Escalating sales of commercial vehicles are identified to remain among the key factor bolstering sales of automotive hardware at a global level. The global automotive hardware market is projected to reach a market value in excess of US$ 100 Bn by 2029 end, with growth anticipated at a moderate CAGR during the forecast period (2019 – 2029). The rate of replacement of automotive hardware in heavy commercial vehicles (HCVs) has been on a higher side than passenger cars, which would drive automotive hardware sales in the following years, as suggested by a new Future Market Insights (FMI) study.
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Key Takeaways – Automotive Hardware Market Study
- OEMs are majorly driving growth of the automotive hardware market.
- High aftermarket fitment rate of automotive hardware and vehicle modification trend are also moderately contributing to the market growth.
- As people are less brand-conscious at the time of replacement of majority of products such as door seals, mounting brackets, door straps, among others, independent players play key role in aftermarket replacement.
- More than 40% of the revenue in automotive hardware market comes through sales of door latches and mounting brackets. High replacement rate of these products is fuelling market growth.
OEMs would remain the primary contributors to the global automotive hardware market. However, increasing rate of vehicle modification is also playing an important role, of late, in driving the aftermarket sales of automotive hardware.
Lucrative Growth Opportunities Abound in South East Asian Market
The demand for automotive hardware is expected to gain traction in South East Asia in the coming years, owing to higher automotive production. Increasing disposable income and growing middle class income group in this region are expected to fuel market growth. Countries including India, Indonesia, Thailand, and Malaysia to contribute to the growing market of automotive hardware in the region.
What Is Driving Competition in Automotive Hardware Market?
The global automotive hardware market is highly competitive, with the presence of large number of global and regional manufacturers. Key manufacturers such as Magna International Inc., Aisin Seiki Co Ltd, Mitsui Mining and Smelting Co Ltd, Nissin Kogyo Co Ltd, Dorman Products, and Gestamp Automocion account for very less share of the overall market. In the current scenario, Europe and East Asia are anticipated to account for more than half of the market value share of the global automotive hardware market, owing to higher automobile production in these regions.
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AUTOMOTIVE HARDWARE MARKET TAXONOMY
The global automotive hardware market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Door Latches
- Exterior Door Handles
- Door Seals
- Door Straps
- Door Hinges
- Mounting Brackets
- Gas Springs
- Fuel Flaps
- Grab Handles
- Bonnet Support Rods
- License Plates
- Seat Belt Latches
- Door Lock Buckles
- Passenger Vehicles
- Compact Cars
- Mid-sized Cars
- Luxury Cars
- Light Commercial Vehicles
- Buses & Coaches
- Trucks & Trailers
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.