According to latest research by Future Market Insights, box latch market is set to witness steady growth during 2021-2031 with expected CAGR of approximately 4.5%. Demand for box latch will witness steady recovery in short-term, with optimistic growth outlook in the long-run.
Increasing demand for decorative and vintage style products, growing delivery supply chain and surge in automotive market are likely factors for positive growth in the business.
What is Driving Demand for Box Latch?
Box latches are simple mechanical devices that join two objects or surfaces while allowing separation when required. Their extensive use in wide range of applications is propelling its sales in business.
Customers are demanding various designer box latches which can easily blend with their décor of various boxes in house. Manufacturers are putting emphasis on providing various designer latches such as vintage style, regional designs etc. this latches makes the product look aesthetically good and eye catching.
In addition these mechanisms are generally small in size for large range of applications and are easy to open. Its light weight and last long capability is proving lucrative for the manufacturers in the market.
In addition, automotive sector is one of the area where these latches have seen their usage since the dawn of the vehicles. With advancement in material and locking system, they are still in use in the vehicles. Automotive glove box is product where it is used.
Similarly, with the rise in delivery supply chain over the decade, box latches have experienced surge in their usage. Increase in online sales channel, ease of doing business, and various government incentives for the MSME’s, the small manufacturers are likely to gain the benefits in the coming decade.
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Geographical Outlook of Global Box Latch Market
Box latch market covers six key regions, North America, Latin America, Europe, East Asia, South East Asia & Oceania and MEA. It is anticipated that owing to its small scale investments, less labor and research intensive prospect, the market is likely to be highly fragmented.
Asia Pacific is expected to grow northwards, owing to its better manufacturing capabilities. China is known as “factory of the world” and it harness large scale of small and medium businesses. Similarly Japan and Korea are amongst biggest manufacturers in the region.
On other hand countries like India, Bangladesh and ASEAN countries are emerging as manufacturing countries. Various governments in the region have emphasized on providing favorable policies in which small business can prosper. The region hosts largest number of MSME’s in the world. Thus the future for the box latches are positive in the region.
Historically, with the dawn of early industrial revolution in North America and Europe, hey have been the front runners. The region witnessed boom of fashion industry, automotive industry, small and medium business and policies which leverage small business. This aided in the growth of market from early. With growing demand and surge in end use applications the region is expected to grow further.
On other hand, Middle East and Africa is presumed to hold smaller share in the sales. The regional governments as well as world powers are working towards making region a manufacturing economy. Various investments and easy loans from banks such as World Bank, IMF etc. is aiding in setup and support of industries. The region holds lot of potential and is expected to grow marginally over assessment period.
COVID-19 Impact Outlook for Box Latch Market
Globally, Covid-19 pandemic lockdown restrictions resulted in non-movement of man and materials. This affected many industries adversely. MSME’ were the worst hit by the lockdown. This was for many reasons such as fall in sales, closure of workshops and having less cash for the revival.
In addition, the COVID restrictions created a gap in supply chain, which affected the supply of raw material. But, with raising concerns across globe, the governments came up with various relief packages for their MSME’s and their revival. Further, with the boom of e-commerce, lifting of lockdowns the business is likely to come on track with rise in demand.
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Segmental Analysis for Box Latch Market
Box latch market is full of verities for the customers to choose from. Products such as spring action, hook type, pull down/toggle, padlock, buckle clasp, swing latch, push button latch, and various others are available in the market and they are serving the purpose very well.
The various types of latches basically differ in their locking mechanism. Hook type are among the simplest which just locks into a specific opening, pull down are one of the most widely used and offers easy and efficient locking. Padlock and buckle clasp are good for key locks. Similarly, automotive glove box are one of those which are commonly found and extensively used in passenger and commercial vehicles.
They prominently come in two variants which are single point lock and double point lock.
Similarly, material plays an important part in the box latches. Brass, bronze, and iron are common for small box latches. Whereas stainless steel and mild steel are generally found in large box latches. Nickle over brass is also used sometime for small latches.
Who are the Key Manufacturers and Suppliers of Box Latch?
Some of the leading manufacturers and suppliers of box latch include
Box latch market is likely to highly fragment in study region. To stay afloat in this competitive market, producers are turning to more diversified products that are lighter, more durable, and less expensive.
On the other hand, manufacturers are leveraging the evolving online sales and distribution network in order to obtain a wider reach and higher market penetration. With the evolution of this platform, the market is expected to develop significantly.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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