Bonnet Lock Plate And Latch Market To Increase at Steady Growth Rate

A bonnet or hood is designed to protect a vehicle’s engine compartment from dust, rain and external contact or impact. Bonnet lock plate and latches are components designed to secure the bonnet, and ensure safety of under-the-bonnet components. The bonnet lock plate is a component of the bonnet lock and latch assembly and functions to hold the latch and spring pawl from moving. Furthermore, the bonnet lock plate helps to prevent the bonnet from opening without first being unlocked and protects against accidental bonnet disengagement while the vehicle is in motion. Some newer car models have a key-lock in the front grille, or on the bonnet itself. Bonnet latch or catch is located beneath the bonnet, and is generally at the front end. Globally, manufacturers of bonnet lock plate and latch are focusing on producing stainless steel and carbon fiber assemblies. In addition, manufacturers are exploring newer designs for bonnet lock plate and latch assemblies.

Bonnet Lock Plate and Latch Market: Drivers and Restraints

Growth of the global bonnet lock plate and latch market is primarily driven by increase in automotive vehicle manufacturing volumes.

However, difficulty in procuring steel at low cost from China for manufacturing bonnet lock plate and latches is resulting in high cost of end products such as bonnet lock plate and latches. In addition, cost of manufacturing products using alternative materials is high. This is resulting in manufacturers facing high level of competition in the market against rivals.

Bonnet Lock Plate and Latch Market: Segmentation

On the basis of types of car hoods, bonnet lock plate and latch market is segmented into:

Flat or bulged hood

Louvered hood

Ram air hood

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On the basis of type of material, bonnet lock plate and latch market is segmented into:

Stainless steel

Carbon fiber

Aluminium

On the basis of distribution channel, bonnet lock plate and latch market is segmented into:

Aftermarket

OEM (Original Equipment Manufacturer)

Bonnet Lock Plate and Latch Market: Regional Outlook

Geographically, bonnet lock plate and latch market is segmented into seven regions, namely North America, Latin America, Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). Europe is the leader in the bonnet lock plate and latch market owing to presence of major automobile manufacturers in the region such as Audi, Mercedes Benz, and Volkswagen etc. Japan is the second major contributor in the bonnet lock plate and latch market due to presence of car manufacturers such as Toyota, Hyundai, and Suzuki. The booming automobile sector, with companies such as General Motors in North America makes this region a considerably high potential market for bonnet lock plate and latches. The market in Asia Pacific is also flourishing owing to high number of automobile manufacturers and steel manufacturing companies in this region. The markets in Latin America and Middle East and Africa are at a nascent stage, but is anticipated to witness considerable growth during the forecast period owing to presence of established automobile giants such as Chevrolet, Ford Motor Company, and Fiat in Brazil, and due to the booming oil and gas sector in Middle East region.

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Bonnet Lock Plate and Latch Market: Key Market Players

The key players in the bonnet lock plate and latch market are

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.

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This release was published on openPR.