The automotive door latch market is likely to witness steady demand through 2030, on account of a combination of factors, analyzed by ESOMAR-certified market research firm, Future Market Insights.
Manufacturers and key players are focussing on broadening their product portfolio, while offering automatic door latches at attractive prices. However, considering the fact that these latches are expensive than manual variants, sales continue to be limited in various cost-sensitive countries.
“Advancement in technology and improving utility of smart locks by industrial sector has hiked up the production. Better manufacturing facilities and wide acceptance by consumers also plays an important part in shaping the market scenario .” says the FMI Analyst.
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Automotive Door-Latch Market – Key Highlights
- Mechanically operated segment is expected to dominate the market through 2027
- Leading companies are ready to invest in smart-latching technology owing to the rising preference for electronically operated cars.
- South Asia and Pacific region is set to witness noteworthy growth in terms of value, whereas, East Asia will present lucrative opportunities in the future.
- Consolidation activities by the manufacturers will enrich security and expand market presence.
Automotive Door-Latch Market – Driving Factors
- Growing demand for door latch in compact cars, mid-sized cars and luxury cars is helping the market expand globally.
- Urbanization, increasing disposable income and rising household income are bringing about a steady market growth.
- Hard-hitting demand has been noticed due to affordable range of products, middle-class population and improved standard of living.
- Widening construction and e-commerce industry coupled with new manufacturing facilities is propelling market growth to an enriched level.
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Automotive Door-Latch Market – Key Restraints
- Sales through online channels have created new avenues of growth to market players
- High cost and limited awareness on the benefits of automotive door latch continue to impede growth.
Expected Impact on Market by Coronavirus Outbreak
The COVID-19 pandemic has led to many changes in car-buyer behavior and attitude. Job losses and limited income forced the automotive industry to witness 34% sales drop in the US market.
Europe, on the other hand, witnessed 16% decline in car sales, thereby, causing a sluggish demand for automotive door latch. Pre-owned car sales have risen by 20% in India but demand and supply for automotive door latch still remains stagnant.
Companies are planning to take up unique strategies to expand their market presence by widening service portfolio. For instance, they are working on technological developments and improved efficiency. Key participants are also trying to expand online platform to maintain the level of competition throughout to boost their revenue.
Few of the key participants include Aisin Seiki Co, Ltd., Inteva Products LLC, Magna International Inc., Kiekert AG, and STRATTEC.