Press release
Automotive Closure Market is Predicted to Reach US$ 56.38 Billion by 2034, Expanding at a CAGR of 4.9% | Fact.MR
Automotive Closure Market
Automotive closures are essential components of vehicle functionality through improved accessibility, convenience, and handling. They also significantly improve vehicle aerodynamics, thus becoming a vital component of contemporary automotive architecture.
The market includes a vast array of components such as windows, fuel doors, sliding doors, sunroofs, rear doors, side doors, and bonnets. Ongoing research and development (R&D) activities in the automotive sector have resulted in the electrification of closures, where conventional manual operations are replaced by automated and sensor-based solutions for enhanced efficiency and user convenience.
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Segment-Wise Insights
Passenger cars are anticipated to lead most demand in the automotive closure industry, driven by growth in per capita income and higher passenger car sales globally. The increasing luxury vehicle segment also helps to expand the market, as luxury cars feature advanced closure systems for increased convenience and safety.
Within the electric vehicle (EV) category, plug-in hybrid electric vehicles (PHEVs) are expected to drive the growth of the market. The move towards sustainable mobility and government incentives encouraging the use of EVs are major drivers of this segment.
Among closure types, power sliding doors are projected to account for remarkable revenues, mainly because of the growing application of minivans in North America and Europe. The growing consumer concern about safety and security features is also boosting demand for automated and sensor-based closures, further increasing market growth.
Regional Outlook
Europe contributes a substantial portion of the world's automotive closure market due to the region's concentration of large OEM makers. North America ranks second, helped by the fact that the region is home to sophisticated automotive technology and significant investment in the industry.
But Asia Pacific is likely to see significant growth during the forecast period. Drivers like growing disposable incomes, growing vehicle ownership, and lower vehicle concentration than in developed economies are driving this growth. Moreover, government policies in nations like China and India to promote local manufacturing are also driving the growth of the automotive sector, which is directly influencing the demand for automotive closures.
Together, Europe, North America, and Asia Pacific are expected to hold more than half of the world market share, with the remaining world taking a comparatively smaller share.
Key Players
The increasing emphasis on autonomous car technology is redefining the future of motorized mobility, providing benefits including less traffic congestion, improved safety, stress-free travel, fuel efficiency, and fewer emissions. In response, manufacturers are focusing on lighter and safer car parts in order to fulfill changing industry requirements from 2024 to 2034.
Some of the key players in the automotive closure market include:
Continental AG
Magna International Inc.
Robert Bosch GmbH
Aisin Seiki Co Ltd
Denso Corporation
Johnson Electric
Omron Corporation
Mitsuba Corporation
Panasonic Corporation
Delphi Automotive PLC
Browse Full Report: https://www.factmr.com/report/886/automotive-closures-market
Segmentation of the Automotive Closure Market Research
By Source Type :
Manual
Powered
By Vehicle Type :
Electric Vehicles
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
By Product Type :
Bonnets
Doors
Windows
Sunroof
Rear Hatch
Fuel Door
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