Car door latch is an important feature of the car. It serves the easy operation of the car door lock, ensuring complete security and safety of the passenger. The earlier versions of cars used to have manual car door locks. With the increasing upgradation of technology, automatic latches have gradually started to take over the car door latch market. Technological advancements have introduced improved specifications for the cars which include super locking, power closing, hand-free avoidance, and child safety. These are the needs dominating the OEMs. The reports published by Market Research Future reveals that the global car door latch market is estimated to generate a revenue of almost USD 6.60 billion by the conclusion of 2022. The market is likely to grow at 5% CAGR over the forecast period. A key factor driving the rise of the car door latch market is the rapid expansion of the automobile sector all over the world. The increasing population, rapid urbanization, and prominent infrastructural development are the additional factors fueling the growth of the car door latch market. The progressive technology ensuring driver’s safety and strict regulations compelling vehicles to use light weight automotive parts are also influencing the car door latch market positively.
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Market Segmentation
Market Research Future has segmented the global car door latch market based on the vehicle type, lock type, regions, and application. Based on vehicle type, the global car door latch market has been segmented into commercial vehicle and passenger car. Based on lock type, the global car door latch market has been segmented as non-electronic and electronic. Based on regions, the market has been segmented into Europe, APAC, North America, and Rest of the world. Based on application, the market has been segmented into hood latch, side door latch, back seat latch, and others.
Regional Analysis
The Asia-Pacific region is expected to dominate the car door latch market as has been reported by Market Research Future. The large population of the region mainly in the economies like China and India makes it a lucrative market for different businesses. With the growing population, the purchasing power of the population is also witnessing sharp rise. Additionally, the need for leading a comfortable lifestyle is also dominant in the region. These factors together have been responsible for propelling the automobile market in this region. Moreover, the entry of new players in the market can also be considered as a key factor in boosting the market for car door latch. At present, the advancement of technology has also encouraged the car door latch manufacturers to incorporate techniques such as power control and LED. Such innovative approaches have also triggered the sales of car door latch in this market.
Key Players
The global car door latch market has been dominated by key players such as Mitsui Mining and Smelting Co., Ltd. (Japan). Mitsui Mining and Smelting Co. has announced that it has recently invested in Atomis Inc. Atomis Inc. prepares novel engineered materials by the application of metal organic frameworks (MOFs). Mitsui Mining and Smelting Co. has set its business strategy of renovating its development foundation by undertaking a co-creation approach. The company is being able to draw new businesses with the enactment of the given business strategy. An additional strategic approach of the firm has been investments in potential startups which could aid is improving the company’s business agenda. The other notable players in this market include Kiekert AG (Germany), Aisin Seiki Co., Ltd. (Japan), Strattec Security Co. (U.S.), Magna International, Inc. (U.S.), Shivani Locks Pvt. Ltd. (India), U-Shin, Ltd. (Japan), Inteva Products, Llc. (U.S.), Minda VAST Access Systems Pvt. Ltd. (India), and Brose Fahrzeugteile Gmbh & Co. (Germany).
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