More
    HomeEV ProductsAutomotive LightingAutomotive Pillar Market is Estimated to Reach a Revenue of US$ 10,690.3...

    Automotive Pillar Market is Estimated to Reach a Revenue of US$ 10,690.3 Million Amid Ever-Growing Demand for Passenger Vehicles by Forecast Ending 2033 | Future Market Insights, Inc.

    The worldwide automotive pillar market is anticipated to amass a revenue of US$ 10.6 billion by 2033 as opposed to US$ 7.0 billion in 2023. The market is set to experience a moderate CAGR of 4.3% from 2023 to 2033. An integral part of a vehicle’s body structure, automotive pillars are used to provide support to the vehicle’s body and roof.

    Owing to the critical function of automotive pillars, market manufacturers are concentrating on utilizing robust materials for the production of these pillars. It is projected that the global automotive pillar market will generate an absolute dollar opportunity of US$ 3.6 Billion during the forecast period of 2023 and 2033; driven by a heightened demand for passenger cars and the growing awareness of vehicle safety features.

    Auto EV India Expo

    Historically, the market witnessed a CAGR of 2.50% from 2018 to 2022, attaining a value of US$ 6.7 Billion in 2022. During the projection period, there is expected to be a considerable expansion in the global automotive pillar market, largely attributed to the increasing vehicle production in developing countries. This growth is further fueled by the rising disposable incomes of consumers, which is leading to a surge in demand for automobiles, and subsequently, automotive pillars.

    Additionally, stringent passenger safety regulations and growing concerns for safety are also driving the growth of the automotive pillar market. The market is also experiencing immense growth potential due to the rising demand for high-end luxury vehicles, as well as the incorporation of advanced technology in automotive design, leading to an increased demand for automotive pillars.

    Increasing use of lightweight technologies in the production of luxury, passenger, and commercial vehicles due to their environment-friendly properties will have a positive impact on the automotive pillar market. Manufacturers are, thus, enhancing their products by increasing their load-carrying capacity while simultaneously reducing their weight by using plastic composites in the manufacturing process. This results in automotive pillars that are both lightweight and capable of bearing heavy loads. Hence, a surging preference for lightweight products is anticipated to fuel the growth of the automotive pillar market.

    Increased awareness and apprehension about CO2 emissions are projected to drive the demand for composite materials in the production of automotive pillars. Governments across the globe are implementing strict regulations on reducing CO2 emissions from automobiles, which also led to a surge in demand for lightweight vehicles, resulting in a simultaneous increase in demand for composite materials. These factors are key drivers of growth in the automotive pillar market. However, increasing levels of global air pollution may still hinder the rising demand for the automobile pillar market.

    Key Takeaways:

    • By vehicle type, the passenger car segment will account for over 3/4th of the demand for the automotive pillars in the international marketplace.
    • Based on product type, the pillar A category will dominate the global market with a 47.4% share of the market.
    • Strict automobile safety regulations will propel the automotive pillars market in the US.
    • India’s automotive pillar market will be driven by a surge in favorable government initiatives.

    Competitive Landscape

    • In a competitive market, significant participants are focusing on increasing investment in research and development efforts to produce novel automotive pillars. These businesses also concentrate on product development and upgrades while also employing strategies to expand their product portfolio. In a recent development, in December 2022, Panasonic Automotive held demonstrations of Systems of Systems (CPSoS) for the automotive pillar.
    • Gestamp, Trinseo SA, G-Tekt Corporation, Shiloh Industries, Sewon, and Toyoda Iron Works Co. Ltd., among others, are a few of the key players in the automotive pillar market profiled in the full version of the report.
    Himanshu Vaibhav
    Himanshu Vaibhavhttps://www.timesev.com/
    Himanshu Vaibhav is a distinguished Technology Journalist associated with ELEtimes.com and TimesEV.com. With expertise in researching, writing, and editing, he demonstrates a deep understanding of technology, particularly in the EV industry. His continuous updates on EV, Automotive, and E-mobility industries reflect his commitment to staying at the forefront of emerging trends.

    Related Post

    Most Popular

    Best Picks

    STM32WBA, 1st wireless Cortex-M33 for more powerful and more secure Bluetooth applications #STM32InnovationLive

    Author: STMicroelectronics Update, December 21, 2023 The STM32WBA52xx are now available in a QFN32 package measuring only 5 mm x 5 mm as opposed to the...

    2024 Insights: Dr. Abhilasha Gaur on Skilling’s Impact in...

    In an exclusive interview, Dr Abhilasha Gaur, COO of the Electronics Sector Skills Council of India (ESSCI), sheds light on how skilling processes will...

    Simulation Tool Prevents Severe Issues in Various Automotive Scenarios

    Authors: Giusy Gambino, Alessio Brighina, Francesco Giuffre’, Filippo Scrimizzi, STMicroelectronics, Catania, Italy When conceiving and implementing cutting-edge solutions that can thrive in harsh automotive environments a...

    SensorTile.box PRO, a new story about a professional board...

    Author: STMicroelectronics  The SensorTile.box PRO redefines what it means to use professional tools destined for the Internet of Things by making the technology accessible to more than...

    STM32CubeMonitor 1.7, STM32CubeMonitor-UCPD 1.3, and STM32CubeMonitor-RF 2.12, more powerful...

    Author: STMicroelectronics STM32CubeMonitor 1.7 became more flexible thanks to new UI improvements in an effort to adapt to the many use cases it must handle. For...

    Driving the Future: Exploring Innovations in the Automotive Power...

    The global automotive power electronics market is set to achieve a valuation of US$ 6 billion by 2033, advancing at 4.1% CAGR from 2023 to 2033, as...

    Empowering Karnataka’s Electronics Industry: An Insightful Conversation with CLIK...

    Karnataka, a shining star in India's technological landscape, has earned international acclaim for its thriving electronics and IT sectors. Fuelled by a legacy of...

    Aimil Ltd.: Setting the Benchmark for Instrumentation Solutions at...

    Aimil Ltd., an ISO 9001:2015 certified company with a heritage tracing back to 1932, holds a prominent position as a leading provider of cutting-edge...

    Electrify Your Future: A Thriving Career in the E-Mobility...

    In an era where sustainability and innovation reign supreme, the E-Mobility sector has emerged as the driving force behind a transformative shift in the...

    Must Read