The global automotive door latch market is likely to expand at a CAGR of 4% through 2033. The market is expected to reach a value of US$ 9.3 billion by 2033, from US$ 6.0 billion in 2023.
The current boom in demand for electric and hybrid vehicles is leading to a rise in demand for new versions. Additionally supporting this are the ongoing government initiatives to encourage the use of electric and hybrid vehicles. As a result, in order to create unique designs, the major payers must innovate.
Additionally, there is an increasing need for automotive parts for high-end vehicles. To be useful in these advanced cars, manufacturers must create automotive latches that are complex and incredibly effective. Presently, customers are eager to increase operating simplicity without sacrificing safety. There is a noticeable need for speciality automotive latches that deter car theft.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-4556
Few Factors Deterring the Market Growth:
- High cost of equipment
- Operational as well as functional impediments
Innovations Help Key Players Sustain Market Growth
Currently, there is a growing demand for new variants due to a surge in the demand for electric and hybrid vehicles. This is also bolstered by the current collective government efforts incentivizing the adoption of electric/hybrid cars. Hence, the key payers need to innovate for developing custom designs.
The demand for automotive parts for premium cars is also on the rise. Manufacturers need to build sophisticated and highly efficient automotive latches for utility in these sophisticated automobiles. Currently, consumers are keen on improving ease of operation, while not compromising on the safety aspects. There is also demand for specialized automotive latches that help prevents theft in vehicles. It Is one of the major uses of specialized automotive latches.
Request for Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-4556
Market innovations Bolstered by Key Mergers :
Enhancement of product profile through technological innovations is the key focus of market players. To further such endeavors, the current trends point to rampant mergers and acquisitions. New-age technologies such as AI and smart sensors are being implemented through the resource pooling of key players. A growing trend is there of partnerships with technological giants.
Automotive Latch Market – Key Developments::
- Magna recently launched the comfort plus door latch that aims to improve efficiency and reduce noise. The product does this effectively by converting sliding friction into rolling friction for ease. It Is one of the key uses of this product and benefits immensly.
- Honeywell recently adopted the “corporate latch” strategy in which the same latch is used across different manufacturing platforms. Honeywell’s latest design is meant to help maximize reuse while reducing the tooling costs.
- Latch, recently launched Latch OS, which enables the smart integration with Honeywell thermostats, Sonos speakers, and even Leviton light switches. All these can be centrally controlled using the Latch app.
- August is a startup system that aims at providing smart access/ latch systems. It can also be controlled through a mobile application to prevent thefts.
Leading Key Players operating in the Automotive Latch Market are given below:
- STRATTEC
- Kiekert AG
- Inteva Products LLC
- Aisin Seiki Co. Ltd.
- Magna International Inc.
- WITTE Automotive GmbH
- Brose Fahrzeugteile GmbH & Co. KG
- U-Shin Ltd
- Shivani Locks Private Limited
- MITSUI KINZOKU
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-4556
Automotive Door Latch Market by Category
By Latch Type:
- Side Door Latch
- Tailgate Latch
- Hood Latch
By Function:
- Electronically Operated
- Mechanically Operated
By Vehicle Type:
- Compact Car
- Mid-Size
- Luxury Car
- SUV
- HCV
- LCV
By Sales Channel:
- Aftermarket
- OEM
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs