The Automotive Hardware Market is likely to surpass US$ 100 billion through the forecast period. Manufacturers and key players are regularly focussing on expanding sales opportunities in the market which will in turn widen value and revenue, thereby, paving a path for opportunities. Tough competition between players and lowered auto-sales in South Asian countries can act as key restraints in the market.
“Advancement in technology and increasing demand and production for eco-friendly automotive parts is promoting the market. Cost efficiency and access to technologies plays a key role in shaping the market scenario. The escalating need for passenger vehicles and widening sales is likely to drive the market growth globally,” says the FMI Analyst.
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Automotive Hardware Market – Key Highlights
- Product wise, door latch accounts for 1/5th of the total revenue share.
- The global automotive hardware market is expected to grow at a rapid pace with US$ 100 billion by 2029.
- Europe expected to hold largest market share while South Asia and Pacific to present lucrative opportunities.
- The market is expected to expand at a CAGR of 6% through the forecast period with adoption of environmental safe strategies.
Automotive Hardware Market – Driving Factors
- Increased demand in software-driven day cars, door latch, fuel-flaps and shackles is helping the market expand globally.
- High demand of automotive hardware in withstanding road debris and temperature variations is driving the market to a great extent.
- Availability of products at a lower cost and access to advanced technology is paving tracks for market expansion.
- Continuous demand for environmental friendly products to manufacture innovative products and use in high-performing raw has led to a steady growth of this market.
Automotive Hardware Market – Key Restraints
- Online availability of automotive hardware’s at a lesser price in e-retail stores is posing a serious threat to the market.
- Failure or slowdown in auto-sales in the South Asian countries has reduced most of the production.
Expected Impact on Market by Coronavirus Outbreak
Strict lockdown and social distancing has definitely affected this market. Pandemic has also led to lesser demand and supply of automotive hardware and this market has witnessed considerable disturbance in the supply chain too. Though there are chances that it will revive soon due to easy restrictions now. Key producers and players are likely to improve their strategies by working on innovation and relying on a greener approach for marking a better footprint in the market.
Companies are planning to take up unique strategies to expand their market by widening service portfolio. For an instance, key players are expanding their market presence among the peers by working on technological developments. Prominent players are planning to merge with manufacturers too to develop eco-friendly products.
Key participants are also working on expanding online platform to maintain the level of competition throughout to boost their revenue system.
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More on the report
This report presents an analysis on the basis of segments including product type (door latch, gas springs, fuel flaps, door seals, door straps etc.) sales channel (OEM, aftermarket) vehicle (passenger cars, buses, coaches, trucks, trailers) and region (North America, Europe, Latin America etc.)