Promising growth will be charted by global door latch market from 2019 to 2029, as per TMRR, owing to a multitude of growth factors. One such reason is that a strong economic development of a number of countries, particularly in the developing regions of the world. This leads to higher disposable income and therefore to a higher standard of living.
It is quite notable here that the Original Equipment Manufacturers will focus on developing smart systems in automotive latches. As demand and use of electric cars is growing, demand for these latches will make a niche for themselves over the coming few years. It is interesting to note here that Kiekart Technology launched ExcelEntry locking system. These do not need mechanical intervention.
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Asia Pacific (APAC) is set to grow at a notable compound annual growth rate over the aforementioned period. Reason behind this growth would be increasing production of automotive and increase in disposable incomes. This will, as mentioned above, create new opportunities of growth for global automotive door latch market. It is worth noting here that China will be at the forefront of this growth owing to increase in already high demand for mid-sized vehicles in the region.
It is pertinent to note here that the vendor landscape of the global automotive door latch market is fragmented and players operating in this market are many. They are highly reliant on advanced technology to create products that have a competitive edge when compared to other products. Therefore, it does not come as a surprise that a number of players are investing heavily in this direction. Expansion of production capability is also a notable focus area for players seeking higher market share over the next few years.
Top-tier players found in the global automotive door latch market are Aisin Seiki Co, Ltd., Inteva Products LLC, Magna International Inc., Kiekert AG, and STRATTEC, among others.
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