The global automotive door latch market is anticipated to flourish at a healthy CAGR of 4% over the forecast period from 2023 to 2033. The global market is predicted to surpass a valuation of US$ 9.3 billion by 2033 from US$ 6.0 billion in 2023. Europe is anticipated to dominate the global automotive door latch market because the vehicle parts and accessories industry in Germany is thriving due to a favorable perception among OEMs.
According to Future Market Insights’ historical analysis, the global automotive door latch market exhibited a total CAGR of 4.5% over the forecast period from 2017 to 2022. The growth of the market is attributed to impressive products designed to withstand the highly corrosive environment that occur in the hood of the vehicle are in high demand.
Acoustic features such as smart sensors and touch-enables locking systems are anticipated to create immense inbound growth prospects. Furthermore, the rapid growth in the automotive industry is likely to fuel the demand for car door latches. The increasing utilization of advanced materials in manufacturing automotive door latch for critical applications including aircraft manufacturing, medical equipment, and chemical processing is expected to fuel the market growth. In addition, the expensive cost of electronic or advanced door latches may hinder market expansion over the coming years.
Get Access to Sample Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-4556
At present, the lucrative growth of the automotive industry is predicted to fuel the demand for several automotive parts all over the world, which in turn, may encourage the manufacturers to expand their production facilities. Moreover, the laidback availability of capital for the expansion or the development of existing and new manufacturing facilities in emerging regions to meet the demand from the automotive industry is estimated to boost the growth of production volumes of automotive door latches in these regions.
The emergence of technological advancements such as touch lock systems, smart sensors, and AI-powered automotive latches is currently in the nascent stage. Furthermore, these technologies are projected to develop and find a wide application by the end of the projection period. This could help overcome various operational and technical difficulties that impede market growth.
Key Takeaways
- Responding to consumer demands, automakers are rapidly adding more safety, security, and convenience features to vehicle access control systems. Furthermore, in a continuous effort to make the market more profitable, automakers are reducing costs by outsourcing the design of systems/sub-systems and components.
- In an attempt to enhance efficiency and productivity, numerous OEMs have adopted a ‘corporate strategy’, implementing the same latch across several manufacturing platforms and marketing divisions.
- Attributing to the substantial availability of workforce serving at a minimal price, key players within the automotive manufacturers are constructing production plants in emerging economies. Mexico, China, India, South Korea, and Indonesia are expected to benefit significantly from the automotive market participants due to the change in demand for automotive parts and components.
- As the automobile industry matures with time, more partnerships and mergers among various distributors and suppliers are expected to surge their worldwide footprint and product variety. Market leaders are focused on selling non-core assets and infrastructure to earn the funds needed to pay down their debts.
- International market leaders are meticulously working on developing alliances and joint ventures with numerous foreign companies in order to ensure effective product marketing locally, obtain a competitive advantage over competitors, and other benefits such as increased brand value over time. Such elements are expected to give chances to improve production capacity, cut production costs, and allow local and international market participants to maintain their market positions.
- The automotive door latch is considered a vital component of a door closure system. It functions either electronically or mechanically. The prominent function of a door latch is to maintain the safety of the passenger by securing the door system. It eliminates the risk of fatal damages in case of car accidents.
- During the present analysis, rising concerns have surrounding maintaining safety in the latest automotive variants which are anticipated to foster market growth. This is further driven by the stringency of government guidelines on automotive safety standards. Hence, key OEMs are currently raising the demand for top-notch product variants.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-4556
Competitive Landscape
Key market players within the global automotive door latch market are focusing on acquisitions and expansion activities to enhance the supply of door latches. Several players are also attempting to increase the door-locking system’s efficiency. The worldwide business has also seen the emergence of many manufacturers.
Key Market Players working in the Automotive Door Latch Market are
- STRATTEC
- Kiekert AG
- Inteva Products LLC
- Aisin Seiki Co. Ltd.
- Magna International Inc.
- WITTE Automotive GmbH
- Brose Fahrzeugteile GmbH & Co. KG
- U-Shin Ltd
- Shivani Locks Private Limited
- MITSUI KINZOKU
Automotive Door Latch Market by Category
By Latch Type:
- Side Door Latch
- Tailgate Latch
- Hood Latch
By Function:
- Electronically Operated
- Mechanically Operated
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-4556
By Vehicle Type:
- Compact Car
- Mid-Size
- Luxury Car
- SUV
- HCV
- LCV
By Sales Channel:
- Aftermarket
- OEM
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs