Automotive Door Latch Market to Surpass US$ 29.6 Bn by 2027: TMR Report
Added: (Wed Jun 12 2019)
Pressbox (Press Release) -
Transparency Market Research has published a new report titled, “Automotive Door Latch Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027”. According to the report, the global automotive door latch market is anticipated to surpass US$ 29.6 Bn by 2027, expanding at a CAGR of more than 2.34% during the forecast period.
Rapid surge in production and sales of automobiles across the world is a primary factor driving the market for the automotive door latch. In 2018, the automotive industry produced 96.6 Mn vehicles, across the globe. The overall sales registered stood at about 88.5 million vehicles in 2018. The automotive industry is growing at a significant pace, while the demand for SUVs and cars is also increasing rapidly, majorly in developing countries. Region-wise, Asia Pacific recorded a major demand for passenger vehicles, thereby fueling the demand for automotive door latches. Demand for electric vehicles also been increased by nearly 70% in 2018, which is further expected to fuel the automotive door latch market. The share of Asia Pacific in GDP growth of the world is nearly 53%, while China, U.S., and India, account for 29%, 14%, and 9 % share, respectively.
According to the report, increasing urbanization and sustained investments in construction are influencing the usage of vehicles, thus fueling the demand for automotive door latch market. The Trump government has set plans for an infrastructure investment of US $ 1.7 Tn to develop rural infrastructure, highways, and bridges. Belt and Road Initiative, The EU–China deal of US$ 9 Bn to construct an intercontinental highway is anticipated to boost the demand for construction vehicles, thereby driving the demand for door latch market. Augmented industrial activity in Asia Pacific and Latin America is also influencing the sales of electric forklifts and warehouse trucks. Demand for lean production is driving the adoption of large number of industrial vehicles within facilities and warehouse, which in turn is boosting the automotive door latch market.
The report states that Asia Pacific is a major market for the automotive door latch, as the region constitutes for a major share of vehicle production and sales across the globe. Accordingly, demand for door latch is rising in the region. China and India hold major share of the market in the region and a rise in demand for vehicles owing to high the per capita income and GDP of these countries, is projected to provide a stable environment for the automotive industry in these countries during the forecast period.
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