The bumper reflectors are considered to be the second line of defense, next to automotive lights, against unwanted collisions. They not only serve as a warning but is required by the law, bumper reflectors also help to keep you safe while you are driving, as well as when the car is parked. Moreover, the bumper reflectors also reduce the rear-ends collision significantly. In addition, when the car is parked on a dark road, or stop on the road shoulder at night, they are vulnerable to unintentional collision possible. Hence, a bumper reflector helps lower the risk of such collisions. The bumper reflector offers features such as resistance to corrosion or vibration, easy installation, they can be mount on flat or curved surfaces, combined with an attractive finish becomes an element to which customers are switching frequently.
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COVID-19 scenario analysis:
- The automobile demand was declining for the last many months, due to changes in norms in many developing countries but due to the lockdown, it is completely been vanished out of the market.
- The impact on the automobile sector is very drastic of the deadly virus, as the inventories overflow with no demand in the market.
- The companies are shut down for months now and the supply chain is completely been broken which will affect the profitability of companies.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include the scope of innovations & developments and advancement in technology. However, the low-profit margin in auto parts is expected to restrain the growth of the market in the forecasting period. Furthermore, governments around the globe have strict standards to install the safety equipment’s inside and outside of the vehicle can create new lucrative opportunities for the market.
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The bumper reflector market trends are as follows:
Scope of innovations & developments
The bumper reflector market features a lot of scope within the research, development, and innovation department, as new approaches and technologies are being discovered for the manufacturing of upright and reliable parts and components. Moreover, the general marketplace for bumper reflectors has been inflating, due to the general global growth of the automotive industry. Hence, in the present-day consumers are attracted and fascinated toward performance-orientated vehicles with luxurious driving comfort, which is anticipated to drive the market growth.
Advancement in technology
The bumper reflector also improves reliability and the overlook of a vehicle because it offers a premium look and safety as well, with more durability. Moreover, the bumper reflector must be resistant to crusting and durable as they frequently expose to water or rain. Hence, the demand for bumper reflector has increased rapidly due to the recent innovations done by the manufacturers in its design.
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