Market Highlights:
A latch is used to join two objects so as to regulate the detachment of the objects. A car door latch is used so as to provide safety and security to the passengers in the car. The most commonly used latch is the electronic lock, which meets the growing technology needs. This latch has benefits through technology such as hand free avoidance, super locking, power closing, and child safety. The major driver for the growth of car door latch market is the increase in the production of vehicles as it increases the usage of the car door latch, leading to the market growth. According to a recent study report published by the Market Research Future, The global market of car door latch is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2022).
Federal Motor Vehicle Safety Standard (FMVSS) No. 206 has established a minimum standard for the performance of the motor vehicle door locks and door retention components. The main purpose of the standard is to minimize the likelihood of the occupant being injured as a result of an impact. The 206 standard applies to all side and back doors on passenger car and commercial vehicles.
Economic factor place an important role in the automotive industry. In the recent year, automotive industry was majorly affected due to the economic crisis. If the economic condition are not good then the sale of the vehicle will decline resulting in the decrease in the car door latch industry. In the developing and developed markets, for both the scenario are different. The developed market will have increase in sale due to higher purchasing power of the consumer. The sale of higher end vehicle will also be high in this market. In developing nation, the lower priced variants sales are high due to low purchasing power of consumers. Change in the economy will directly affect the automotive industry which will impact the car door latch industry.
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Major key Players
Aisin Seiki Co., Ltd. (Japan),
Mitsui Mining and Smelting Co., Ltd.(Japan),
Kiekert AG (Germany),
Magna International, Inc. (U.S.),
Strattec Security Co. (U.S.),
U-Shin, Ltd. (Japan),
Shivani Locks Pvt. Ltd. (India),
Brose Fahrzeugteile Gmbh & Co. (Germany),
Inteva Products, Llc. (U.S.),
Minda VAST Access Systems Pvt. Ltd. (India)
The global Car Door Latch Market is expected to account for USD 6.60 billion by 2022 with 5% CAGR.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global Car Door Latch market are that of new product development.
On April 2016, Grupo Antolin had opened a new factory in Wuhan (China) with Dongfeng Visteon to provide headliners and door panels for Renault, PSA, Nissan, Infiniti and Honda. The main purpose of opening the new plant is to provide to customers with high quality products to fulfil their requirements.
On September 2016, Magna International had signed an agreement to acquire BÖCO Group of Companies, who is the supplier of latches, hinges and strikers. The acquisition will boost the product portfolio and engineering capabilities of the company.
On August 2015, Kiekert AG who is the leading developer of automotive locking systems had expanded its presence in China. The expansion will strength the position of Kiekert in Chinese market.
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Regional Analysis
Asia-Pacific region is expected to dominate the car door latch market during the forecast period due to the increase in the production of vehicles and increase in the sales of the vehicles. This is mainly due to the increase in the disposable income in this region. The growth of the component manufacturers has taken a different route than other regions. The Japanese producers have maintained strong relationships with their suppliers. The rising competition and increase in the trade, globally, have led to the improved distribution system, across various developing nations. Also, the automotive industry in China continues to grow due to increased production of passenger and commercial vehicles. FDI is one of the major factors for the growth of automotive industry in China. Automakers in China are developing new and trade friendly policies that enable them to produce a larger number of vehicles. This increase in the number of vehicles, will result in the growth of the car door latch industry during the forecast period.
Intended Audience
- Car door latch manufacturers
- Distributer & Supplier companies
- End Users
- consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
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