ESOMAR-certified market research firm Future Market Insights’ recent report on the global automotive door hinges market opines a positive outlook for 2021, owing to the rapid recovery in automotive sector. Although demand for automotive door hinges was sluggish until 2019, the sharp recovery with the surge in demand for electric vehicles is expected to sustain growth through 2021.
Quick recovery across emerging markets such as China, UK and EU are sustaining automotive sales, accelerating the growth. With vehicular launches lining up through 2021 and beyond, there’s a sudden spike in sales of electric vehicles. Also, incorporation of lightweight yet construction material remains a key focus areas for manufacturers. The rapid urbanization in the developing countries is also bolstering the demand for automotive door hinges.
For instance, EV’s launches through 2021 such as Tesla Model 3, Porsche Taycan, Audi e-Tron, Jaguar I-Pace and others are expected to register a prolific increase. The aforementioned vehicular launches are proving to be key driver for EVs sales, fuelling automotive door hinges growth.
“Manufacturers using aluminum for the production of light weight yet durable door hinges for sustainability is spurring the growth. The alarming awareness for the eco-friendly construction material in automotive door hinges manufacturing are stimulating production of lightweight door hinges, widening expansion prospects,” remarks the FMI analyst.
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- Strict regulations and high demand for durable yet lightweight material to improve growth opportunities for US automotive door hinges manufacturers
- Stainless steel automotive door hinges to witness accelerated sales through 2021
- Luxury passenger cars demand will continue to grow in 2021 and beyond
- OEM’s and aftermarket are propelling the global market demand
- Owing to the surge in demand for electric vehicles, Germany to be the epicenter of European market
- Heightened demand for LCVs to accelerate automotive door hinges sales in China
- Recovery in automotive sector post pandemic to increase electric vehicle sales, driving the market growth
- Incorporation of aluminum automotive door hinges for sustainability to induce R&D among manufacturers
- Adoption of low quality raw material by small scale manufacturers likely to pose a challenge
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Key manufacturers operating in automotive door hinges market profiled by FMI include Dura Automotive LLC, Magna International Inc., Aisin Seiki Co., Ltd., Gestamp Group, Multimatic Inc., Brano Group, DEE Emm Giken, ER Wagner, Midlake Products and Mfg Company Inc., and Saint Gobain among others.
In March 2021, Xiaomi announced its plan to enter smart electric autotmotive segment with US$ 1.5 billion investment.
Also, in August 2020, MiddleGround Capital announced the acquisition on majority ownership of Dura Automotive Systems, a global leader and manufacturer of highly engineered automotive systems, from Bardin Hill Investment Partners. This MiddleGround’s sixth platform acquisition made from its first fund, which closed in August 2019.
Key questions answered in the report
- How will the automotive door hinges market expand in 2021 and beyond?
The global automotive door hinges market is anticipated to experience credible gains through 2021, experiencing a resurgence in the post-pandemic scenario. Manufacturers are emphasizing on key technological advancements to enhance their portfolios.
- Which key factors shall drive the automotive hinges market growth?
Growing popularity of EVs and technological breakthroughs such as 3D-printing are expected to fuel future sales of automotive door hinges in the upcoming year. Additionally, stringent regulatory provisions to ensure safety standards is driving adoption.