Expanding Automotive Industry will present Automotive Door Latch Market with a revenue of US$ 7.7 Bn by 2027. Explore data analysis by Future Market Insights, Inc.
Imagine a world where people never have to worry about unlocking car doors again. Leading makers of automotive locking systems recently launched an interesting concept that eliminates the need for handles and gives more room in cars
NEWARK, Del., Oct. 17, 2022 /PRNewswire/ -- The global automotive door latch market is expected to expand at a yearly growth rate of 4.8% and reach a value of US$ 7,647.8 Mn in 2027. Valued at US$ 5,762.5 Mn in 2021, the target market will likely reach an estimated US$ 6,040.2 Mn in 2022. The advancing automotive industry is contributing to the escalating demand for automotive components all over the world. This is expected to propel the growth of the automotive latch market over the forecast period.
A door latch system overlooks the general safety of driver and the passenger. These latches ensure in-time locking and unlocking of the doors and the storage trunk which protects property and lessens the risks for passengers in case of an accident. The rising demand for autonomous driving is fueling the need for savvier ways to unlock the car.
This is expected to positively influence the target market, transforming the automotive door latch landscape.
Moreover, the target market is much influenced by technological developments like touch-enabled locking systems and smart sensors. Incorporation of these technological advancements will drive the door latch industry. In addition to this, the expanding automotive sector coupled with high demand for automotive counterparts will amplify the market prospects for automotive latch.
Again, a preference for safe and secure vehicles by consumers will contribute to the growth aspect of the target market. Other factors like increasing disposable income, rise of the car industry as a result of population increase, infrastructure development, and suburbanization, and others will contribute to the growth of the automotive door latch market during the forecast period.
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"Extensive industrial applications as well as the heightened demand for automotive components will drive the global growth of the automotive door latch market over the forecast period," says an FMI analyst.
Key Takeaways:
- Functional and operational issues may hamper the market prospects.
- Asia Pacific is predicted to offer many lucrative opportunities to the target market.
- Germany will generate a growth opportunity of US$ 96.4 Mn in the target market during the forecast period.
- The U.S. A's market will be driven by elevated investments in product development.
- The electrically operated segment is expected to exhibit significant growth through 2027.
- The mid-size automobile segment will grow at a 5.9% CAGR.
- By sales channels, the OEM segment will create an absolute dollar opportunity of US$ 1,358.9 Mn.
Competitive Landscape
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, and MITSUI KINZOKU among others are some of the major players in the automotive door latch market profiled in the full version of the report.
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Key market players are focusing on enhancing their product efficiency and capabilities. These businesses also employ several expansion tactics like mergers and acquisitions to help them meet the rising demand.
More Insights into Automotive Door Latch Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive door latch market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2027. To understand the global market potential, growth, and scope, the market is segmented on the basis of latch type (side door latch, tailgate latch, hood latch), function (electronically operated, mechanically operated), vehicle type (compact car, mid-size, luxury car, SUV, HCV, LCV), sales channel (aftermarket, OEM), and region.
According to the latest FMI reports, based on segmentation, the mid-size automobile segment will grow at a 5.9% due to increasing vehicle production as well as a growing preference for personal mobility. The OEM sales channel is estimated to create an incremental opportunity of US$ 1,358.9 Mn and expand at a CAGR of 4.7% during the forecast period.
Based on region, the Asia Pacific region is expected to offer many lucrative opportunities to the automotive door latch market. India and China will likely lead the market growth in this region with India's automotive latch market registering a 4.6% sales growth in 2022 and China will become the largest manufacturers of door latches during the forecast period. Other countries like Germany and the U.S. will record notable growth during the forecast period.
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Table of Content
Chapter 1 : Global Automotive Door Latch Market - Executive Summary
1.1. Global Market Outlook
1.2. Automotive Door Latch Demand Side Trends
1.2.1. The Preference Towards High Quality Products
1.2.2. Demand for Economic Range Products
1.2.3. Government Regulations to Propel the Sales of Electric Vehicle
1.3. Automotive Door Latch Supply Side Trends
1.3.1. Technological Forefront:
1.3.2. Expansion of Manufacturing Facilities
1.4. FMI Analysis & Recommendation
Chapter 2 : Global Automotive Door Latch Market Overview
2.1. Introduction
2.1.1. Global Automotive Door Latch Market Taxonomy
2.1.2. Global Automotive Door Latch Market Definition
2.2. Global Automotive Door Latch Market Dynamics
2.3. Global Automotive Door Latch Market Size (US$ Mn & Volume ('000 Units)) and Forecast, 2013-2027
2.3.1. Global Automotive Door Latch Market Y-o-Y Growth
2.4. Cost Structure
2.5. Macro-Economic Factors
2.5.1. 2.6.1. Global Automotive Sector Outlook
2.5.2. 2.6.2. Global Automotive Industry by Vehicle Type and Automotive Door Latch Y-O-Y (%) growth projection comparison from 2018 – 2027
2.5.3. 2.6.3. Regional Vehicle Production & Vehicle PARC
2.6. Value Chain
2.7. Pricing Analysis
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SOURCE Future Market Insights
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