According to Future Market Insights’ (FMI) analysis, the global automotive door latch and hinges market is anticipated to reach US$ 35.6 billion in 2023. Over the projection period, automotive door latch and hinge demand is set to thrive at 5.4% CAGR. By 2033, total market value is forecast to reach US$ 60.3 billion.
Rapid expansion of automotive sector globally is a key factor that will bolster automotive door latch and hinge sales during the assessment period.
Automotive door latches and hinges are crucial components of a vehicle's doors that play an important part in ensuring the safety and security of the occupants within. As the demand for automobiles develops due to urbanization and increased disposable incomes, so will the demand for door latch and hinge components.
The increasing safety standards of EVs and modern technologies are pushing the need for innovative and dependable door latch and hinge systems. This is resulting in increased competition and market opportunities in the automobile sector.
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Increasing urbanization rate, coupled with substantial rise in vehicle production, is expected to create favorable growth opportunities for automotive door latch and hinges manufacturers.
Government and automotive manufacturer safety requirements and regulations are becoming increasingly demanding, mandating the adoption of high-quality, dependable door latch and hinge systems.
New safety rules and laws seek to lower the likelihood of accidents and improve overall vehicle safety. This in turn is creating high demand for components such as durable and reliable door latches and hinges that satisfy these criteria.
Automotive technical improvements are pushing innovation in door latch and hinge systems. New materials, designs, and technologies are being created to improve safety, durability, and performance.
Key Takeaways of Automotive Door Latch and Hinges Market Study
The global automotive door latch and hinges industry is forecast to expand at 4% CAGR through 2033.
By product type, latch type segment is expected hold around 3% share of the global market in 2033.
Based on vehicle type, passenger vehicle segment is likely to account for more than 70% of the global market.
East Asia and Europe are likely to hold around 50% share of the global market during the forecast period.
The United States automotive door latch and hinges industry is projected to exceed a valuation of US$ 8.5 billion by 2033.
China market is poised to exhibit a CAGR of 5% from 2023 to 2033.
“The increased acceptance of advanced driver assistance systems (ADAS) and autonomous driving technologies is creating demand for door latch and hinge systems that are compatible with these technologies. To increase their sales, companies are expected to introduce new novel solutions with enhanced features”. says a lead Future Market Insights (FMI) analyst.
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Who is Winning?
The global market is moderately consolidated with tier 1 players estimated to hold around 50% to 53% share. Leading manufacturers of automotive door latch and hinge manufacturers include Magna International Inc., Aisin Seiki Co. Ltd., Gestamp Group, Saint Gobain, Brose Fahrzeugteile GmbH & Co. KG, and MITSUI KINZOKU.
These companies are concentrating on introducing new products and investing in research & development activities. They are also expanding their footprint by employing strategies such as mergers, acquisitions, partnerships, and collaborations.
Significant competition is faced by domestic and international players in the market owing to rising number of start-ups in the automotive industry.
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The research report analyzes the market demand trends of automotive door latch and hinges market. The global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of automotive door latches and hinges.
As per Future Market Insights’ (FMI) research scope, the automotive door latch and hinges market has been studied and segmented on the basis of product type, vehicle type, sales channel, and material. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.