The global automotive door latch market size is expected to reach around US$ 29.4 Bn by 2026, expanding at a CAGR of more than 2.24% during the forecast period 2019 to 20226.
The report analyzes and forecasts the automotive door latch market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global automotive door latch market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the automotive door latch market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of automotive door latch market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
Increase in production and sales of automobiles across the globe is a major factor driving the demand of the automotive door latch. The automotive industry produced 96.6 Mn vehicles, globally, in 2018, while the latch is a major component used in the automotive industry. The total sales registered by the automotive industry stood at about 88.5 million vehicles in 2018. The industry is expanding at a decent pace, while the demand for SUVs and cars is rising at a rapid pace, primarily in developing countries. Asia Pacific witnessed a major demand for passenger vehicles, which in turn fuels the demand for automotive door latches. Demand for electric vehicles also been increased by nearly 70% in 2018, which in turn is estimated to boost the automotive door latch market. The share of Asia Pacific in GDP growth of the world is nearly 53%, while China, U.S., and India, account for 29%, 14%, and 9 % share, respectively.
Rise in urbanization and sustained investments in construction are driving the usage of vehicles, thus boosting the demand for automotive door latch market. The Trump government has set plans for an infrastructure investment of US $ 1.7 Trn to develop rural infrastructure, highways, and bridges. The EU–China deal, named Belt and Road Initiative, of US$ 9 Bn to construct an intercontinental highway is expected to drive the demand for construction vehicles, thereby boosting the demand for door latch market. Increased industrial activity in Asia Pacific and Latin America is driving the sales of electric forklifts and warehouse trucks. Demand for lean production is driving the adoption of large number of industrial vehicles within facilities and warehouse, which in turn is boosting the automotive door latch market.
Based on lock type, the electric segment is expected to dominate the global automotive door latch market, both in terms of volume and value. Electrification of vehicles and increasing adoption of electrical components in vehicles are key reason that are driving the demand for automotive door latch. Manufacturers are introducing more customer-friendly and secure vehicles with improved or improvised safety features. Customers are more concerned about the safety and security of vehicles and the people utilizing these vehicles along with the performance of vehicles. Electric door latches are utilized to operate latches remotely or automatically, which allows the locks of the vehicles to function on desired instruction. Penetration of electric door latches is expected to increase during the forecast period, as an increasing number of automakers are incorporating features such as remote locking and central locking.
In terms of application, the side door latches/slide door latch segment is expected to lead the market, as these latches are employed in majority of vehicles. Side door latches can function electronically and non-electronically. Increase in adoption of electric vehicles and the production of the secure vehicles has boosted the demand for side door latches. The side door latches segment is followed by the tailgate and hood latches segment, as these latches are highly useful and major components of the vehicles.
Asia Pacific is a key market for the automotive door latch, as the region constitutes for a major share of vehicle production and sales globally. Consequently, demand for door latch is increasing in the region. China and India account for a major share of the market in the region and an increase the demands for vehicles owing to high the per capita income and GDP of these countries, is estimated to provide a stable environment for the automotive industry in these countries during the forecast period.
The OEM segment is estimated to lead the global automotive door latches market, as the lifespan of latches is considerably high. The average time period between replacements of the automotive door latch is high, which in turn hampers the OEM segment. Replacement of the automotive door latch is occasional, which prompts the OEM to hold a leading share of the market.
Key players operating in the global automotive door latch market include AISIN SEIKI Co., Ltd., Brose Fahrzeugteile GmbH & Co. KG, EBERHARD, GECOM Corporation, IFB Automotive Private Limited, Inteva Products, Kiekert AG, Magna International Inc., Minda VAST Access Systems Pvt. Ltd., MITSUI MINING & SMELTING CO., LTD., Shivani Locks Pvt. Ltd., STRATTEC SECURITY CORPORATION, U-Shin Ltd., and WITTE Automotive.
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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