USD 6.7 billion
Report ID:
SQMIG25A2283 |
Region:
Global |
Published Date: April, 2024
Pages:
224
|Tables:
89
|Figures:
74
Global vehicle pillar market size was valued at USD 6.7 billion in 2022 and is poised to grow from USD 6.99 billion in 2023 to USD 9.79 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).
Vehicle pillar refers to vertical pillars used to provide structural integrity in automobiles. Growing emphasis on passenger safety in the automotive industry and the imposition of stringent vehicle safety mandates around the world are key factors estimated to bolster the demand for vehicle pillars over the coming years. Rising investments in automotive R&D and increasing efforts to improve vehicle safety whilst using lightweight components are also slated to create new opportunities for vehicle pillar companies in the future. Surging automotive production and sales around the world are also estimated to augment sales of vehicle pillars across the forecast period and beyond. Adoption of innovative new manufacturing techniques to improve productivity and profitability is also slated to change the future vehicle pillar market growth trajectory.
On the contrary, complexity in design and integration is estimated to slow down the overall vehicle pillar market growth across the forecast period and beyond. Europe and Asia Pacific regions are slated to emerge as the top markets for vehicle pillar companies looking to expand their business and boost revenue generation on a global scale in the long run.
Global Market Size
USD 6.7 billion
Largest Segment
Passenger Cars
Fastest Growth
Commercial Vehicles
Growth Rate
4.3% CAGR
To get more reports on the above market click here to Buy The Report
The global vehicle pillar market is segmented based on material, sales channel, vehicle type, and region. In terms of material, the market is segmented into aluminum, steel, plastic composites, and others. Based on vehicle type, the market is bifurcated into commercial vehicles and passenger cars. In terms of sales channel, the market is divided into OEMs and aftermarket. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Material
Aluminum is projected to account for a dominant share of the global vehicle pillar marketplace. Aluminum is lightweight yet highly durable and can provide good strength to the vehicle structure, which is why it is used in most passenger and light commercial vehicles. High ductility and malleability of aluminum are also slated to contribute to its high share in the global vehicle pillar marketplace.
Meanwhile, the adoption of plastic composite materials is slated to increase at a rapid pace owing to the rising popularity of electric vehicles and imposition of stringent emission mandates. Vehicle pillars made from composite materials are predicted to be preferred for electric and hybrid vehicles as they are extremely lightweight and durable, which helps automotive companies extend the range of their EVs. Advancements in plastic composite material technology also bolster market growth via this segment.
Analysis by Vehicle Type
The majority of vehicle pillar demand comes from passenger cars and this segment accounts for a dominant market share. Increasing disposable income of people and changing consumer preferences around the world are trends that could bolster vehicle pillar market growth via this segment going forward. Rising demand for safety in luxury as well as regular passenger cars is also estimated to boost vehicle pillar demand outlook in the long run.
Sales of vehicle pillars for commercial vehicles are forecasted to rise at a notable pace across the forecast period. Increasing demand for commercial vehicles and growing demand for safety in the same coupled with imposition of strict road safety mandates are estimated to drive vehicle pillar market growth via this segment going forward.
To get detailed analysis on other segments, Request For Free Sample Report
The Asia Pacific region is slated to emerge as the dominant market for vehicle pillars due to a robust automotive manufacturing industry. High availability of cheap labor and raw materials coupled with supportive government initiatives makes this region a haven for automotive manufacturers thereby driving vehicle pillar demand as well. China leads the market for vehicle pillar in this region followed by India, South Korea, and Japan. All these countries are home to some of the most prominent automotive manufacturers in the world.
The presence of key automotive manufacturers in Europe is what allows it to become the fastest-growing regional market in the world. Growing sales of electric vehicles is pushing the demand for lightweight and innovative vehicle pillars in this region as most European countries implement strict laws against vehicle emissions to achieve their sustainability goals. High investments in automotive R&D in this region will also create new opportunities for vehicle pillar companies with Germany being at the forefront of regional market development.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Strict Vehicle Safety Mandates
High Demand for Unique Vehicle Designs
Restraints
Balance of Safety, Functionality, and Design
A vehicle pillar that is safe, functional, and fits the design language of the vehicle is somewhat very tough to achieve. Vehicle pillar manufacturers need to deploy advanced technologies and manufacturing techniques to achieve the said pillars, and this could substantially drive-up costs and hurt market growth in the long term.
Complexity in Design and Integration
Request Free Customization of this report to help us to meet your business objectives.
Vehicle pillar manufacturers should utilize advanced manufacturing techniques and technologies to maximize their productivity and improve profitability. Vehicle pillar market players should also be investing in research and development of novel vehicle pillars that fulfil the demands of different vehicles. Companies can also keep a keen eye out for material science developments to utilize more cost-effective yet durable raw materials to make vehicle pillars. Mergers, partnerships, and acquisitions are slated to be optional strategies that allow market players to enhance their market presence and share without making much effort and just pumping capital.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, robust hike in automotive production and growing emphasis on vehicle and driver safety are slated to be top factors driving vehicle pillar market growth. Imposition of stringent vehicle safety mandates by governments and regulatory bodies around the world are also slated to boost the demand for vehicle pillars in the future. However, achieving design, safety, and functionality in a single vehicle pillar remains a key deterrent for its market development through 2031. The presence of key automotive manufacturing facilities and supportive government initiatives to promote manufacturing activity are making the Asia Pacific region a dominant regional market for vehicle pillar companies. Vehicle pillar market players should invest in the research and development of new vehicles pillars with advanced safety features using advanced manufacturing technologies to stay relevant in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 6.7 billion |
Market size value in 2031 | USD 9.79 billion |
Growth Rate | 4.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Vehicle Pillar Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vehicle Pillar Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vehicle Pillar Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vehicle Pillar Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG25A2283