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"Overview of Automotive Hardware Market"
By 2028, Global Automotive Hardware Market is expected to reach approximately US$ 103 Bn, witnessing a moderate CAGR over the forecast period (2020-2028).
Growing investments in customization by automotive manufacturers and downsizing of vehicles remains one of the key growth influencers. A significant rise in the demand of passenger vehicles across the globe will boost the growth of the automotive hardware market.
Automotive industry is facing pressure from consumers demanding innovative yet cost effective features. Also, regulators are mandating strict adherence to environmental and safety standards. While more resources are allocated to software development, automotive hardware is still playing a significant/vital role in future of vehicle design. Hence, automotive hardware market is expected to witness a moderate CAGR during the forecast period. Innovative use of plastic, customization, and advent of new technologies are expected to bring new variants of hardware in the market. These factors are ultimately supporting the growth of Automotive Hardware Market.
Investments in automotive hardware is as significant as it in software components. Automotive Manufacturers are also investing in technologies that enable fuel efficiency, cost effective and next generation hardware that can withstand variation and road debris.
By Sales Channel, OEMs are expected to account for major share of Global Automotive Hardware Market
OEMs accounted for significant share of XX% in Global Automotive Hardware Market in 2019.
OEMs are the manufacturer of vehicle’s components and these are the primary contributors to the global automotive hardware market. However, the increasing rate of vehicle modifications also play an important role, lately, in driving aftermarket sales of automotive hardware.
Also, OEMS are also adopting various strategies to expand their aftermarket activities that ultimately boosts the growth of automotive hardware market. Moreover, OEMs are also offering remanufactured parts to compete with independent players.
Sales of automotive hardware and other components through original equipment manufacturers (OEMs) continue to remain high when compared to their aftermarket sales, particularly in regions such as East Asia and Europe. On the other hand, a significant increase in sales of used cars in Middle East and Africa, is driving the growth of automotive hardware market.
Door Latch and Mount Brackets are gaining traction
By Equipment Type, Door latch & Mount brackets accounted for significant share of XX% in Global Automotive Market in 2019
These equipment tend to account for higher demand as compared to other automotive equipments such as fuel flaps and shackles. Manufacturers are investing in R&D and continue to maintain their focus on this category. High demand for electronic latches has significantly increased due to technological advancements and increase in vehicle safety and security concerns. Moreover, significant demand for LED and power latches, among others, contributes to the demand of door latch in automotive hardware market.
Growth prospects of Automotive Hardware are high in Europe
Europe accounted for major share of XX% of global automotive hardware market in 2019 and was followed by Asia Pacific .
This is due to improved access to advanced technologies and key players in Europe.
Low cost remains a significant factor, and in order to stay competitive, market players are focusing on countries such as China where labor and operating costs are very low. China is a high opportunity region however the recent slowdown in car sales in China and South Asian countries, including India, is expected to pose a potential challenge to the automotive hardware market.
Demand for automotive hardware is expected to gain traction in South East Asia in the coming years due to higher automotive output. Increased disposable income and a growing middle class income group in this region are expected to fuel market growth. Countries including India, Indonesia, Thailand and Malaysia are contributing to the growing automotive hardware market in the region.
Global Automotive Hardware Market is very competitive with presence of a large number of global and local/regional manufacturers. Key manufacturers such as Magna International Inc., Aisin Seiki Co Ltd, Mitsui Mining and Smelting Co Ltd, Nissin Kogyo Co Ltd, Dorman Products and Gestamp Automocion account for significant market share in global automotive hardware market. In the current scenario, Europe and East Asia are projected to account for more than half of the market share of the global automotive hardware market due to higher automotive demand in these regions.
By Equipment Type:
- Door Latches
- Exterior Door Handles
- Door Seals
- Door Straps
- Door Hinges
- Mounting Brackets
- Gas Springs
- Fuel Flaps
- Grab Handles
- Bonnet Support Rods
- License Plates
- Seat Belt Latches
- Door Lock Buckles
- Door Lock Buckles
- Light Commercial Vehicles
- Buses & Coaches
- Trucks & Trailers
By Sales Channel:
- After Market
- North America
- Latin America
- Asia Pacific
- Middle East & Africa