Automotive Door Latch Market share and Growth, (2017 - 2022)
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The global market for automotive door latch has overcome adverse conditions over the recent past, stemming largely from increased international competition. In the upcoming years, the market will gain higher traction, as the automobile production gradually picks up speed. The global automotive door latch market is at its mature stage of industry life cycle. With robust increase in demand for vehicles, both commercial as well as personal vehicles, along with concerns associated with safety of passengers, development of advanced automotive door latches has become a high priority for automobile manufacturers.
Vehicles have transformed from being a luxury into more of a commodity, owing to robust economic expansion. A huge portion of the demand for vehicles is expected to be accounted by developing countries of Latin America and Asia-Pacific excluding Japan (APEJ). With the development of advanced automotive door latches, automobile manufacturers are replacing the existing automotive latches for providing safety features and better control. Leading automotive manufacturers are now focusing on technology advancements, for providing smart lock solutions that will enable drivers to control door latches with the help of a smartphone, tablet, or any Bluetooth device.
According to a recent study by Future Market Insights (FMI), the global market for automotive door latch is projected to exhibit a moderate CAGR over the forecast period 2017 to 2022. Global sales of automotive door latch are estimated to exceed US$ 6,500 Mn in revenues by 2022-end.
Aftermarket to Remain Largest Sales Channel for Automotive Door Latch
Aftermarket is anticipated to remain the largest sales channel for automotive door latch, in terms of revenues. Revenues from sales of automotive door latch in aftermarket will account for over three-fourth share of the market during the forecast period. In addition, sales of automotive door latch in OEM are expected to exhibit a relatively faster expansion through 2022.
In term of revenues, Europe will continue to dominate the global automotive door latch market, followed by North America. However, the market in North America will register a comparatively higher CAGR than in Europe through 2022. Japan is expected to witness a decline in its market share during 2017 to 2022.
Side Door Latch – Largest Application of Automotive Door Latch
Side door latch will continue to be the largest application of automotive door latch, with sales estimated to reach nearly US$ 1,900 Mn in revenues by 2022-end. Per vehicle application of side door latch is relatively higher than other application segments, thereby accounting for the highest market share. Moreover, Tailgate latch application of automotive door latch is expected to register the fastest expansion in the market through 2022.
Mid-sized passenger cars and compact passenger cars are anticipated to remain the most lucrative among vehicles in the automotive door latch market. Sales of automotive door latch in compact passenger cars will exhibit a comparatively faster expansion than in mid-sized passenger cars.
On the basis of function, although non-electronic automotive door latch is expected to remain sought-after in the market, sales of electronic automotive door latch will exhibit a relatively higher CAGR through 2022.
Kay market participants listed by FMI’s report include Aisin Seiki Co., Ltd., Brose Fahrzeugteile GmbH & Co., Inteva Products LLC, Kiekert Aktiengesellschaft, Magna International, Inc., Minda Vast Access Systems Pvt. Ltd., Shivani Locks Private Limited, STRATTEC Security Corp., U-Shin Ltd., and WITTE Automotive GmbH.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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