Category : Automotive, Transportation and Logistics | Published at : November-2020 | Delivery Format : PDF | Status: Published | Pages : 190
Acumen Research and Consulting estimate that the global automotive closure market is anticipated to reach market size of around US$ 25,000 Mn by 2027 and is anticipated to grow at a CAGR of around 7% in terms of revenue during the forecast period 2020 – 2027.
Automotive closures are automotive components that feature complex and distinctive arrangements which facilitate a variety of motions, such as openers, lockers, glass doors, etc. Automotive parts are often referred to as automotive lockers. The closures were historically run mechanically. However, growing innovation and development in the automotive industry has contributed to the convergence of automobile technology and therefore to the development of innovative product solutions.
Market Insights
As the controlled shutdown increases automotive safety and promotes handling, making operation smoother than manual-based locking systems, a technological change from locking systems to automated technologies is also expected. As customers prefer remotely controlled devices, the vehicle OEMs now sell the automotive power closure system for remote control at a reasonable price, thereby making the use of the footprint of the automotive closure market feasible. In the coming years, the tendency for greater safety and ease of use would push the demand for automotive power closure. In addition, the integrated ignition cum power closure system has further allowed the demand for automotive power closure to expand with the advent of electric vehicles. Due to its high use of various components such as the side door, power sliding door, power convertible roof and power sunroof, the automotive retrofit category is expected to have a major share in traditional vehicles. One of the factors that impede the growth in the auto power closure market is the high costs of auto power closure in comparison to manually operated traditional systems.
North America, due to the large fleet of vehicles and the customized automotive trend in the country, is projected to have a prominent share. According to the OICA (International Association of Motor Vehicle Manufacturers), Asia Pacific has nearly one-third of the automobile industry, which forecasts that the region has a prominent position on the automobile closure market in the projected years. Europe is considered to introduce new automotive technologies at an early level, in particular where it applies to rising the safety of vehicles. This is also motivated by stringent public policies and growing customer awareness of luxury vehicle technology. The need for auto power closure in the area is expected to drive these factors. Compared with other regions, the Middle East and North Africa market for automotive power closure is expected to slow growth as automotive manufacturers in the region are less active.
Cumulative Impact of COVID-19:
COVID-19 is a global emergency of incomparable public health that affects almost every industry. The long-term impacts predicted over the forecast period would impact on the sector's growth. Our current review extends our research methodology to ensure that basic COVID-19 problems are taken into account and alternative routes are taken. The study offers insights into COVID-19, which discusses shifts in customer behaviour, production, consumption habits, supply chain re-routing, market forces' effects and major government actions. In view of the effect of COVID-19 on the market, this revised report offers perspectives, evaluations, projections and predictions.
Some of the industry players include Magna International Inc., TOYOTA MOTOR CORPORATION, Continental AG, AISIN SEIKI Co., Ltd., Honda Motor Co., Ltd., BMW AG, DENSO CORPORATION, Daimler AG, Ford Motor Company, Robert Bosch GmbH, Johnson Electric Holdings Limited, Panasonic Corporation, Aptiv, Mitsuba Corp., OMRON Corporation, HELLA GmbH & Co. KGaA, General Motors, Volkswagen AG, Valeo, ThyssenKrupp System Engineering GmbH, BOROUGE and others.
The global automotive closure market is segmented as below:
Market Segmentation
Automotive Closure Market By Type
Manual
Powered
Automotive Closure Market By Vehicle Type
Electric Vehicle
Passenger vehicle
Light commercial vehicle (LCV)
Heavy commercial vehicle (HCV)
Automotive Closure Market By Product Type
Bonnets
Doors
Windows
Sunroof
Rear hatch
Fuel door
Automotive Closure Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for automotive closure is expected to reach a market value of around US$ 25,000 Mn by 2027.
The automotive closure market is expected to grow at a CAGR of around 7% from 2020 to 2027.
The door is the leading segment by product type in the automotive closure market.
Increased concerns regarding better security of vehicles and value-added benefits of the additional automotive closure, this factor is expected to drive the growth of the market
Magna International Inc., TOYOTA MOTOR CORPORATION, Continental AG, AISIN SEIKI Co., Ltd., Honda Motor Co., Ltd., BMW AG, DENSO CORPORATION, Daimler AG, Ford Motor Company, Robert Bosch GmbH, Johnson Electric Holdings Limited, Panasonic Corporation, Aptiv, Mitsuba Corp., OMRON Corporation, HELLA GmbH & Co. KGaA, General Motors, Volkswagen AG, Valeo, Thyssenkrupp System Engineering GmbH, BOROUGE and others are the prominent players in the market.
North America held the highest market share in the automotive closure market.
Asia Pacific is expected to be the fastest growing market over the forecast period.
