A new research report by Future Market Insights (FMI) has projected the global automotive door latch market to register a moderate expansion over the forecast period (2017-2022). Revenues from the global market for automotive door latch are estimated to surpass revenues worth US$ 6,500 Mn by 2022-end.
Global Leaders focusing on Provision of Smart Lock Solutions in Vehicles
Vehicles have witnessed a significant transformation from being a luxury product to becoming more of a commodity, on the back of rapid economic growth globally. A large portion of this increased demand for vehicles is currently accounted by developing economies of Asia-Pacific excluding Japan (APEJ) and Latin America. Global leaders in the automotive door latch market are shifting their focus towards making advancements in their technology, in a bid to provide smart lock solutions to enable vehicle owners in controlling door latches by using a tablet, smartphone, or any other Bluetooth device. The development of technologically advanced automotive door latches, vehicle manufacturers are considering replacement of existing door latches in vehicles, in order to offer better control & safety features.
The global automotive door latch market has witnessed adverse conditions over the past few years, stemming significantly from surging international competition. The market is anticipated to gain higher traction in the upcoming years, with production of vehicles gradually picking up pace. For automotive manufacturers, developing more advanced automotive door latches is becoming a high priority, with robust increase in demand for personal as well as commercial vehicles, along with rising safety concerns.
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Key Research Findings from FMI’s Report on Global Automotive Door Latch Market
In terms of revenues, Europe and North America will remain most lucrative regions for the automotive door latch market. Germany and the U.K. are expected to dominate the automotive door latch market in Europe, while the U.S. will remain the largest market for automotive door latch in North America. The market in Asia-Pacific excluding Japan (APEJ) is projected to register a robust expansion through 2022. This can be highly attributed to increased demand for luxury cars in APEJ countries, such as India and China, owing to rising disposable income of the population.
Based on sales channel, aftermarket is projected to account for the largest revenue share of the market during 2017 to 2022. However, automotive door latch sales in OEM will register the fastest expansion through 2022.
On the basis of application, side door latch and hood latch are projected to register a parallel expansion in the market through 2022, with the former being more lucrative than the latter. Revenues from side door latch and hoot latch applications of automotive door latch are expected to collectively account for nearly half share of the market over the forecast period. Tailgate latch will continue to be the second most lucrative application of automotive door latch, with sales estimated to exceed US$ 1,500 Mn in revenues by 2022-end.
By function, electronic automotive door latch is projected to register the fastest expansion in sales through 2022. Revenues from electronic automotive door latch are estimated to account for over one-third share of the market throughout the forecast period. However, non-electronic automotive door latch will remain preferred among vehicle owners across the globe.
Based on vehicle type, sales of automotive door latch are projected to witness fastest expansion in light commercial vehicles. In addition sales of automotive door latch for compact passenger cars and premium passenger cars will exhibit similar CAGRs through 2022. Mid-sized passenger cars will remain dominant in the global automotive door latch market, in terms of revenues.
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FMI’s report has listed key companies operating in the global automotive door latch market, which include WITTE Automotive GmbH, U-Shin Ltd., STRATTEC Security Corp., Shivani Locks Private Limited, Minda Vast Access Systems Pvt. Ltd., Magna International, Inc., Kiekert Aktiengesellschaft, Inteva Products LLC, Brose Fahrzeugteile GmbH & Co., and Aisin Seiki Co., Ltd.