Car Door Latch Market Overview:
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 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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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.
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 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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