Automotive Door Latch Market is anticipated to surpass US$ 29.6 Bn by 2027,
Transparency Market Research has published a new report titled, “Automotive Door Latch Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027”. According to the report, the global automotive door latch market is anticipated to surpass US$ 29.6 Bn by 2027, expanding at a CAGR of more than 2.34% during the forecast period.
Increase in production and sales of automobiles across the globe is a major factor driving the demand of the automotive door latch. The automotive industry produced 96.6 Mn vehicles, globally, in 2018, while the latch is a major component used in the automotive industry. The total sales registered by the automotive industry stood at about 88.5 million vehicles in 2018. The industry is expanding at a decent pace, while the demand for SUVs and cars is rising at a rapid pace, primarily in developing countries. Asia Pacific witnessed a major demand for passenger vehicles, which in turn fuels the demand for automotive door latches. Demand for electric vehicles also been increased by nearly 70% in 2018, which in turn is estimated to boost the automotive door latch market. The share of Asia Pacific in GDP growth of the world is nearly 53%, while China, U.S., and India, account for 29%, 14%, and 9 % share, respectively.
Rise in urbanization and sustained investments in construction are driving the usage of vehicles, thus boosting the demand for automotive door latch market. The Trump government has set plans for an infrastructure investment of US $ 1.7 Trn to develop rural infrastructure, highways, and bridges. The EU–China deal, named Belt and Road Initiative, of US$ 9 Bn to construct an intercontinental highway is expected to drive the demand for construction vehicles, thereby boosting the demand for door latch market.
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Increased industrial activity in Asia Pacific and Latin America is driving the sales of electric forklifts and warehouse trucks. Demand for lean production is driving the adoption of large number of industrial vehicles within facilities and warehouse, which in turn is boosting the automotive door latch market.
Based on lock type, the electric segment is expected to dominate the global automotive door latch market, both in terms of volume and value. Electrification of vehicles and increasing adoption of electrical components in vehicles are key reason that are driving the demand for automotive door latch. Manufacturers are introducing more customer-friendly and secure vehicles with improved or improvised safety features. Customers are more concerned about the safety and security of vehicles and the people utilizing these vehicles along with the performance of vehicles. Electric door latches are utilized to operate latches remotely or automatically, which allows the locks of the vehicles to function on desired instruction. Penetration of electric door latches is expected to increase during the forecast period, as an increasing number of automakers are incorporating features such as remote locking and central locking.