NEWARK, Del, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The global automotive door latch market is likely to expand at a CAGR of 4% through 2033. The market is expected to reach a value of US$ 9.3 billion by 2033, from US$ 6.0 billion in 2023.
- New-age features such as smart sensors and touch-enabled locking systems are appealing to a wider consumer base.
- Expansion of the automotive industry due to the rise in disposable incomes
- Diverse application of automotive door latches for the manufacture of aircraft, medical equipment, as well as chemicals.
Few Factors Deterring the Market Growth:
- High cost of equipment
- Operational as well as functional impediments
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Innovations Help Key Players Sustain Market Growth
Due to an increase in demand for electric and hybrid vehicles, there is currently a growing need for new versions. This is also supported by the present coordinated government initiatives encouraging the use of electric and hybrid vehicles. Therefore, the major payers must innovate to create unique designs.
The need for automotive components for luxury vehicles is also rising. In order for these advanced cars to function, manufacturers must create sophisticated and incredibly effective automotive latches. Consumers today are focused on increasing operation simplicity without compromising safety. Specialized automobile latches that aid in preventing car theft are also in demand. It Is one of the major uses of specialized automotive latches.
Market innovations Bolstered by Key Mergers :
Enhancement of product profile through technological innovations is the key focus of market players. To further such endeavors, the current trends point to rampant mergers and acquisitions. New-age technologies such as AI and smart sensors are being implemented through the resource pooling of key players. Agrowing trend is there of partnerships with technological giants.
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Automotive Door Latch Market - Key Developments::
- Magna recently launched the comfort plus door latch that aims to improve efficiency and reduce noise. The product does this effectively by converting sliding friction into rolling friction for ease. It Is one of the key uses of this product and benefits immensly.
- Honeywell recently adopted the “corporate latch" strategy in which the same latch is used across different manufacturing platforms. Honeywell’s latest design is meant to help maximize reuse while reducing the tooling costs.
- Latch, recently launched Latch OS, which enables the smart integration with Honeywell thermostats, Sonos speakers, and even Leviton light switches. All these can be centrally controlled using the Latch app.
- August is a startup system thataims at providing smart access/ latch systems. It can also be controlled through a mobile application to prevent thefts.
Leading Key Players operating in the Automotive Door Latch Market are given below:
- STRATTEC
- Kiekert AG
- Inteva Products LLC
- Aisin Seiki Co. Ltd.
- Magna International Inc.
- WITTE Automotive GmbH
- Brose Fahrzeugteile GmbH & Co. KG
- U-Shin Ltd
- Shivani Locks Private Limited
- MITSUI KINZOKU
Automotive Door Latch Market by Category
By Latch Type:
- Side Door Latch
- Tailgate Latch
- Hood Latch
By Function:
- Electronically Operated
- Mechanically Operated
By Vehicle Type:
- Compact Car
- Mid-Size
- Luxury Car
- SUV
- HCV
- LCV
By Sales Channel:
- Aftermarket
- OEM
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Table of Content
1. Executive Summary | Automotive Door Latch Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
Old Source: Expanding Automotive Industry will present Automotive Door Latch Market with a revenue of US$ 7.7 Bn by 2027. Explore data analysis by Future Market Insights, Inc
Explore Wide-ranging Coverage of FMI’s Automotive Landscape
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