Automotive Side Impact Assembly Market Forecast and CAGR
According to Fact.MR latest report, the automotive side impact assembly market is expected to expand gradually between 2021 and 2031 with CAGR of 3% to 6%. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. However, it is estimated that the market will show positive growth from 2021 onwards.
The rising number of people killed in car accidents has prompted the automotive industry to invest in research and development, resulting in the growth of the automotive side impact assembly market.
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What is Driving Demand for Automotive Side Impact Assembly?
Automotive side impact assembly are advances in vehicle structural design that help to avoid and reduce crash injury. In the event of an accident, side impact assembly absorb the collision force, resulting in minimal damage to passengers.
The large rise in high-end car purchases, combined with rash and dangerous driving, is leading to an increase in the number of accidents. Currently, sophisticated safety systems are being built into a variety of cars to protect passengers from injury.
All cars in the US must now be fitted with side impact assembly, according to authorities. Similar government regulations are expected to fuel the demand in the coming years in other countries. Automotive side impact assembly are standard in many high-end luxury and premium vehicles around the world.
Automotive Recovery Likely to Augment Automotive Side Impact Assembly Sales
The COVID-19-induced slowdown has had an effect on automotive sales all over the world. This has had a knock-on impact on sales of vehicle components and materials. Automotive industry will recover over a period of 3-4 financial quarters creating more demand for the side impact assembly. Over the forecast period, the rising attention of companies to reduce vehicle weight without sacrificing the vehicle’s performance and safety features is expected to boost the aluminum based automotive side impact assembly.
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US and Canada Automotive Side Impact Assembly Demand Outlook
During the forecast period it is projected that the US will remain one of the most profitable markets for automotive side impact assembly. The reason for this is that all cars in the US must now be fitted with side impact assembly, according to authorities. Because of the presence of key original equipment manufacturers of automobiles in the area, North America is projected to hold a significant share of the global market.
Europe Demand Outlook for Automotive Side Impact Assembly
Due to strict regulations requiring vehicles to be equipped with side-assemblies, Europe is expected to show steady growth in the automotive side impact assembly sales over the forecast period. The COVID-19 crisis has had an adverse effect on many EU countries, resulting in a drop in economic activity.
In recent years, manufacturers have been gradually building a new customer base in the region. Demand is expected to increase as the European automotive sector continues to develop. Government initiatives to boost investment in Europe in order to boost manufacturing will also help the global market expand during the forecast period.
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Who are the Key Manufacturers and Suppliers of Automotive Side Impact Assembly?
Some of the leading manufacturers and suppliers include
- KVA Stainless
- Arvin Sango, Inc.
- IFB Automotive Pvt Ltd
- Benteler Automotive Corporation
- H-One Co. ltd
- GNS America
- Aisin Seiki Co., Ltd.
- Kirchhoff Automotive
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