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Automotive Closures Market: Introduction

  • Automotive closures are a non-structural part of the vehicle that are hinged to the body frames, such as doors, to allow entry and exit from the vehicle. Automotive closures are a critical part of the vehicle, as they contribute to vehicle safety and add functional value. Automotive closures have witnessed a significant amount of development, in terms of design, weight, and features, for the last few years.

Key Drivers of Global Automotive Closures Market

  • The global automotive closure market is primarily driven by an increase in sales of vehicle. Increased demand for commute among youth and middle income families has fueled the sales of new vehicles. Availability of zero down-payment and attractive EMI options and easy financing of subprime mortgages are boosting the ownership of vehicles, which in turn is driving the automotive closures market.
  •  Adoption of fancy hull-winged doors, electric powered tailgates, and smart doors has increased the value of closures, which in turn is boosting the market in terms of value. Rise in sales of premium vehicles and increased demand for electric and connected features in vehicles is estimated to drive the automotive closures market.
  • Rising consumer preference for fuel-efficient vehicles and increasing stringency in emission norms are driving the development of low weight automotive closures. Composite materials and plastics are being used for tailgates. Doors & bonnets are increasingly being manufactured using aluminum alloys, which is expected to further boost the market in terms of value.

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Challenges to Global Automotive Closures Market

  • Unlike most functional automotive components, automotive closures such as door, bonnet, and tailgates can be repaired for minor dent or damage. Consequently, demand for replacement in the aftermarket is largely subdued by repair work.

Passenger Vehicle to Hold Majority Share of Automotive Closures Market

  • The passenger vehicle segment is anticipated to hold a leading share of the global market owing to its higher production volumes

Powered Segment to Gain Market Share

  • The automotive industry across the globe is witnessing a major shift from manual to electric. Remote operated and digitally operated tailgates, bonnet, doors, and roof are being extensively adopted even in entry level cars. The manual segment is expected to record a significant decline during the forecast period

Asia Pacific to lead Global Automotive Closures Market

  • Asia Pacific held a leading share of the global automotive closures market in 2019 with China, Japan, India and South Korea contributing to the high volume production of vehicles in the region
  • Europe and North America are developed markets; however, the COVI19 situation is likely to hamper vehicle sales until 2022. The automotive industry in Latin America & Middle East & Africa has been witnessing rapid expansion in last decade. Expansion of economies, increasing employment opportunities, and rising consumer affordability are projected to boost the automotive closures market in these regions during the forecast period.

Key Players Operating in Global Automotive Closures Market

A few of the key players operating in the global automotive closures market are:

  • Magna International, Inc.
  • Continental AG
  • Aisin Seiki. Co. Ltd.
  • Robert Bosch GmbH
  • Toyota Motor Corporation
  • Honda Motor Company, Ltd.
  • DENSO Corporation

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Global Automotive Closures Market: Research Scope

Global Automotive Closures Market, by Type

  • Manual
  • Powered

Global Automotive Closures Market, by Product Type

  • Bonnet
  • Roof
  • Windows
  • Doors
  • Rear Hatch
  • Fuel Doors

Global Automotive Closures Market, by Component

  • Electronic Control Unit
  • Switch
  • Latch
  • Motor & Actuator
  • Relay

Global Automotive Closures Market, by Sales Channel

  • OEM
  • Aftermarket

Global Automotive Closures Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Closures Market

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