Automotive closure market is estimated to grow at a CAGR of approx. 7% (2017 to 2023).
The automotive industry functions primarily on the customer feedback and approval of the automobiles in the market. The automotive closures and doors form an integral part of an automobile since the handling of the automobile takes place through these closures, especially when the vehicle is stationary. The closures and doors comprise a large part of the automobile design and thus, form an integral and complex part while considering the overall aerodynamics and other criticalities. This makes it imperative to assign dedicated teams within the automotive manufacturing organization to address these appropriate concerns.
There are several factors that are responsible for the growth of automotive closure market over time in the global scenario. Firstly, enhanced awareness amongst consumers about safety and related features in the automotive sector. Secondly, the automotive industry of today’s times is much more competitive than what it used to be, thus, compelling manufacturers to produce unique vehicles that sound out in terms of the quality offered. Thirdly, closures, such as power windows, sunroof, and electronic door locking system, provide greater comfort and enhanced customer experience. Thus, increasing the popularity of the automobile, contributing to eventual sales. The global automotive closure market is estimated to grow at a CAGR of approx. 7% (2017 to 2023).
Automotive Closure Market by Segmentation:
On the basis of application, the most widely used applications of the automotive closure system (which are economical, to fit), are the power windows and sliding doors. Applications, such as sunroof and convertible roof, fall into the luxury automobile category and hence, cannot be fitted into budget vehicles. On the basis of component, motor & actuator and switch are the most widely used in all types of automobile. Relay and latch mechanisms fall under the technology, which was used in the times before the invention and widespread use of electronics in the automotive manufacturing process. Thus, though not favored, these relay and latch mechanisms are particularly used in case of budget automobiles. On the basis of type, manual variety is used more in developing markets and budget automobiles, while the automatic variety is preferred in mid to high-end automobiles.
The key players in automotive closure market are Toyota Motor Corporation (Japan), Magna International Inc. (Canada), Honda Motor Company, Ltd. (Japan), Continental AG (Germany), Aisin Seiki. Co. Ltd (Japan), BMW (Germany), Robert Bosch GmbH (Germany), Daimler AG (Germany), and The Ford Motor Company (U.S.) .
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. North America region (the U.S. and Canada, specifically) is one of the largest automotive markets in the world. Due to the high per capita income and high preference of people towards owning a personal vehicle (minimum 1 automobile per person), the automotive sales in this region are consistently high. The Asia Pacific market is considered to be the next automotive hub in the world. People here have rising per capita income and don’t mind spending more for added features providing comfort and satisfaction. The Europe region is known for its customers preferring high-end cars with best possible features. Thus, the automotive closure system has tremendous growth potential in all the major automotive markets the world over.
The report for Global Automotive Closure Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2030 : Significant Value|
|CAGR||7.28% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application Information, Component, Type and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Toyota Motor Corporation (Japan), Magna International Inc. (Canada), Honda Motor Company, Ltd. (Japan), Continental AG (Germany), Aisin Seiki. Co. Ltd (Japan), BMW (Germany), Robert Bosch GmbH (Germany), Daimler AG (Germany), and The Ford Motor Company (U.S.)|
|Key Market Opportunities||The increasing demand for automotive closure systems|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market can grow at a rate of roughly 7% during the review period.
With the expanding automotive industry around the world and the increasing demand for automotive closure systems, the market is expected to expand substantially in the coming years.
The well-known companies in the market are Robert Bosch GmbH (Germany), Honda Motor Company, Ltd. (Japan), Continental AG (Germany), Magna International Inc. (Canada), The Ford Motor Company (U.S.), Daimler AG (Germany), Toyota Motor Corporation (Japan), Aisin Seiki. Co. Ltd (Japan), BMW (Germany) and others.
Sliding doors and power windows are the most widely used application of automotive closure systems.
Manual variety finds a lot of use in emerging markets as well as budget automobiles, which boosts its demand in the market.