Escalating sales of commercial vehicles are identified to remain among the key factor bolstering sales of automotive hardware at a global level. The global automotive hardware market is projected to reach a market value in excess of US$ 100 Bn by 2029 end, with growth anticipated at a moderate CAGR during the forecast period (2019 – 2029). The rate of replacement of automotive hardware in heavy commercial vehicles (HCVs) has been on a higher side than passenger cars, which would drive automotive hardware sales in the following years, as suggested by a new Future Market Insights (FMI) study.
Key Takeaways - Automotive Hardware Market Study
- OEMs are majorly driving growth of the automotive hardware market.
- High aftermarket fitment rate of automotive hardware and vehicle modification trend are also moderately contributing to the market growth.
- As people are less brand-conscious at the time of replacement of majority of products such as door seals, mounting brackets, door straps, among others, independent players play key role in aftermarket replacement.
- More than 40% of the revenue in automotive hardware market comes through sales of door latches and mounting brackets. High replacement rate of these products is fuelling market growth.
OEMs would remain the primary contributors to the global automotive hardware market. However, increasing rate of vehicle modification is also playing an important role, of late, in driving the aftermarket sales of automotive hardware.
Lucrative Growth Opportunities Abound in South East Asian Market
The demand for automotive hardware is expected to gain traction in South East Asia in the coming years, owing to higher automotive production. Increasing disposable income and growing middle class income group in this region are expected to fuel market growth. Countries including India, Indonesia, Thailand, and Malaysia to contribute to the growing market of automotive hardware in the region.
What Is Driving Competition in Automotive Hardware Market?
For More Detailed Insights on Automotive Hardware Market
The global automotive hardware market is highly competitive, with the presence of large number of global and regional manufacturers. Key manufacturers such as Magna International Inc., Aisin Seiki Co Ltd, Mitsui Mining and Smelting Co Ltd, Nissin Kogyo Co Ltd, Dorman Products, and Gestamp Automocion account for very less share of the overall market. In the current scenario, Europe and East Asia are anticipated to account for more than half of the market value share of the global automotive hardware market, owing to higher automobile production in these regions.
Learn More About What Report Covers
The research scope of the global automotive hardware market has been primarily bifurcated into three segments: product type, vehicle type, and sales channel. The research report analyses total sales of automotive hardware on the basis of volume (units) and value (US$ Mn). The report includes a competition analysis section that includes market structure analysis, tier structure analysis, competition development, and other crucial information about global and regional players in the market. Moreover, the market is projected on the basis of factors such as global compact passenger vehicle production, global mid-sized passenger vehicle production, global luxury passenger vehicle production, global light commercial vehicle production, and global passenger cars sales, among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.