Automotive Hardware Market Value Set to Hit US$ 75 Bn Mark in 2020
The global automotive industry is in a constant state of pressure; from consumers demanding innovative yet cost-effective features and regulators mandating strict adherence to environmental and safety standards. While more resources are being allocated to software development as the industry veers towards autonomous vehicles, automotive hardware will still have a significant role to play in the future of vehicle design. As suggested by this new report, the automotive hardware market is set to account for revenues of nearly US$ 75 Bn in 2020. The trend of downsizing and lightweighting would hold a measurable impact on the automotive hardware market. Innovative use of plastic composites and eco-friendly bioplastics will further fuel revolution of automotive hardware capabilities.
What are the future prospects of the automotive hardware market?
By 2029, the global market for automotive hardware is poised to cross US$ 100 Bn, growing at a moderate CAGR over the forecast period 2019-2029. Growing investments in customization and downsizing of vehicles remains key growth influencer.
Which product of automotive hardware is significantly adding-value to market growth?
Door latch is witnessing a significant rise in demand, attributing to development of smart latches that are IoT-integrated. In addition, demand for gas springs is projected to register a significant CAGR over the forecast period.
Which type of vehicle will show the largest adoption of automotive hardware?
A significant increase in the demand for passenger vehicles will continue to positively impact the sales of automotive hardware through to 2029. Further, automotive hardware demand for trucks and trails is expected to witness moderate growth over the forecast period.
Will growing stringency of environmental regulations impact the automotive hardware market?
As the global focus on reducing carbon footprint and improving energy efficiency grows strong, automotive hardware manufacturers will need to redefine their strategies to align with environmental trends and regulations. Adoption of eco-friendlier raw materials will remain key to stay ahead of the curve.
Which region is expected to lead global sales of automotive hardware?
Europe is expected to hold the largest share of the automotive hardware market. Simultaneously, South Asia & Pacific is likely to be a lucrative market, with sales projected to grow at a CAGR of 6% through 2029.
Door Latch and Mounting Brackets to Witness High Adoption
Door latch continues to account for higher demand as compared to other automotive hardware such as fuel flap and shackles which hold relatively low revenue share. As 1/5th of total sales of automotive hardware is accounted by door latch systems, manufacturers maintain their focus on this category. Considering optimization of weight, strength, and safety of vehicles, mounting brackets are also observing an increasing share in manufacturers’ bottom lines. However, to stand out in the race of innovation, automakers are manufacturing software-driven modern-day cars, which further compel automotive hardware manufacturers to offer customized solutions and shift away from the one-size-fits-all approach.
Europe Leads, East Asia Promises Lucrative Opportunities
Growth prospects of the automotive hardware are high in EU5, owing to strong presence of industry behemoths in these countries along with greater access to advanced technologies. Low-cost remains an influencing factor, and to stay competitive, market players have manufacturing facilities in countries such as China where labor and operation costs are relatively low. Furthermore, opportunities abound in East Asia with emergence of China as the world’s largest automotive market. However, recent slowdown in auto sales in China and South Asian countries including India is expected to represent potential threat for automotive hardware market players.
Greater Emphasis on Safety and Environmental Capabilities
As conventional as it may be, automotive hardware is advancing technologically and investment in this area is as significant as software components. Leveraging environment friendly yet high-performing raw materials is poised to accelerate the development of innovative products that are cost-effective, deliver superior values to consumers, and help the industry set new standards in safety and environmental performance. Manufacturers are further investing in technologies capable of cutting vehicle weight for fuel efficiency and next-generation hardware to withstand temperature variation and road debris, thereby enabling the ultimate in environmental robustness.
Door latch accounts for the highest revenue share
Demand for gas springs accelerates rapidly
High adoption in passengers cars
Increasing rate of application in trucks & trailers
Sales via OEMs take the lead
Aftermarket sales to pick pace
How Growth will Unfold
Automotive hardware and software are equally important for development of new vehicle concepts. However, hardware does not have the luxury of ongoing updates and amendments over its use. Thus, sales of automotive hardware through original equipment manufacturers (OEMs) continue to remain higher compared to their aftermarket sales, especially in East Asia and Europe. On the other hand, significant growth in sales of used cars, along with improving economic condition in Middle East & Africa, is driving aftermarket sales of automotive hardware in the region. Furthermore, aftermarket consolidation in North America can be attributed to advent of new technologies and key players making strategic moves to maintain positions of strength in fast-changing environment.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Automotive Hardware Market Analysis 2019-2029
A recent market study published by FMI on the automotive hardware market includes global industry analysis for 2014-2018 & opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of the automotive hardware market, the growth prospects of the market are obtained with maximum precision.
Automotive Hardware Market Taxonomy
The global automotive hardware market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Door Latches
- Exterior Door Handles
- Door Seals
- Door Straps
- Door Hinges
- Mounting Brackets
- Gas Springs
- Fuel Flaps
- Grab Handles
- Bonnet Support Rods
- License Plates
- Seat Belt Latches
- Door Lock Buckles
- Passenger Vehicles
- Compact Cars
- Mid-sized Cars
- Luxury Cars
- Light Commercial Vehicles
- Buses & Coaches
- Trucks & Trailers
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East and Africa
The report starts with the executive summary of the automotive hardware market, which includes a summary of the key findings and statistics. It also includes the demand & supply-side trends pertaining to the automotive hardware market.
Readers can find the definition and a detailed taxonomy of the automotive hardware market in this chapter, which will help them understand basic information about the market. This section also highlights the inclusions and exclusions, which help readers understand the scope of the automotive hardware market report.
The automotive hardware market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed industry trends are also provided in this section.
This section includes factors that have emerged as key success factors and strategies adopted by key market participants.
This section explains the global market value analysis and forecast for the automotive hardware market in the period 2019-2029. This chapter includes a detailed analysis of the historical automotive hardware market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year, and an incremental $ opportunity for the forecast period (2019–2029). Along with this, pricing analysis of the automotive hardware market at the regional level has been provided in this section. This section also explains the global market volume analysis and forecast for the automotive hardware market.
This chapter explains key macroeconomic factors that are expected to influence the growth of the automotive hardware market over the forecast period. Along with macroeconomic factors, this section also highlights the value chain, forecast factors, and top company’s historical growth outlook for the automotive hardware market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the section.
Based on product type, the automotive hardware market is segmented into door latches, exterior door handles, door seals, door straps, door hinges, mounting brackets, gas springs, fuel flap, grab handles, shackles, bonnet support rods, license plates, seat belt latches, and door lock buckles. In this chapter, readers can find information about key trends and developments in the automotive hardware market and market attractiveness analysis based on product type.
Based on vehicle type, the automotive hardware market is segmented into passenger vehicles, light commercial vehicles, buses & coaches, and trucks & trailers. In this chapter, readers can find information about key trends and developments in the automotive hardware market and market attractiveness analysis based on vehicle type.
This chapter provides details about the automotive hardware market based on sales channel, and has been classified into OEM and aftermarket. In this chapter, readers can understand the market attractiveness analysis based on sales channel.
This chapter explains how the automotive hardware market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America automotive hardware market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find pricing analysis, regional trends, and market growth based on segments and countries in North America.
This chapter provides the growth scenario of the automotive hardware market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, the assessment of the market across target segments has been provided.
Important growth prospects of the automotive hardware market in several countries such as Germany, the U.K., France, Spain, Italy, Russia, and the Rest of Europe, are included in this chapter.
In this chapter, India, Malaysia, Thailand, Indonesia, and Rest of South Asia are the prime subjects of assessment to obtain the growth prospects of the South Asia automotive hardware market. Readers can find detailed information about the growth parameters of the South Asia automotive hardware market during the forecast period of 2019-2029.
This chapter highlights the growth of the automotive hardware market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand key factors that are responsible for the growth of the automotive hardware market in East Asia.
This chapter highlights the growth of the automotive hardware market in Oceania by focusing on Australia and New Zealand. This section also helps readers understand key factors that are responsible for the growth of the automotive hardware market in Oceania.
This chapter provides information about how the automotive hardware market will grow in major countries in the MEA region such as Northern Africa, GCC Countries, South Africa, Turkey, and the Rest of MEA, during the forecast period of 2019-2029.
This section highlights the growth prospects of the automotive hardware market for emerging markets such as India, China, and GCC Countries.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the automotive hardware market, along with their market presence analysis by region and product portfolio.
Some of the market players featured in the report are Kiekert AG, Aisin Seiki Co, Magna International Inc., Dorman Products, Mitsui Mining and Smelting Co., Ltd., Stahl Holdings B.V., STRATTEC, Smittybilt Inc., Seatbelt Solutions LLC, Hansen International, Inc, and others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the automotive hardware market report.
This chapter helps readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the automotive hardware market.
How the research was conducted?
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