Global Car Door Latch Market size is forecast to reach $2,458 million by 2025, estimated to grow at a CAGR of 6.78% during 2020-2025. The rapid growth of the automobile sector is triggering the car latch door market. In addition, the rise of Pandemic has affected the automotive manufacturing industries, but with the deployment of certain safety guidelines most of the companies have resumed operations. This resuming of operations will lead to upsurge the growth of the car latch system market during the forecast period 2020-2025.
Application – Segment Analysis
Side Door Latch application held the largest market share in the Car Door Latch market in 2019. The rising growth of the automotive industry is highly fueling the demand for side door latch systems. Moreover, the increasing risk of accidents due to opening up of car door from wrong sides has raised the need for effective side door latch system. Additionally, the Federal Motor Safety Standard (FMVSS) 206 regulates the minimum strength of side door latches in passenger carrying vehicles. These factors are thus surging the growth of the car door latch market.
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Geography – Segment Analysis
In 2019, Asia Pacific dominated the Car Door Latch market with a share of more than 47%, followed by Europe and North America. The rising production of vehicles in countries such as China are leading to the acceleration of the market. However, the rise of pandemic has highly affected the manufacturing sector which will lead to slow down the market in the recent time. Thus, the adoption of certain guidelines in the manufacturing sector will promote safety to the workers leading to drive the growth of the market during the forecast period.
Drivers – Car Door Latch Market
Growth of Automobile Industry
The rising demand for vehicles are boosting the growth of the automobile industry. The growing demand for sport utility vehicles and other passenger cars are the major factors which are driving the need for car door latch market. The deployment of mass production techniques and the use of technology such as artificial intelligence, machine learning are further boosting the automobile industry which will in turn drive the growth of the market.
Rising concern related to safety of the vehicle
The rising need to provide safety to the driver and the passenger of the car is leading to the demand for efficient car door latch system. Furthermore, the technological advancements in the field of automotive sector has surged the demand for electronic latch that leads to increase vehicle safety and security concerns. These significant factors are thus propelling the car door latch system market.
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Challenges – Car Door Latch Market
Rise of Pandemic
The rapid rise of pandemic has resulted in slow down of several manufacturing industries which further includes the automotive sector. The production of vehicle has thus declined in 2020 which has also resulted in declining of the sales of the vehicles. These is also affecting the manufacturing of advanced car door latch systems that are integrated in the automobiles. Therefore, this key factor may lead to slow down the growth of the car latch market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Car Door Latch market. In 2019, the market of Car Door Latch has been consolidated by the major players – Brose Fahrzeugteile GmbH & Co., Kiekert AG, Magna International Inc., Minda Vast Access Systems, Mitsui Mining & Smelting Co. Ltd., Shivani Locks Pvt. Ltd. , Strattec Security Corporation, U-Shin Ltd., Robert Bosch GmbH and ZF Friedrichshafen AG.
In May 2018, Magna International developed the Comfort+TM door latch in order to address the concerns related to car door opening and closing, and further providing quietness in the cabin. This new car door latch reduces the efforts required to open and close the door and results in providing smooth consistent feel.
In 2019, the Car Door Latch market was dominated by Asia Pacific owing to the growing vehicle production and rising sales of vehicles in China and other Asian Countries.
The increasing safety concerns during driving is the key factor that is driving the demand for advanced technologies in the car door latch system which is leading to the rising use of electronic latches.
The growth of the automobile industry with certain guidelines during the pandemic situation will further enhance the need for the efficient car door latch systems.
The rapid rise of pandemic has highly hindered the manufacturing industry which has also hampered the production of vehicles thus leading to challenge the growth of the market.
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