According to Future Market Insights, the global Bonnet Lock Plate and Latch market will be valued at US$ 2,086.8 million in 2022 and will increase at a CAGR of 5.20% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size 2021A | US$ 1,793.5 million |
| Market Size 2022E | US$ 2,086.8 million |
| Market Size 2032F | US$ 3,132.4 million |
| Value CAGR (2022 to 2032) | 5.20% |
A bonnet or hood is used to shield the engine compartment of a car from debris, weather, and outside contact. Bonnet Lock Plate and Latch are parts used to secure the bonnet of your vehicle and guarantee the security of the components under the Bonnet. The bonnet lock plate keeps the latch and spring pawl from moving and it is a part of the Bonnet Lock and latch assembly. The bonnet lock plate also helps guard against unintentional bonnet disengagement while a car is moving and stops the bonnet from lifting before it is unlocked. Auto manufacturers increasingly introducing safe, secure, and other additional benefits into vehicles in response to consumer demand. In addition, automakers are cutting costs by outsourcing the design of systems/subsystems and components in a continuous effort to become more profitable.
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The market analysis for Bonnet Lock and Latch from 2017 to 2021 exhibited a historical growth rate of 2.20% CAGR. The increased production of automotive vehicles around the world is the primary factor that has driven the market of Bonnet Lock Plate and Latch from 2017 to 2021.
According to the most recent FMI analysis, the market is expected to grow at a rate of 5.20% between 2022 and 2032. To prevent any unwanted access to the engine, the aftermarket uses the bonnet lock plate and latch. When this device is present, car owners can park their vehicles in an area without any security measures, such as CCTV cameras, and feel completely secure, driving the Bonnet Lock Plate and Latch market.
Additionally, they safeguard your vehicle from break-in damage and theft. After closing the hood, it's a smart option to lock and secure your car.
The Demand for Bonnet Lock Plate and latch have evolved dramatically in recent years, owing to rapid technological improvements and the incorporation of new features. For example, the addition of an electronically controlled lock to improve your vehicle safety, expanding the Bonnet Lock Plate and Latch market.
Global manufacturers of Bonnet lock plates and latches are seeking to create partnerships and joint ventures with local enterprises in order to assure successful product marketing and awareness domestically, receiving additional advantages including long-term increased brand value. Additionally, this aspect will provide opportunities to increase product distribution, reduce production costs, and enable both domestic and foreign market participants to hold onto their market positions.
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Primarily stainless steel is used to manufacture the bonnet lock plate and latch. There are difficulties in obtaining low-priced steel from China for the manufacture of bonnet lock plates and latches have resulted in the high price of final products like bonnet lock plates and latches. Also, the expense of producing bonnet lock plates and latch from alternative materials is very high, leading to an increase in the prices of Bonnet lock plates and the latch will hinder the market growth.
In Europe, the Automotive industry is constantly expanding, due to increasing consumer demand for light commercials vehicle (LCVs). The production of LCVs by auto manufacturers has increased. The growing number of vehicles in this region is impacting the demand for bonnet lock plates and latches in the region. There is a large number of domestic manufacturers that are operating in Europe. Also Due to the presence of major automakers like Audi, Mercedes Benz, Volkswagen, and others in the region, Europe is the market leader for bonnet lock plates and latches.
North America has a sizable market potential for bonnet lock Plates and latches due to the various prominent players operating in the global bonnet lock plate and latch market focusing on the expansion of their business operation in the region. The demand for LCVs is growing in the region directly impacting the bonnet lock plate and latch market. The huge demand for commercial vehicles for logistics purposes expanding the automotive industry in North America boosting the market of the bonnet lock plate and latch in the region.
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Key players operating in the Bonnet Lock and Latch market are Strattec Security Corporation, Aisin World Corp. of America, Shivani Locks Pvt. Ltd., Johnan America Inc., Canara Auto Parts, Flex-N-Gate Corporation, PHA India, Aditya Auto, IFB Automotive Private Limited, Metalplast-Soprana, SPV Company Ltd., Sanatan Autoplast Private Limited, Stanzen Engineering Pvt. Ltd.
To build a strong position in the Bonnet Lock and Latch market, key market players are boosting and expanding sales and distribution networks, product differentiation and new product development, and strategic alliances and partnerships.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.20% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in 000’Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Car hoods, Material, Distribution channel, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | The USA, Canada, Mexico, Brazil, Germany, Italy, France, The United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASIAN, Australia and New Zealand, GCC Countries, Turkey, South Africa, Northern Africa |
| Key Companies Profiled | Strattec Security Corporation; Aisin World Corp. of America; Shivani Locks Pvt. Ltd.; Johnan America Inc.; Canara Auto Parts; Flex-N-Gate Corporation; PHA India; Aditya Auto; IFB Automotive Private Limited; Metalplast-Soprana; SPV Company Ltd.; Sanatan Autoplast Private Limited; Stanzen Engineering Pvt. Ltd. |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Bonnet Lock Plate and Latch market reached over US$ 1,793.5 million.
During the forecast period, the Bonnet Lock Plate and Latch market are estimated to expand at a CAGR of 5.20% from 2022 to 2032.
The Bonnet Lock Plate and Latch market are projected to reach US$ 3,132.4 million by the end of 2032.
China is projected to lead the East Bonnet Lock Plate and Latch market in the forecast period.
Key players operating in the Bonnet Lock and Latch market Strattec Security Corporation, Aisin World Corp. of America, Shivani Locks Pvt. Ltd., Johnan America Inc., Canara Auto Parts, Flex-N-Gate Corporation, PHA India, Aditya Auto, IFB Automotive Private Limited, Metalplast-Soprana, SPV Company Ltd., Sanatan Autoplast Private Limited, Stanzen Engineering Pvt. Ltd.
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Bonnet Lock Plate And Latch Market
