PUNE, India, March 1, 2017 /PRNewswire/ --
The report "Car Door Latch Market by Application (Side Door Latch, Hood Latch, Tailgate Latch, and Back Seat Latch), Lock Type (Electronic and Non-Electronic), Vehicle Type (Passenger Car and Light Commercial Vehicle) and Region - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to grow at a CAGR of 5.80%, from USD 4.97 Billion in 2016 to USD 6.59 Billion by 2021.
Browse 75 market data Tables and 56 Figures spread through 135 Pages and in-depth TOC on "Car Door Latch Market"
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In terms of volume the market is expected to reach 594.8 million units by 2021. The major factors behind the growth of the automotive latch market are the increase in global automobile production and technological advancements due to safety and security concerns.
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The side door latch segment is estimated to be the largest segment
The market share for side door latches is the largest and is growing at a CAGR mentioned in the report, during the forecast period. The per vehicle usage of side door latches is the highest at 4, compared to 1 to 2 for other latch types such as tail gate, hood, and seat, per vehicle. Hence, the side door latch market has the largest market share.
The passenger car type is estimated to be the fastest growing segment in the global automotive latch market
The passenger vehicle segment is growing at the highest CAGR as mentioned in the report, during the forecast period. Additionally, an increasing trend of extended cab type light commercial vehicles (LCV) has also helped the automotive latch market grow, as they have four side doors against the two in standard LCVs.
Asia-Pacific is estimated to be the largest region for the automotive latch market
The Asian automotive latch market is projected to be the largest market owing to increasing vehicle production and sales due to an increase in disposable income. Additionally, the Chinese and Indian markets are witnessing an increase in demand for luxury cars. The sale of luxury cars in China and India has been increasing, which, in turn, is driving the demand for advanced technology latches also such as LED and power latches, among others.
The major players in the Car Door Latch Market include Aisin Seiki Co., Ltd. (Japan), Mitsui Mining and Smelting Co., Ltd.(Japan),Kiekert AG (Germany), Magna International, Inc. (U.S.), Strattec Security Co. (U.S.), U-Shin, Ltd. (Japan), Shivani Locks Pvt. Ltd. (India), Brose Fahrzeugteile Gmbh & Co. (Germany), Inteva Products, Llc. (U.S.), and Minda VAST Access Systems Pvt. Ltd. (India).
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