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(I-AutoNewsWire.com, November 30, 2019 ) The Car Door Latch Market is projected to grow at a CAGR of 5.80%, from USD 4.97 Billion in 2016 to USD 6.59 Billion by 2021.
Global automobile demand is increasing continuously due to reasons such as an increase in population, developments in suburbs, and infrastructural expansions, which are major driving factors for the market. As the increase in global automobile demand will directly impact the production of car door latches.
The major players in the car door latch market include Aisin Seiki Co., Ltd. (Japan), Mitsui Mining and Smelting Co., Ltd.(Japan), Kiekert AG (Germany), Magna International, Inc. (U.S.), Strattec Security Co. (U.S.), U-Shin, Ltd. (Japan), Shivani Locks Pvt. Ltd. (India), Brose Fahrzeugteile Gmbh & Co. (Germany), Inteva Products, Llc. (U.S.), and Minda VAST Access Systems Pvt. Ltd. (India).
• Increase in Global Production of Automobiles
• Rising Concerns Towards Vehicle Safety & Security
The electronic latch segment is estimated to be the fastest-growing segment in the market. The demand for electronic latches has increased because of technological advancements and an increase in vehicle safety and security concerns. Technologically advanced features such as hands-free opening, collision avoidance, LED-sensors, super locking, selective locking, electric child safety, and power door releasing and closing are in demand by OEMs.
The side door latch segment is estimated to be the fastest-growing segment in the market in 2016, owing to a global rise in demand for automobiles. The per-vehicle usage of side door latches is the highest, at 4 compared to 1 to 2 for other latch types such as the tailgate, hood, and seat, per vehicle. Hence, the side door latch segment is the fastest-growing segment. The active inertia latch and LED latch are estimated to dominate the automotive latch market in 2017.
The passenger vehicle type segment is growing at the highest CAGR as mentioned in the report, during the forecast period from 2016 to 2021. However, an emerging trend of extended cab type light commercial vehicles (LCV) has also helped the latch market grow, as they have four side doors against the two in standard LCVs.
The Asia-Pacific market is estimated to be the largest market with the highest market share in the car door latch market, by value and volume. The Asian automotive latch market is projected to be the largest market owing to increasing vehicle production and sales due to an increase in disposable income in countries like India and China.
• Automobile OEMs
• Automotive body and closure system associations
• Automotive Parts Manufacturers’ Association (APMA)
• Manufacturers of automotive latches
• Manufacturers of automotive latch actuators
• Raw material suppliers
Mr. Shelly Singh