Bonnet Lock Plate And Latch Market

Bonnet Lock Plate and Latch Market Snapshot 2022 - 2032

According to Future Market Insights, the global Bonnet Lock Plate and Latch market will be valued at US$ 2,086.8 Mn in 2022 and will increase at a CAGR of 5.20% from 2022 to 2032.

A bonnet or hood is used to shield the engine compartment of a car from debris, weather, and outside contact. Bonnet Lock Plate and Latch are parts used to secure the bonnet of your vehicle and guarantee the security of the components under the Bonnet. The bonnet lock plate keeps the latch and spring pawl from moving and it is a part of the Bonnet Lock and latch assembly. The bonnet lock plate also helps guard against unintentional bonnet disengagement while a car is moving and stops the bonnet from lifting before it is unlocked. Auto manufacturers increasingly introducing safe, secure and other additional benefits into vehicle in response to consumer’s demand. In addition, automakers are cutting costs by outsourcing the design of systems/subsystems and components in a continuous effort to become more profitable.

Historic Market Outlook for Bonnet Lock Plate and Latch

The market analysis for Bonnet Lock and Latch from 2017 to 2021 exhibited a historical growth rate of 2.20% CAGR. The increased production of automotive vehicles around the world, being the primary factor that has driven the market of Bonnet Lock Plate and Latch during 2017 - 2021.

According to the most recent FMI analysis, the market is expected to grow at a rate of 5.20% between 2022 and 2032. To prevent any unwanted access to the engine, the aftermarket uses the bonnet lock plate and latch. When this device is present, car owners can park their vehicles in an area without any security measures, such as CCTV cameras, and feel completely secure, drives the Bonnet Lock Plate and Latch market.

Additionally, they safeguard your vehicle from break-in damage and theft. After closing the hood, it's a smart option to lock and secure your car.

What are the Various Factors Driving the Bonnet Lock Plate and Latch Market?

The Demand for Bonnet Lock Plate and latch have evolved dramatically in recent years, owing to rapid technical improvements and the incorporation of new features. For example, the addition of an electronically controlled lock to improve your vehicle safety, expanding the Bonnet Lock Plate and Latch market.

Global manufactures of Bonnet lock plate and latch are seeking to create partnerships and joint ventures with local enterprises in order to assure successful product marketing and awareness domestically, receive additional advantages including long-term increased brand value. Additionally, this aspect will provide opportunities to increase product distribution, reduce production costs, and enable both domestic and foreign market participants to hold onto their market positions.

Nikhil Kaitwade

Principal Consultant

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Which Factors May Hinder the Bonnet Lock Plate and Latch Market Growth?

Primarily the stainless steel is used to manufacture the bonnet lock plate and latch. There are difficulties in obtaining low-priced steel from China for the manufacture of bonnet lock plates and latches has resulted in the high price of final products like bonnet lock plates and latches. Also, the expense of producing bonnet lock plate and latch from alternative materials is very high, leading to increase the prices of Bonnet lock plate and latch will hinder the market growth.

Which Region hold the prominent share in Bonnet Lock Plate and Latch Market?

In Europe Automotive industry is constantly expanding, due to increasing consumer demand for light commercials vehicle (LCV). The production of LCV by auto manufacturers has increased. The growing number of vehicles in this region is impacting the demand for bonnet lock plate and latch in the region. There are large number of domestic manufacturers that are operating in the Europe. Also Due to the presence of major automakers like Audi, Mercedes Benz, Volkswagen, and others in the region, Europe is the market leader for bonnet lock plates and latches.

North America has a sizable market potential for bonnet lock Plate and latches due to the various prominent players operating in the global bonnet lock plate and latch market are focusing on expansion of their business operation in the region. The demand for LCVs is growing in the region directly impacting bonnet lock plate and latch market. The huge demand for commercial vehicle for the logistics purpose expanding the automotive industry in North America boosting the market of bonnet lock plate and latch in the region.

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Market Competition

Key players operating in the Bonnet Lock and Latch market Strattec Security Corporation, Aisin World Corp. of America, Shivani Locks Pvt. Ltd., Johnan America Inc., Canara Auto Parts, Flex-N-Gate Corporation, PHA India, Aditya Auto, IFB Automotive Private Limited, Metalplast-Soprana, SPV Company Ltd., Sanatan Autoplast Private Limited, Stanzen Engineering Pvt. Ltd.

To build a strong position in the Bonnet Lock and Latch market, key market players are boosting and expanding sales and distribution networks, product differentiation and new product development, and strategic alliances and partnerships.

Scope of the Report

Key Segments Profiled in the Bonnet Lock Plate and Latch Market

By car hoods, Bonnet Lock Plate and Latch is segmented as:

• Flat or bulged hood
• Louvered hood
• Ram air hood

By Material, Bonnet Lock Plate and Latch Market is segmented as:

• Stainless steel
• Carbon fibre
• Aluminium

By Distribution channel, Bonnet Lock Plate and Latch Market is segmented as:

• Aftermarket
• OEM

Region, Bonnet Lock Plate and Latch Market is segmented as:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa