The vehicle pillar market outlook looks extremely promising, mainly due to the burgeoning automotive industry. Over the past few years, vehicle production has constantly been rising, which alongside the product standardization and enhanced research & innovation investments, drive the market growth. Rising demand in the passenger, as well as commercial vehicle segment, substantiates the vehicle pillar market size.
With the continual investments in developing innovative pillar solutions, the vehicle pillar market share is projected to escalate further in future years. In this regard, Market Research Future (MRFR) confirms that the global vehicle pillar market is poised to reach exponential valuation by 2027, growing at an impressive CAGR during the assessment period (2020-2027).
Safety and Durability Being Utmost Importance Define Market Trajectory
The market is increasingly witnessing the introduction of lightweight yet toughest vehicles engineered for extreme road conditions. Also, the demand for extreme off-road vehicles and electric cars pushes the market growth. Additional factors benefitting the vehicle pillar market include favorable government policies for manufacturing and the increasing demand and production of high-performance off-road vehicles.
Massive R&D investments made by manufacturers in developing innovative vehicle pillars drive market growth. Moreover, growing government mandates & updated policies for driver's safety offer significant untapped opportunities to market players. Manufacturers try to increase production capacities in emerging markets, employing advanced manufacturing techniques.
High Initial Investments Requirements Hamper Market Growth
Despite demonstrating promising opportunities, the market witnesses major setbacks such as high initial investments required to produce vehicle pillars. Also, targeted projects implemented for lightweight solutions in remote areas act as major challenges for market growth.
Segmentation
The vehicle pillar market analysis is segmented into pillar types, vehicle types, end markets, and regions. The pillar type segment is bifurcated into A, B, C, and D pillars. Of these, the sub-segment A type pillar accounts for the largest market share, witnessing the vast preference and adoption in all types of vehicles.
The vehicle type segment is sub-segmented into passenger cars & vehicles, and commercial vehicles. The end market segment is bifurcated into original equipment manufacturers (OEMs) and aftermarkets. The application segment is bifurcated into recreation and defense. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest of the world.
Regional Analysis
The Asia Pacific region dominates the global vehicle pillar market. The recent shift in preference for lighter vehicles offering improved mileage and fuel efficiency increases the market demand. Besides, the presence of a vast base of aftermarket and industry players in the region boosts the vehicle pillar market size. Rising sales of passenger cars due to rapid economic growth in the region drive the vehicle pillar market growth.
Rising consumer preference for improved aesthetics and safety features, alongside the emergence of light-weighting automotive parts, increases the region's vehicle pillar market shares substantially. Additionally, increased vehicle production pushes the demand for vehicle pillars in the region.
Competitive Analysis
Highly competitive, the global vehicle pillar market appears fragmented due to the presence of many notable players. To gain a larger market share and create new markets, industry players adopt strategic approaches, such as mergers and acquisitions, collaborations, and others. They make substantial R&D investments in product development and keep themselves updated with new technological developments.
For instance, on Jul 31, 2021, Benteler (Germany), a metal processing specialist company, announced the development of a pioneering production-ready door concept. This product offers a lighter solution than existing ones available on the market, providing improved safety and material features and making mobility lighter and safer & more sustainable. It also makes vehicle entry easier and more convenient.
Megatrends such as electrification and automated driving encourage automotive manufacturers to look at different structures for vehicle interiors. Therefore, Benteler has developed an integrated solution that meets all dynamic crash and static load requirements, significantly contributing to lightweight construction. The aim of this structural development was to find the lightest possible solution to integrate the B-pillar function into the door structure, meeting all crash and static requirements.
Key players involved in the market are Kirchhoff Automotive Gmbh (Germany), Tianjin Toyotetsu Automobile (Japan), Unipres Corporation (Japan), G-Tekt Corporation (Japan), Martinrea International (Canada), Toyotomi Kiko Co (Japan), Tower International (US), Shiloh Industries (US), Aisin Seiki (Japan), Gestamp (Spain), Sewon America (US), Benteler Automotive (US), and Elsa LLC (US), among others.
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