Automotive Cross Car Beam Market to grow at a CAGR of 3.47% during 2024-2028
The Automotive Cross Car Beam Market is expected to grow at a CAGR of 3.47% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 547.92 million. In response to stringent emission norms, automotive component manufacturers are prioritizing the development of advanced, cost-effective, and lightweight products. To achieve this, they are increasingly adopting additive manufacturing, or 3D printing, which uses computer-aided design to create components by layering raw materials. This approach significantly reduces material waste and costs, while enabling the production of intricately designed components. Consequently, manufacturers are capitalizing on this technology to produce cross car beams with enhanced design and material properties, catering to the automotive industry's demand for lightweight and high-strength components.
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Technavio analysts predict that the OEM subsegment will lead the Distribution Channel segment during 2024 and 2028 The OEM segment in the global automotive cross car beam market comprises manufacturers supplying these essential components to automobile producers. The burgeoning automobile industry expansion is the primary growth driver, necessitating high-quality cross car beams from OEMs to enhance vehicle performance, safety, and comfort. Factors fueling OEM segment expansion include increasing vehicle production, stringent government regulations on vehicle safety and emissions, and consumer preferences for lighter vehicles. Technological advancements, such as the adoption of lightweight materials in cross car beam production, have further bolstered the OEM industry's development.
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There are several factors that are causing the market to flourish increased adoption of suvs by consumers
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The automotive cross car beam market is witnessing significant growth due to the increasing demand for lightweight composites in the automobile industry. Personnel in the manufacturing sector are prioritizing the use of these materials to enhance the stability and safety of vehicles in lateral impacts and side crashes. The focus on side crash safety is crucial as it accounts for a large percentage of injuries and fatalities in automobile accidents. Lightweight composites, such as magnesium beams, are being used to replace traditional steel beams in vehicle structures. These beams absorb impact energy more effectively and reduce the overall weight of the vehicle, leading to improved fuel efficiency and reduced emissions. Original equipment manufacturers (OEMs) are integrating cross car beams into the dashboard, steering wheel, and airbag systems to improve occupant safety. Consumer preferences for safer and more eco-friendly vehicles, health concerns, travel restrictions, and lockdowns have accelerated the adoption of these technologies in the automotive industry. Regulatory authorities are also pushing for stricter safety regulations, emphasizing crashworthiness and occupant safety. The supply chain for lightweight composites is evolving to meet the increasing demand, with manufacturing facilities ramping up production to meet the needs of automakers. The Acura TLX, for instance, features a magnesium beam in its frame, which significantly improves the vehicle's structural integrity and safety in side impacts. Overall, the automotive cross car beam market is poised for continued growth as the automobile industry shifts towards lighter, safer, and more sustainable vehicles.
The Automotive Cross Car Beam market is a segment of the broader Global Automotive Parts and Equipment Market, which encompasses businesses producing components and accessories for various automotive categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size for the Global Automotive Components and Equipment Market is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for this market include the escalating demand for electronic components in automobiles, fueled by the rising sales of electric vehicles, motorcycles, and passenger cars, leading to a substantial increase in the requirement for electronic control units (ECUs) and other electrical components over the past decade.
The Automotive Cross Car Beam Market is experiencing significant growth, fueled by the increased adoption of suvs by consumers. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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