In Market Research Future’s reports, the global Car Door Latch Industry is set to proliferate high at a CAGR of 5% and is expected to reach a valuation of USD 6.60 billion by 2022.
The current trend in the Car Door Latch Industry is the introduction of electronic latches, which has eventually grown up with its high demand over a couple of years. Technological advancements have propelled the need for electronic latches keeping the factors of safety and security concerns in vehicles.
A car door latch is used in cars for safety and security. The automotive industry is also proliferating with technological advancements which catered to discover the new car door latch. These are improved version that primarily feeds function such as hand-free avoidance, super locking, child safety, and power closing. These innovations for cars are high in demand which is, in turn, is encouraging the global Car Door Latch Industry to grow at a higher CAGR in the future timeframe.
Market Research Future has accumulated some significant factors that are positively impacting the global Car Door Latch Industry in their growing years. One of the factors driving the growth of Car Door Latch Industry is the growth in the automobile industry. This growth factor attributes to an increasing population, expansion of infrastructure, and development of suburbs.
The automobile manufacturers, in the current time, are continually working towards enhancing vehicles with next-generation systems and interiors to improve the existing systems and experience modern mobility. In the present time, most of the population is inclining or preferring luxury cars to their interest, which in turn, is boosting sales of vehicles. This is contributing to the demand growth of car door latch.
Some more critical factors that are positively impacting the Car Door Latch Industry are enhanced locking mechanisms, smart sensors, touch-enabled locking systems, and others. These are the latest innovations that have taken place and installed in the cars and are emerging rapidly with a promising future as well.
Furthermore, the existence of some of the leading players in the Car Door Latch Industry is focusing on the production of next-generation car door latch mechanisms to cater to the emerging automobiles of the future. On this note, Kiekert being one of the active players in the market is innovating car locking systems with smart car door latch designed for the autonomous vehicles, which is technologically advanced and allows opening of doors with fingerprints.
Most important, the car door latches are an essential tool for ensuring safety and making driving enjoyable and tension free. Also, the rising trend towards automobiles with security standards is likely to foster the growth of Car Door Latch Industry in the years to come.
Segmentation
In the reports of MRFR, the global Car Door Latch Industry is further segmented by lock type, vehicle type, by application and by region.
By mode of lock type, the market includes segment such as electronic, non-electronic.
By mode of vehicle type, the market includes segment such as passenger car and commercial vehicle.
By mode of application, the market includes side door latch, hood latch, back seat latch, and others.
Regional Outlook
In the reports of MRFR, regionally, the market of car door latch has covered the major regions of North America, Europe, Asia-Pacific, and rest of the world.
Among them, the Asia Pacific region accounts for the largest share of the market owing to an increase in the production of the vehicle and growing sales of it. The immense disposable income has led to the growing sales of cars, which eventually has impacted the Car Door Latch Industry positivity in this region. With this, the demand for luxury cars in countries like India and China, have also led to the demand for car door latch to increase substantially. Latches also have LED and power efficiency which gives an impressive interior of a car. This factor has also prompted the market for car door latch to a great extent.
The next emerging region for the market is in North America and Europe. These regions have seen promoting and adopting vehicle automation on a larger scale owing to the production of advanced car door latch mechanisms and smart car door latch systems. This is expected to showcase promising growth as significant car manufacturing companies focus on setting up production units in these regions.
Key Players
The key players of global Car Door Latch Industry are Aisin Seiki Co., Ltd. (Japan), Mitsui Mining and Smelting Co., Ltd.(Japan), Kiekert AG (Germany), Magna International, Inc. (U.S.), Strattec Security Co. (U.S.), U-Shin, Ltd. (Japan), Shivani Locks Pvt. Ltd. (India), Brose Fahrzeugteile Gmbh & Co. (Germany), Inteva Products, Llc. (U.S.), and Minda VAST Access Systems Pvt. Ltd. (India).
Read More :
Do they only make key latches or offer other locksmith services also?