Global demand for automotive door latches is likely to expand at a CAGR of 4% through 2033. The market is expected to reach a value of USD 9.3 billion by 2033, from USD 6.0 billion in 2023, supported by:
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In response to consumer demands, automakers are adding more safety, security, and convenience features to vehicle access control systems. Also, in a continuous effort to be more profitable, automakers are reducing costs by outsourcing the design of systems/sub-systems and components. In an attempt to improve efficiency and productivity, many OEMs have adopted a 'corporate strategy', implementing the same latch across several manufacturing platforms and marketing divisions.
| Attributes | Details |
|---|---|
| Automotive Door Latch Market Value (2022) | USD 6.0 billion |
| Automotive Door Latch Market Estimation (2023) | USD 6.3 billion |
| Automotive Door Latch Market Forecasts (2033) | USD 9.3 billion |
| Value CAGR (2023 to 2033) | 4% |
| Collective Value Share: Top 3 Countries (2023E) | 45.2% |
Currently, there is rising demand for new variants due to a surge in demand for electric and hybrid vehicles. This is also bolstered by the current collective government efforts incentivizing the adoption of electric/hybrid cars. Hence, the key payers have to innovate to develop custom designs.
The demand for automotive parts for premium cars is also on the rise. Manufacturers need to build sophisticated and highly efficient automotive latches for utility in these sophisticated automobiles. Currently, consumers are keen on improving ease of operation, while not compromising on the safety aspects. A demand for specialized automotive latches is also observed that helps to prevent theft in vehicles.
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In terms of regional growth, Asia Pacific is anticipated to yield significant growth opportunities, supported by rising disposable income and significant automotive vehicle production. By 2026-end, the region is estimated to exhibit moderate growth, and China &India are the prominent contributors to the regional revenue share.
During the forecast period, India is set to witness a growth of 4.6% concerning automotive sales throughout 2023, overcoming supply chain holdups experienced in the past two years. Thus, Automotive Door Latch manufacturers are grasping this opportunity to make inroads in the regional market.
Likewise, China is expected to emerge as the key manufacturer of door latches, attributed to the presence of prominent automakers to augment the production output and the upgradation of manufacturing technology.
Automotive door latches have transformed drastically in recent years, backed by rapid technological advancements and the addition of unique features. This segment is expected to register sturdy growth until 2033. The burgeoning demand for mid-size automobiles compels automakers to manufacture superior quality and affordable products. Also, high-quality automotive door latches are in high demand from OEMs to maintain their brand name. Consequently, they are investing in the development of electrical latch systems to improve the quality of Automotive Door Latches.
As there is an extensive range of industrial applications, automotive door latches are required to fulfill consumer demand, reduce cost, and for safety purposes. Hence, players like Kiekert designed an E-latch excellently, on the hand from the outset as a compact mechatronic system. This optimized overall system uses fewer parts and is lighter and more cost-effective from a system standpoint.
The growing demand for economic range products compels the manufacturers to manufacture high-quality and affordable products. Also, Durable and high-quality products are in high demand from the OEMs to maintain their brand name.
Future Market Insights forecasts a comparison and review analysis of the dynamics of the automotive door latch market. This is principally associated with technological developments like touch-enabled locking systems and smart sensors that are anticipated to drive the door latch industry. The automotive door latch market's competitors should have plenty of chances due to the increasing need for new latch technology and the growth of the automotive sector.
The key reason for this change in growth rate is due to the functional and operational problems with the door latches. However, in the coming years, the market for automotive door latches is anticipated to increase as consumers are more inclined toward safe and secure vehicles.
The market is projected to grow due to the boosting car industry as a result of population increase, infrastructure development, and suburbanization. Moreover, The adoption of lightweight automotive components is another key factor bolstering the market expansion. This is due to technological innovation motivated by driver safety and strict emission regulations. Global demand for automotive components could be fueled by the lucrative growth of the automobile industry. This could lead to manufacturers expanding their manufacturing capacities.
The increased production volumes of automobile door latch in these locations are also anticipated to increase. This is impelled by the lax availability of finance for the expansion or development of current and new manufacturing facilities in emerging regions.
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The automotive door latch is a vital component of a door closure system. It functions either electronically or mechanically. The primary functions of a door latch in an automobile are to maintain the safety of the passenger by securing the door system. It eliminates the risk of fatal damages in case of car accidents.
The global automotive production output is expected to increase at a CAGR of 4.0% over the forecast period to reach annual production of USD 9.3 Million units by 2033. Products designed to withstand the highly corrosive environment that occur in the hood of the vehicle are in high demand. The demand for automotive door latches increased at a CAGR of 4.5% during the period between 2017 and 2022.
Short Term (2023 to 2026): Currently concerns surrounding maintaining safety in the latest automotive variants are fostering the market growth. This is further driven by the stringency of government guidelines on automotive safety standards. Hence, key OEMs are currently raising the demand for top-notch product variants.
Medium Term (2026 to 2029): Lucrative growth of the automotive industry is predicted to fuel the demand for automotive parts all across the globe, which in turn, may encourage the manufacturers to expand their production facilities. Moreover, the laidback availability of capital for the expansion or the development of existing and new manufacturing facilities in emerging regions to meet the demand from the automotive industry is estimated to boost the growth of production volumes of automotive door latches in these regions.
Long Term (2029 to 2033): Technologies such as touch lock systems, smart sensors, and AI-powered automotive latches are currently in the nascent stage. These technologies are projected to develop and find a wide application by the end of the forecast period. This could help overcome various operational and technical difficulties that impede market growth. With the advancement of latch technology, the market is likely to record unprecedented growth during this phase.
Kiekert AG, a key manufacturer of automotive locking systems, recently launched an automotive door concept that eliminated the need for door handles. A smart door latch that can be operated by a smartphone on a fingertip has been introduced, further reducing vehicular weight by eliminating the conventional latch system.
Another developing trend is the electric latch system. Magna Closures developed a Smart Latch for the BMW i8, which requires no cables, rods, or handles in the door. It provides an innovative lower-cost door-latching system to global automakers. It can also be used in any type of car or truck.
Due to the substantial availability of workforce serving at a minimal price, prominent automotive manufacturers are constructing production plants in emerging economies. Mexico, China, India, South Korea, and Indonesia are expected to benefit significantly from the automotive market participants due to the change in demand for automotive parts and components.
As the automobile industry matures, more partnerships and mergers among distributors and suppliers are anticipated to grow their worldwide footprint and product variety. Market leaders are focused on selling non-core assets and infrastructure to earn the funds needed to pay down their debts.
International market leaders are working on developing alliances and joint ventures with foreign local companies to ensure effective product marketing locally, obtain a competitive advantage over competitors, and other benefits such as increased brand value over time. This element is expected to give chances to enhance production capacity, cut production costs, and allow local and international market participants to maintain their market positions.
The business environment in Europe remains favorable, with several European nations rating highly on the World Bank's 'Doing Business' index, including the United Kingdom, Germany, and France. Germany is well-known for its outstanding motor industry and engineering skill. The vehicle parts and accessories industry in Germany is thriving due to a favorable perception among OEMs.
The general attitude and image of European parts and component suppliers are still positive. Collaboration with technology companies and increasing Research and Development investment is expected to be the main advancements in Europe's automotive sector in the next years. Because Germany is a manufacturing center for automotive components, the car door latch industry in Germany is quickly developing. Further, the country is expected to create an incremental dollar opportunity of USD 96.4 Million during the period of 2023 and 2033 in the automotive door latch market.
The United States is estimated to account for around 90%of the North American car door latch market in 2023. The growing demand for automobile door latches in the United States might be attributed to increasing vehicle production and sales and an increase in vehicles on the road. In addition, rising demand for security and protection in the automotive sector is likely to fuel car door latch sales in the United States in the coming years.
The United States is a prominent vehicle market, and demand is expected to stay strong over the projection period. Furthermore, increased research efforts, the presence of big corporations, and rising product development investments all present appealing opportunities for the country's car door latch industry.
During the forecast period, the US market is expected to grow at a CAGR of 2.7% to reach a valuation of USD 1.1 billion by 2033.
The Chinese automotive industry is thriving, with Chinese manufacturers producing and selling a sizable volume of vehicles worldwide. China's automotive component manufacturing industry is expected to be among the opportunistic, trailing just the United States and Germany, as a result of the country's growing vehicle output. Along with the expansion in the number of automobile manufacturers in China, the automotive component sector has developed as the number of passenger and commercial vehicles has increased.
During the forecast period, the Chinese market is expected to grow at a CAGR of 6.8%.
| Regions | North America |
|---|---|
| Countries | United States |
| CAGR | 2.7% |
| Market Value (2033) | USD 1.1 billion |
| Regions | Europe |
|---|---|
| Countries | United Kingdom |
| CAGR | 2.3% |
| Market Value (2033) | USD 156.3 million |
| Regions | Asia Pacific |
|---|---|
| Countries | China |
| CAGR | 6.8% |
| Market Value (2033) | USD 3.0 billion |
| Regions | Asia Pacific |
|---|---|
| Countries | South Korea |
| CAGR | 3.8% |
| Market Value (2033) | USD 319.4 million |
| Regions | Asia Pacific |
|---|---|
| Countries | Japan |
| CAGR | 3.5% |
| Market Value (2033) | USD 670.5 million |
The mid-size automobile market is expected to increase at a 6% CAGR in terms of value from 2023 to 2033. Due to factors such as increasing vehicle production and a rising preference for personal mobility, the demand for mid-size cars has grown, and this trend is projected to continue in the future years.
Over the assessment period, rising production and sales of mid-size cars are projected to continue to drive the demand for automobile door latch market sales.
The OEM automobile brake valve industry is projected to grow at a 5% CAGR in value from 2023 to 2033, generating an absolute dollar potential of more than USD 1,358.9 Million
East Asia area contributes a substantial part to the OEM market. To attain considerable profitability and simplicity of operations, OEMs collaborate with important automobile component manufacturers.
| Start-up Company | August |
|---|---|
| Country | United States |
| Description | August is a startup system that provides smart access/latch systems. It can also be controlled through a mobile application to prevent thefts |
Acquisitions & Mergers Expand Market Prospects
There has been a rise in the number of acquisitions and expansion activities in recent years to enhance the supply of door latches. Several players are also attempting to increase the door-locking system's efficiency. The worldwide business has also seen the emergence of many manufacturers.
| Company | Magna |
|---|---|
| Details | Magna is one of the top automotive suppliers, with a presence in over 27 nations. The company provides top-class complete automobile solutions |
| Recent Developments | Magna recently launched the comfort + door latch that aims to improve efficiency and reduce noise. The product does this effectively by converting sliding friction into rolling friction for ease. |
| Company | Honeywell |
|---|---|
| Details | Honeywell is a global leader in safety, security, and energy solutions. It is a Fortune 100 company that focuses on delivery, quality, and value. |
| Recent Developments | Honeywell recently adopted the 'corporate latch' strategy in which the same latch is used across different manufacturing platforms. Honeywell’s latest design is meant to help maximize reuse while reducing tooling costs. |
| Company | Latch |
|---|---|
| Details | Founded in 2014, Latch provides a security solution with multiple smart integration features. |
| Recent Developments | Latch, recently launched Latch OS, which enables smart integration with Honeywell thermostats, Sonos speakers, and even Leviton light switches. All these can be centrally controlled using the Latch app. |
The market is valued at USD 6.3 billion in 2023.
STRATTEC, Kiekert AG, and Inteva Products LLC are the vital market players.
The market is forecast to register a CAGR of 4.0% through 2033.
The mid-size automobile segment is likely to remain preferred through 2033.
Investment in research and development is encouraging sales.
1. Executive Summary | Automotive Door Latch Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Latch Type 5.1 Side Door Latch 5.2 Tailgate Latch 5.3 Hood Latch 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Function 6.1 Electronically Operated 6.2 Mechanically Operated 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle Type 7.1 Compact Car 7.2 Mid-Size 7.3 Luxury Car 7.4 SUV 7.5 HCV 7.6 LCV 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Sales Channel 8.1 OEM 8.2 Aftermarket 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1 North America 9.2 Latin America 9.3 Europe 9.4 Asia Pacific 9.5 Middle East & Africa (MEA) 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1 STRATTEC 17.2 Kiekert AG 17.3 Inteva Products LLC 17.4 Aisin Seiki Co. Ltd. 17.5 Magna International Inc. 17.6 WITTE Automotive GmbH 17.7 Brose Fahrzeugteile GmbH & Co. KG 17.8 U-Shin Ltd 17.9 Shivani Locks Private Limited 17.10 MITSUI KINZOKU 18. Assumptions & Acronyms Used 19. Research Methodology
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Automotive Door Latch Market
