The global automotive door latch market has been segmented into side door latch, hood latch, back seat latch, tail gate latch and others. Among these segments, the side door latch segment is expected to grow at highest CAGR during the forecast period. Increasing awareness of security aided technology in automobiles is anticipated to aid the growth of automotive door latch market. Further, the market is witnessing high preference for smart technology latch production such as power and LED latches among consumers. This factor is envisioned to strengthen the growth of automotive door latch market.
The global market for automotive door latch is expected to flourish at a sufficient CAGR of 6.4% during the forecast period 2018-2027. Factors such as rising awareness, ease of operating and comfort are anticipated to drive the demand for global automotive door latch market. Further, the increasing demand for improved and advanced automobiles is estimated to boom automotive door latches market by noteworthy revenue by the end of 2027.
In the regional segment, Asia Pacific represented the largest market for automotive door latches in year 2017. This can be attributed to increasing awareness of latest security advancements in the automotive door latch market. Moreover, with an increase in disposable income, the Asia Pacific automotive door latch market is anticipated to generate higher CAGR followed by Europe and North America during forecast period.
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Growing Demand for Security Objectives
Growing concern for security equipped door latches in automobiles is the major concern behind the production of automotive door latches. Further, to eradicate the apprehension while driving regarding preventing severe accidents and making the driving comfortable is expected to benefit the expansion of automotive door latch market.
Automotive Aftermarket Reflects Significant Opportunities
Enhancement and advances in global automotive door latches with advanced technologies and improved designs are expected to drive the growth of the automotive door latch market in the long run. In terms of revenue, aftermarket is anticipated to exhibit large expansion of sales in the forecast period. This factor is believed to supplement the growth of the automotive door latch market globally.
However, the technical obstructions in smart technology automotive door latches are likely to inhibit the growth of the automotive door latch market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive door latch market which includes company profiling of Aisin Seiki, Mitsui Mining & Smelting, Brose Fahrzeugteile GMBH & Co. KG, U-Shin, Shivani Locks, Kiekert Aktiengesellschaft, Magna International, Inteva Products, Minda Vast Access Systems, Magna International.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive door latch market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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