Published: May, 2019
Transparency Market Research has published a new report titled, “Automotive Door Latch Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027”. According to the report, the global automotive door latch market is anticipated to surpass US$ 29.6 Bn by 2027, expanding at a CAGR of more than 2.34% during the forecast period.
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.
The global automotive door latches market for automotive has been segmented as follows:
- Global Automotive Door Latch Market, by Lock Type
- Global Automotive Door Latch Market, by Application
- Side Door Latch/Slide Door Latch
- Tailgate Latch
- Back Seat Latch
- Hood Latch
- Global Automotive Door Latch Market, by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Global Automotive Door Latch Market, by Sales Channel
- Global Automotive Door Latch Market, by Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- North America
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