrification, autonomous driving, connectivity, and diverse mobility in the automotive sector is expected to drive the market for the automotive pillar over the forecast period.
Moreover, technological advancements like advanced driver assistance systems (ADAS) will play a vital role in preparing consumers, regulators, and corporations for the transition toward driverless cars. In addition, policy and regulation for electric and hybrid vehicles, consumer preferences towards passenger cars, and availability coupled with the price of new business models will strongly swerve the market growth for the automotive pillar. Furthermore, automakers are obliged to comply with the crash ratings and statutory norms, which also impels technological advancements. The rising number of vehicles on-road coupled with repairing vehicles post-accident is also fueling the global demand for the automotive pillar.
The growth in the automotive industry has seen a drastic change and consolidation over a couple of years. For instance, numerous new players have emerged among the top 15 automotive original-equipment manufacturers (OEMs) in recent years. Furthermore, a paradigm shift towards an increasing number of new entrants coupled with mobility as a service in the market will predictably force traditional car manufacturers to compete on multiple fronts. Additionally, mobility providers such as Ola and Uber, specialty OEMs like Tesla, and technology giants such as Google and Apple are likely to raise the complexity of the competitive landscape. Furthermore, growing consumer demand for passenger cars will make automotive manufacturers work under continuous pressure to improve fuel efficiency and reduce costs and fuel emissions, thereby leading to shifting market positions in the evolving mobility and automotive industries. The aforementioned factors are expected to boost the global market for automotive pillars.
Furthermore, software competency is progressively becoming one of the most important distinguishing factors for the automobile industry, including connectivity, ADAS/active safety, and infotainment. As a result, many more new players like high-tech companies and startups are likely to enter the market, thereby upsurging the market for automotive pillars over the forecast period. In addition, the new entrants are wielding more influence with regulators, like increasing interest for new mobility, favorable regulation of new technology, and growing consumer interest is likely driving the market growth.
Continued government focus on supporting the automotive segment through the National Electric Mobility Mission Plan (NEMMP), Automotive Mission Plan, and other initiatives is likely to expand the market revenue for passenger cars, thereby driving the market for automotive pillar globally. In addition, the government objectives, such as reducing emissions and oil dependency along with facilitating long-term growth in the automobile industry, will further expand the market. For instance, in India, according to the "Automotive Mission Plan 2026", the government and industries set an objective to triple its revenues to around the US $300 billion and expand its exports by US $80 billion.
The Asia Pacific market is estimated to hold a leadership position in the global automotive pillar market, owing to the rapidly increasing population coupled with varying consumer needs. Additionally, rising per capita income in the APAC region has considerably increased the demand for automobiles and their related parts. Furthermore, the government's stringent regulations concerning towards safety of passengers in cars have obligated car manufacturers to opt for advanced support systems, which will upsurge the demand for automotive pillars across the region. Moreover, rising demand for hybrid and electric vehicles across the region is likely to supplement the growth of the automotive pillar market. Rising adoption of hybrid and electric vehicles (HEVs) globally, with the growing implementation of rigorous emission control measures and environmental regulations. Increasing automation industry and consumer preference toward hybrid and electric vehicles will increase the demand for the automotive pillar in the APAC market. In addition, the buyers and vehicle manufacturers look out for more eco-friendly alternatives, thereby expanding the market for electric and hybrid cars, which in turn will accelerate the demand globally.
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the water-soluble packaging market better. The global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
The market for Automotive Pillar is expected to reach US$ 4.49 Bn in 2028.
The Automotive Pillar market is expected to see significant CAGR growth over the coming years, at 7.0%.
The report is forcasted from 2019-2027.
The base year of this report is 2018.
Kirchhoff Automotive Holding Gmbh & Co Kg, Aisin Seiki Co Ltd, Benteler International AG, Unipres Corp, Toyotomi Kiko Co Ltd, Martinrea International Inc, Magna International Inc., Gestamp Automocion SA are some of the major players in the global market.