Car Door Latch Market Analysis
The car door latch market size will touch USD 7.97282 Billion at a 5.80% CAGR by 2032,
states the latest Market Research Future (MRFR) report.
Drivers
Technological Advances in Car Door Latches to Boost Market Growth
Technological advances in car door latches will boost market growth over
the forecast period. Latest and better technologies like touch-enabled locking
systems, enhanced locking mechanisms, and smart sensors help in effective and
enhanced security for the passengers.
Opportunities
Rising Preference for Secure and Safe Vehicles to offer Robust
Opportunities
The rising preference for secure and safe vehicles among consumers will
offer robust opportunities for the market over the forecast period.
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Restraints
Fluctuations in Production and Sales to act as Market Restraint
The fluctuations in global production and sales of automotive may act as
market restraint over the forecast period.
Challenges
Balance between Technology and Cost to act as Market Challenge
The problem of maintaining balance between technology and cost may act
as market challenge over the forecast period.
Car Door Latch Market COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand
share, as well as long-term & immediate effect of the COVID-19 pandemic
possessed a negative effect on the car door latch market growth. The pandemic
has slowed down economic activity and pushed the economy into a steep
recession. With the roots being in China, the supply chains in the world are
facing shutdown and unprecedented disruption.
Car Door Latch Market Segmentation
The automotive
door latch market has been bifurcated based on lock
type, vehicle type, and application.
By lock type, the electronic latch segment will lead the market over the
forecast period for an increase in security concerns and vehicle safety and
technological advances.
By vehicle type, the passenger car segment will dominate the market over
the forecast period.
By application, the side door latch will spearhead the market over the
forecast period for the increase in demand for automobiles.
Car Door Latch Market Regional Analysis
APAC to Lead Car Door Latch Market
The APAC region will lead the car door latch market over the forecast
period. Increasing production of vehicles, growing sales of cars for increase
in disposable income, increase in the demand for luxury cars both in China and
India that has boosted the need for car door latches, advance technology in
latches like power and LED, and the presence of several key manufacturers,
increase in vehicle registrations in China and India are adding to the global
car door latch market growth in the region.
Car Door Latch Market Key Players
- Inteva Products Llc.
(U.S.)
- Brose Fahrzeugteile
Gmbh & Co. (Germany)
- Minda VAST Access
Systems Pvt. Ltd. (India)
The global car door latch market size is both
fragmented and also competitive for the presence of different international
& domestic key players. These players have incorporated innovative
strategies to remain at the vanguard and also suffice the burgeoning demand of
the customers including collaborations, contracts, partnerships, joint
ventures, geographic expansions, new product launches and more. Besides, they
are also investing in various research and development activities.
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