Key Growth Influencers for Automotive Door Latch Market
- Escalating Demand for Compact Cars and Mid-Sized Vehicles
Rising urbanization in developing countries, improved disposable income, and rise in household incomes of middle class families are the crucial factors stimulating the demand for compact cars, which in turn, is predicted to speed up the growth of the automotive door latch market. Some other factors such as affordable price ranges for the middle-class population and rising standards of living are driving the growth of compact car sales and propelling the demand for automotive door latches.
The growing construction industry and e-Commerce industry output are vital drivers for the sales of HCVs & LCVs as well as mid-sized cars. With the related production of new vehicles and scope of replacement with respect to automotive components, this expected growth in the global automotive industry will consequently drive the global automotive door latch market.
- OEMs focusing on Installing Smart Latch Systems
The mechanically-operated segment in the automotive door latch market holds a prominent market share and is expected to dominate the market growth over the forecast period. On the other hand, electronically-operated car door latches are gaining popularity among automotive manufacturers owing to the rising demand of smart latching technologies.
With the increasing production of electric cars, electric automotive door latch market is expected to have substantial opportunities in the years to come. For example, an automotive door latch manufacturer, Kiekart Technology, has introduced ExcelEntry locking system, which operates without any kind of mechanical intervention.
- Expansion of Production Facilities
Lucrative growth of the automotive industry will fuel the demand for automotive door latch in the market, which in turn, will encourage manufacturers to expand their production facilities. Development of new manufacturing facilities in emerging regions to meet the demand for the industrial automotive door latch market is expected to fuel the growth. Further, automotive door latch manufacturers are entering into consolidation activities to secure and expand their presence in the market.
- China Leading the Pack with Stable Production Scene
South Asia & Pacific is estimated to witness significant growth in terms of value in the global market. The automotive door latch market in East Asia is expected to remain lucrative throughout the forecast period. With automotive production in China rising steadily, the country is estimated to account for a maximum value share in the East Asia automotive door latch market. High demand for mid-sized vehicle type is likely to significantly contribute to the growth of automotive door latch market in the near future.
- Rising Popularity of Smart Latching Technology
With smart latching technology witnessing wide acceptance, leading companies in automotive door latch market are dedicating heavy investments in smart door latch. Moreover, electronically-operated car door latch market is comparatively more popular owing to the shift towards automation in automobiles. Key manufacturers are thus focusing on electronic door latch sales to maintain their foothold in global.
Automotive Door Latch Market Structure Analysis
- The global automotive door latch market is significantly consolidated where tier-1 players hold significant market shares.
- Tier-1 companies are focusing on technological advancements to meet future customer requirements and maintain their market position.
- Aisin Seiki Co, Ltd., Inteva Products LLC, Magna International Inc., Kiekert AG, and STRATTEC are some of the key participants in the global automotive door latch market.
Automotive Door Latch Market: Taxonomy
The global automotive door latch market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Compact Cars
- Mid-sized Cars
- Luxury Cars
- Side Door Latch
- Tailgate Latch
- Hood Latch
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa