The global automotive hardware market is valued at USD 81,277.80 million in 2023, with sales projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2033, reaching an estimated value of USD 123,826.91 million by 2033.
Automotive Hardware Market Analysis and Emerging Trends
Ongoing technological advancements, such as the development of sophisticated sensors, processors, and communication systems, are driving the demand for automotive hardware. Stringent safety and environmental regulations imposed by governments and international organizations further encourage the adoption of modern automotive hardware, including safety systems, emissions control, and fuel efficiency technologies. Additionally, consumer demand for vehicles that offer enhanced safety, convenience, and entertainment features contributes to the growth of the market.
Furthermore, the increasing popularity of mobility and ride-sharing services has heightened the demand for automotive hardware, encompassing telematics, GPS, and fleet management equipment.
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Key Takeaways from the Automotive Hardware Market Report:
- From 2023 to 2033, the passenger car segment holds a 71.3% share of the market by vehicle.
- Between 2023 and 2033, the door latch segment is expected to acquire an automotive hardware market share of 22% in the product type category.
- From 2023 to 2033, the Canadian automotive hardware market is projected to develop at a CAGR of 6.7%.
- The United States automotive hardware market is forecasted to soar at a CAGR of 7.3% through 2033.
- From 2023 to 2033, automotive hardware demand is expected to surge in the United Kingdom at a CAGR of 6.8%.
- France’s automotive hardware market is anticipated to grow at a CAGR of 6.5% over the forecast period.
- Through 2023, automotive hardware sales in Italy are anticipated to register a CAGR of 4.6%.
- From 2023 to 2033, automotive hardware demand in Spain is projected to thrive at a CAGR of 6.2%.
- Through 2023, Germany’s automotive hardware sales are anticipated to grow at a CAGR of 6.6%.
- By 2023, the Indian automotive equipment market is expected to evolve at a CAGR of 8.0%.
- Automotive hardware sales are anticipated to increase in China at a CAGR of 7.5% through 2033.
- Through 2023, Japan’s automotive hardware demand is expected to rise at a 3.0% CAGR.
- Between 2023 and 2033, ASEAN automotive hardware sales are expected to accelerate at a 7.2% CAGR.
- Through 2023, the automotive hardware market in Australia and New Zealand (ANZ) is projected to register a CAGR of 5.9%.
Barriers to Growth of the Automotive Hardware Sector:-
Two significant obstacles exist for the automotive hardware market-
- The long-term survival of traditional automotive equipment providers faces a risk from the emerging electric and autonomous vehicles market.
- Automobile hardware manufacturers must take expensive compliance steps to comply with strict government rules, such as safety and emission standards. Restrictions can limit market growth for automobile hardware and profitability.
Competitive Landscape:
The market is competitive with well-established market leaders and emerging automotive hardware providers. Established automotive hardware businesses and startups constantly transform to keep up with the shifting demands of the automobile sector, fostering competitiveness and market expansion.
Leading Key Players:
- Bosch
- Continental
- Denso
- Valeo
- Magna International
- ZF Friedrichshafen
- Auto life
- Panasonic Automotive
- Infineon Technologies
- NXP Semiconductors
- Aptiv (formerly Delphi Automotive)
- Alpine Electronics
- Aisin Seiki Co., Ltd.
- Harman International
Recent Developments:
- To create commercially scalable autonomous trucking systems, Continental and Aurora have entered into a partnership. The collaboration enables commercial scalability for upcoming iterations of Aurora’s premier integrated hardware and software solutions.
- To increase nighttime driving safety, KOITO and DENSO have collaborated to develop a system that increases the object identification rate of car image sensors by synchronizing lighting and image sensors.
Regional Outlook:
- The North American market for vehicle hardware is esteemed for its established and fierce rivalry.
- There is an increasing demand for automotive hardware for electric vehicles (EVs) in the North American market, which places an emphasis on technological advancement and innovation.
- Manufacturers of automobile hardware continue to rely heavily on the market in the United States.
- A dedication to sustainability and strict environmental laws characterizes Europe’s automotive hardware market.
- While other European countries have a substantial impact on the market, Germany serves as an epicenter for automotive innovation and production.
- The expansion of the middle class and rising urbanization are promoting the rapid growth of the Asia Pacific automotive hardware market.
- China is a significant manufacturer and consumer of automobile hardware. Asia Pacific is a significant market with a strong emphasis on the demands of price-sensitive consumers.
Automotive Hardware Market Segmentation:
By Product:
- Door Latches
- Exterior Door Handles
- Door Seals
- Door Straps
- Door Hinges
- Mounting Brackets
- Gas Springs
- Fuel Flaps
- Grab Handles
- Shackles
- Bonnet Support Rods
- License Plates
- Seat Belt Latches
- Door Lock Buckles
By Vehicle:
- Passenger Vehicles
- Compact Cars
- Mid-sized Cars
- Luxury Cars
- SUVs
- Light Commercial Vehicles
- Buses and Coaches
- Trucks and Trailers
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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