New York, US, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Car Door Latch Market Analysis by Lock Type, by Vehicle Type, by Application and Region - Forecast to 2030” valuation is poised to reach USD 6590 Million by 2030, registering 5.80% CAGR throughout the forecast period (2022–2030).
Car Door Latch Market Overview
A car door latch is utilized across cars for security and safety. Electronic latches are usually used in cars because of the constant technological advancements. Technology developments like power closing, child safety, super locking, and hand-free avoidance are highly in demand by OEMs across the globe.
Car Door Latch Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 6590 Million |
| CAGR | 5.80% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
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The global car door latch market has grown tremendously in the last few years. One of the primary aspects causing an upsurge in the market's growth is the growing automobile sales across the globe. Furthermore, infrastructure expansion is also projected to boost the market's growth over the assessment timeframe. Moreover, the development of suburbs is projected to enhance the market performance over the coming years. In addition, the market's growth is anticipated to be driven by the factors such as stringent emission norms, the safety of the driver, and growing awareness regarding the road safety.
Market USP Covered
Market Drivers
The global car door latch market has experienced exponential growth in recent years. The market's growth is credited to factors such as increased production and sales of automobiles, growing disposable income, improving economies, and constant technological developments.
COVID-19 Impact
The global COVID-19 pandemic has exhibited a massive impact on the majority of the industry sectors across the globe in recent times. The global health crisis has not only affected public health but also significantly influenced global financial and industrial activities. To curb the spread of the disease, governments worldwide imposed partial or complete lockdowns. The pandemic has spread to almost 215 countries. The pandemic has mainly impacted the developed regions such as the US, Canada, Spain, Germany, the U.K., etc.
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The governments across these areas have made substantial laws and regulations regarding the pandemic. The most impacted market sectors list includes automobile, hospitality, hotels, etc. The social distancing norms and travel restrictions imposed worldwide have caused a severe disruption in the supply chain networks for some market areas. Like any other market, the global market for car door latches also faced a significant loss of revenue during the pandemic. Given the significant decline in demand across the globe, the market players across the globe faced several unexpected challenges.
The industry players also had to put a temporary or complete shutdown on the businesses, given the spread of the disease. The players had to face workforce disruption exponentially, given the fall in demand from customers worldwide. On the other hand, with the pandemic fading gradually, the global market for car door latches is picking up pace slowly. With the global economy getting back on track, the market for door latches is also projected to witness positive growth over the coming years. in addition, the vaccination rates have picked up the pace across the majority parts of the world, which in turn is projected to have a positive impact on the growth of the car door latch market over the assessment timeframe.
Car Door Latch Market Segments
Among all the types, the non-electric lock segment is anticipated to dominate the global market for car door latches over the review timeframe. The segment's growth is attributed mainly to the side/slide door seat latches. On the other hand, the electric latch segment is likely to exhibit the maximum CAGR over the assessment timeframe. The segment's growth is credited to the rising demand for electric vehicles globally. The electric latch type is among the augmented product across automobiles; at present, on the other hand, it is projected to be the vital one over the future years.
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Among all the application areas, the passenger vehicle segment is likely to dominate the global market for car door latches over the coming years. The growth of the segment is credited to the high number of passenger vehicles across the globe. Furthermore, the fact that the application of latches is higher in passenger vehicles than in any other type is another crucial aspect supporting the segment's growth.
Among all the sales channels, the OEM segment will likely dominate the global car door latches market over the assessment timeframe. The rise in production of vehicles across the globe is the prime aspect boosting the segment's growth.
Car Door Latch Market Regional Analysis
The global market for car door latches is analyzed across five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the Asia-Pacific region is projected to dominate the global market for car door latches over the review timeframe. The primary factor causing an upsurge in the regional market's growth is the rise in vehicle production. Furthermore, the growing sales of automobiles across the region, given the rising disposable income, is another prime aspect supporting the regional market's performance.
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Car Door Latch Market Competitive Analysis
Dominant Key Players on Car Door Latch Market Covered are:
- Minda VAST Access Systems Pvt. Ltd. (India)
- Aisin Seiki Co. Ltd. (Japan)
- Inteva Products Llc. (the U.S.)
- Shivani Locks Pvt. Ltd. (India)
- Strattec Security Co. (U.S.)
- Kiekert AG (Germany)
- Brose Fahrzeugteile Gmbh & Co. (Germany)
- U-Shin Ltd. (Japan)
- Magna International Inc. (U.S.)
- Mitsui Mining
- Smelting Co. Ltd.(Japan)
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