Automotive Door Latch market size is estimated to be valued over US$ 4,733 million in 2018 and will register a CAGR of 5.2% between 2018 and 2028.
The industry was reeling through economic slowdown in first half of 2010, however, quickly regained its momentum with increased demand for advanced door latch systems. Automotive door latches market is highly fragmented with presence of large number of midsize players operational in south East Asia and China. AS a result, competition has increased manifold in last few years. Few players are competing on pricing differentiation. However, volume based trading has proven to more volatile. As such, leading manufacturers have started focusing on product development. A significant portion of sales revenue is spent on development of effective systems.
Safety concerns and increased automotive sales will drive the net car door latch systems worldwide. On an average, it is estimated that company will be able to see 160% increase in revenue by end of 2028.
On an optimistic scale, emergence of electric cars will prove beneficial for leading players. Electric cars are expected to take over 70% of sales by 2028. Technological up gradation could help door latch system manufacturers to continue to cater the growing demand from green vehicles. While industry is mature, emergence of green vehicles will prove largely beneficial for leading players.
Automotive Door Latch Market Value Analysis, By Distribution Channel
Majority of automotive door latch systems will be supplied by OEM. Nowadays, all cars are fitted with door latch systems. Vertical integration and partnership with key car manufacturers has helped OEM suppliers to register steady growth. The segment will continue to drive the sales throughout the forecast period. In 2017, OEM accounted for 73% of net sales.
Aftermarket is gaining good traction. The demand for aftermarket industry is mainly from aging vehicles. While there exists huge market potential, planned phasing off of gasoline and diesel vehicles with electric vehicles will create lower market opportunity in aftermarket segment. The segment will register relatively slower growth in another ten years.
Automotive Door Latch Market Value Analysis, By Product Type
By product type, automotive door latch market revenue is expected to be driven by increased sales of side door latches. Side door latch component was valued over US$ 2,100 million in 2017. This is close to half of the total automotive door latch sales worldwide.
Global Automotive Door Latch Market Share Analysis, By Vehicle type
Mid-level Passenger cars will account for highest uptake of door latches. Mid-size car accounted for 41% of total door latch sales in 2017. This is followed by SUVs. SUV is registering impressive sales since last few years. The same is noticed in door latch industry. Bekryl estimates automotive door latch systems to register highest traction in SUV in next five years.
Global Automotive Door Latch Market Size and Forecast: Regional Analysis
Globally, Asia Pacific will dominate the sales throughout the forecast period. The sales in the region is driven by large scale production of automotive in China, South Korea, India and Japan. Infact, China is the world leader in car production. The country accounted for 27% of total car production. There is well established automotive ecosystem in South Eastern belt of china. Close proximity to raw materials along with cheap labor has helped company to remain agile and ensure huge profit margins as compared to counterparts based in Europe and North America. Also, contract manufacturing is quite prevalent in the region. Asia Pacific automotive door latch market size is valued over US$ 2,500 million in 2017.
Western Europe will stand next to Asia Pacific. In Western Europe, majority of sales is concentrated in Germany, followed by France and UK. The region is bestowed with technological advancement. Moreover, Western Europe is one of the fastest market for electric cars worldwide. Various plants have been set-up in the region. As such, the region will continue to create favorable business opportunity for industry players.
Latin America and Middle East will register sluggish growth. Total net output will be low owing to low sales and economic meltdown in Latin America.
Global Automotive Door Latch Market Size and Forecast: Competition Landscape
Some key automotive Door Latch market players are:
- Shivani Locks Private Limited
- WITTE Automotive GmbH
- Seiki Co., Ltd.
- Minda Vast Access Systems Pvt. Ltd.
- Inteva Products LLC
- Magna International, Inc.
- U-Shin Ltd.
- Brose Fahrzeugteile GmbH & Co.
- STRATTEC Security Corp.
- Kiekert Aktiengesellschaft
By Vehicle Type:
- Gasoline Based Vehicles
- Electric Vehicles
- Solar Vehicles
By Product Type:
- Catalytic converter
- Flexible Coupling
- Hanger rods
By Application Type:
What Will You Discover in the Report?
- An in-depth analysis of the Automotive Door Latch market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Automotive Door Latch market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Automotive Door Latch market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Automotive Door Latch industry during the forecast period
- Who are the Automotive Door Latch industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Automotive Door Latch Industry Suppliers
- Automotive Door Latch Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
Analyst access with Bekryl Market Analysts
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