As per MRFR analysis, the Automotive Bracket Market Size was estimated at 11.55 (USD Billion) in 2022.
The Automotive Bracket Market Industry is expected to grow from 12.75(USD Billion) in 2023 to 30.9 (USD Billion) by 2032. The Automotive Bracket Market CAGR (growth rate) is expected to be around 10.34% during the forecast period (2024 - 2032).
The automotive bracket market is set to grow significantly in the near future due to growing demand for lightweight and durable vehicles. This has been necessitated by strict fuel efficiency regulations that require the use of light materials in vehicle manufacturing, including brackets and other structural components. Moreover, electric cars are increasing at a significant rate, leading to demand for special brackets that can handle the peculiar stresses associated with electrical power trains. The introduction of sensors and actuators into brackets has also led to notable strides in technology. These intelligent brackets can make vehicles better performing and safer by providing real-time data or control capabilities. Furthermore, there is anticipation that the uptake of autonomous driving will result in more automotive brackets capable of accommodating sophisticated sensors and electronic systems needed for self-driving operations. Some recent developments in the automotive bracket market are increasing preference towards advanced materials such as high-strength steels and composites to reduce weight and additive manufacturing that allows complex custom-designed bracketing. This is shaping the trajectory of the automotive bracket market going forward, providing room for new ideas for innovations as well as outlets for expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The increasing demand for lightweight vehicles has been a major driver of the growth of the Automotive Bracket Market. Lightweight vehicles are more fuel-efficient and have lower emissions, which makes them more attractive to consumers. Automotive brackets play a critical role in reducing the weight of vehicles, as they are used to connect various components, such as the engine, transmission, and suspension. The use of lightweight materials, such as aluminum and magnesium alloys, in the production of automotive brackets has further contributed to the growth of the market.
The increasing adoption of ADAS is another major driver of the automotive bracket market growth. ADAS are designed to improve safety and convenience for drivers, and they rely on a variety of sensors and actuators to function. Automotive brackets are used to mount these sensors and actuators, and as the adoption of ADAS increases, the demand for automotive brackets is also expected to increase.
The growing popularity of electric vehicles (EVs) is another factor driving the growth of the automotive bracket market. EVs require different types of brackets than internal combustion engine (ICE) vehicles, as they have different powertrains and battery systems. The increasing demand for EVs is expected to drive the demand for automotive brackets specifically designed for EVs.
The Automotive Bracket Market is segmented by type into Engine Brackets, Body Brackets, and Suspension Brackets. Engine Brackets are projected to account for the largest share of the market in 2023, and this trend is expected to continue over the forecast period. Engine Brackets are essential components that support and mount the engine to the vehicle's frame. They ensure proper engine alignment and reduce vibrations and noise. The increasing demand for vehicles with powerful and efficient engines is driving the growth of the Engine Brackets market.Body Brackets are another significant segment that is expected to witness a steady growth rate during the forecast period. Body Brackets are used to attach body panels, such as doors, hoods, and trunks, to the vehicle's frame. With the rising production of passenger cars and commercial vehicles, the demand for Body Brackets is anticipated to increase. Suspension Brackets are vital components that connect the suspension system to the vehicle's frame. They play a crucial role in absorbing shocks and vibrations, ensuring a smooth and comfortable ride.The growing adoption of advanced suspension systems in vehicles, particularly in luxury and sports cars, is expected to drive the demand for Suspension Brackets. Overall, the Automotive Bracket Market is expected to experience significant growth over the forecast period. The increasing production and sales of vehicles, coupled with the rising demand for advanced and safety features, are key factors driving the market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Automotive Bracket Market is segmented based on material into steel, aluminum, and composite materials. Steel is the most widely used material in the production of automotive brackets due to its strength, durability, and relatively low cost. However, aluminum and composite materials are gaining popularity due to their lightweight and high strength-to-weight ratio, which can help to improve fuel efficiency and reduce emissions. The market for automotive brackets made of composite materials is expected to grow at a CAGR of 6.5% from 2024 to 2032, reaching a value of USD 1.5 billion by 2032.This growth is attributed to the increasing demand for lightweight and fuel-efficient vehicles.
The Automotive Bracket Market is segmented by Application into Passenger Vehicles, Commercial Vehicles, and Off-Highway Vehicles. Among these, the Passenger Vehicles segment accounted for the largest revenue share of over 40% in 2023. The growth of this segment can be attributed to the increasing production and sales of passenger vehicles globally. The Commercial Vehicles segment is also expected to witness significant growth over the forecast period, owing to the rising demand for commercial vehicles in various industries such as transportation and logistics.The Off-Highway Vehicles segment is expected to grow at a steady pace, driven by the increasing demand for off-highway vehicles in the construction, mining, and agriculture sectors.
The Automotive Bracket Market is segmented into various sales channels, including OEMs, Aftermarket Distributors, and Online Retailers. Each channel plays a significant role in the distribution and sales of automotive brackets. OEMs (Original Equipment Manufacturers) are responsible for the production and sale of new vehicles. They typically have their own in-house manufacturing facilities and supply brackets directly to vehicle assembly plants. OEMs account for a significant portion of the Automotive Bracket Market revenue. Aftermarket Distributors are companies that purchase brackets from manufacturers and resell them to independent repair shops, auto parts stores, and other businesses.They play a crucial role in providing brackets to the aftermarket, which includes vehicle repairs and maintenance. Online Retailers are e-commerce platforms that sell automotive brackets directly to consumers. They offer a wide selection of brackets and provide convenient and competitive pricing. Online Retailers are gaining popularity due to the increasing adoption of online shopping. The Automotive Bracket Market is expected to experience significant growth in the coming years due to the rising demand for automotive accessories and the increasing number of vehicles on the road.The market is also being driven by the growing popularity of online shopping and the increasing adoption of advanced technologies in vehicles.
The Automotive Bracket Market is expected to witness significant growth over the forecast period. Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America and Europe are expected to hold a significant market share in 2023, with a combined revenue of around USD 8.5 billion. The growth in these regions can be attributed to the presence of major automotive manufacturers and the increasing demand for lightweight and fuel-efficient vehicles. APAC is expected to be the fastest-growing region over the forecast period, with a CAGR of 11.5%.The growth in this region is primarily driven by the increasing production of automobiles in countries such as China and India. South America and MEA are expected to witness moderate growth over the forecast period, with CAGRs of 9.2% and 8.6%, respectively.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the Automotive Bracket Market industry are focusing on expanding their product portfolio and geographical reach. Leading Automotive Bracket Market players are investing in research and development to introduce innovative products and technologies. The Automotive Bracket Market development is being driven by the increasing demand for lightweight and fuel-efficient vehicles. The competitive landscape of the Automotive Bracket Market is fragmented, with a number of small and medium-sized players. However, the market is expected to consolidate over the next few years as larger players acquire smaller players to gain market share.DENSO Corporation is a leading global supplier of automotive components and systems. The company offers a wide range of automotive brackets, including engine brackets, suspension brackets, and body brackets. DENSO Corporation has a strong presence in the Asia-Pacific region and is expanding its operations in North America and Europe. The company's automotive brackets are known for their high quality and durability.Sumitomo Electric Industries, Ltd. is another major player in the Automotive Bracket Market. The company offers a wide range of automotive brackets, including engine brackets, transmission brackets, and exhaust brackets. Sumitomo Electric Industries Ltd. has a strong presence in the Asia-Pacific region and is expanding its operations in North America and Europe. The company's automotive brackets are known for their high strength and performance.
The Automotive Bracket Market is projected to grow from an estimated USD 12.75 billion in 2023 to USD 30.9 billion by 2032, at a CAGR of 10.34% during the forecast period. Increasing demand for lightweight vehicles, stringent emission regulations, and growing adoption of electric vehicles are key factors driving the market growth. Key industry participants are focusing on product innovation and strategic partnerships to expand their market presence. For instance, in February 2023, Adient acquired Futuris, a leading provider of automotive seating systems, to strengthen its position in the automotive bracket market. Such developments are shaping the competitive landscape and driving the overall growth of the Automotive Bracket Market.
Automotive Bracket Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 11.55(USD Billion) |
| Market Size 2023 | 12.75(USD Billion) |
| Market Size 2032 | 30.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 10.34% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Valeo, Hitachi Automotive Systems, ZF Friedrichshafen AG, TRW Automotive, Robert Bosch GmbH, Denso Corporation, Continental AG, Breed Technologies, Aisin Automotive, CIE Automotive, JTEKT Corporation, BorgWarner, GKN Automotive, Thyssenkrupp, Magna International |
| Segments Covered | Type, Material, Application, Sales Channel, Regional |
| Key Market Opportunities | 1 Growing demand for lightweight vehicles2 Increasing production of electric and hybrid vehicles3 Expansion of the automotive aftermarket4 Stringent government regulations for safety and emissions5 Technological advancements in material science and design |
| Key Market Dynamics | Increasing demand for lightweight vehicles Growing popularity of electric vehicles Rising automotive production Stringent emission regulations Technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Bracket Market is expected to reach a valuation of USD 30.9 billion by 2032, experiencing a CAGR of 10.34% from 2024 to 2032.
North America is anticipated to hold the largest market share due to the presence of major automotive manufacturers and increasing vehicle production in the region.
Automotive brackets are primarily used in engine systems, suspension systems, exhaust systems, and interior components of vehicles.
Tier 1 automotive suppliers such as Magna International, Benteler, and Gestamp are the key players in the Automotive Bracket Market.
Rising demand for lightweight and fuel-efficient vehicles, increasing production of electric vehicles, and growing adoption of advanced driver assistance systems (ADAS) are driving the market growth.
Fluctuating raw material prices, intense competition, and stringent government regulations pose challenges to the Automotive Bracket Market.
The adoption of lightweight materials, integration of sensors and electronics, and increasing use of automated manufacturing processes are emerging trends in the Automotive Bracket Market.
The COVID-19 pandemic led to a temporary decline in vehicle production, impacting the Automotive Bracket Market. However, the market is expected to recover post-pandemic due to pent-up demand and government stimulus measures.
The Automotive Bracket Market is expected to witness steady growth in the coming years, driven by increasing vehicle production, technological advancements, and growing demand for lightweight and fuel-efficient vehicles.
Key strategies include investing in research and development, expanding production capacity, forming strategic partnerships, and focusing on sustainability initiatives.
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
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