Automotive Closure Market
Automotive Closure Market size is valued at USD 16.42 Billion in 2016 and is projected to grow at a CAGR of 7.75% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
Automotive closure market is primarily driven by the rising consumer demand for comfort and luxury features in vehicles. Also, the market is influenced by the increasing concern towards safety/hands-free operations over manual operations. The increasing demand for premium cars across the globe is increasing the number of advanced electronics systems in vehicles.
Objectives of the Report
- To define, segment, and forecast the automotive closure market (2017â2022), in terms of volume (â000 units) and value (USD million)
- To define, describe, and project the automotive closure market, by vehicle type and by application (power window, power sliding door, power side door, power tailgate, power convertible roof, and power sunroof) at country level
- To define, describe, and project the automotive closure market, by component, by type, and by electric vehicle type, based on regions, namely, Asia Oceania, Europe, North America, and Rest of the World (RoW)
- To provide a detailed analysis of various forces acting in the automotive closure market (drivers, restraints, opportunities, and challenges)
- To analyze the competitive leadership map for the key players based on their product offerings and business strategies to find the Dynamic Differentiators, Innovators, Visionary Leaders and Emerging Companies (DIVE) in the automotive closure market
To know about the assumptions considered for the study, download the pdf brochure
The ecosystem of the automotive closure market consists of manufacturers and service providers such as Continental AG (Germany), Magna International Inc. (Canada), Robert Bosch GmbH (Germany), and Aisin Seiki. Co. Ltd (Japan). These systems and technologies are supplied to automotive OEMs such as Volkswagen AG (Germany), General Motors (U.S.), Toyota Motor Corporation (Japan), and others.
Target Audience
- Automotive closure system manufacturers and component suppliers
- Raw material manufacturers of automotive closure system components (suppliers for Tier I)
- Automotive OEMs
- Industry associations and other body control systems manufacturers
- Governmentâs national and regional environmental regulatory agencies or organizations
- The automobile industry and related end-user industries
Hybrid Electric Vehicle (HEV) segment is estimated to hold the largest share of the automotive closure market for electric vehicles.
The HEV segment is estimated to hold the largest market size in the automotive closure market in 2017. The dependence on gasoline and diesel engines as the primary automobile powertrain technology has raised many environmental concerns such as global warming. In response to the concern and increasing demand for eco-friendly and fuel-efficient technologies, OEMs such as Toyota Motor Corporation (Japan) with its Camry and Prius brand, Ford Motor Company (U.S.) with its Fusion brand, and Honda Motor Co., Ltd. (Japan) with its Civic brand, are developing hybrid technologies to cater to these needs. Automakers are seeing hybrid vehicles to be the gateway to fully electric vehicles. Similarly, government tax incentives and state rebates have boosted the proliferation of HEVs. This would also drive the demand for HEVs. Majority of HEVs are employed with power windows and power tailgate, hence driving the demand for the automotive closure applications in the near future in the HEV segment.
Latch is estimated to be the fastest growing component segment in the automotive closure market.
The latch segment is projected to grow at the fastest growth rate during the forecast period from 2017 to 2022. The Europe region is estimated to witness a high growth in latch production. New technologies such as hands-free opening doors, LED latches, and collision avoidance closure system had increased the production demand of technically advanced latches in automotive closure applications. Currently, an E-latch is the demand of all the premium vehicle manufacturers and drivers worldwide. An E-Latch eliminates all the hardware functions from the conventional door system which reduces cost and weight while improving safety. Also, the growing demand for highly safe & secure automotive closure systems and the increasing production of automobiles would boost the growth of the latches segment in the automotive closure market in the near future.
Asia Oceania region is estimated to be the leading market for automotive closures
Asia Oceania is the leading the automotive closure market as the region represents countries such as China, Japan, South Korea, and India with the worldâs highest vehicle production. The automobile industry is flourishing continuously, especially in South Asia. Chinaâs initiative to reduce sales tax for passenger vehicles is expected to expand the overall volume of vehicle production by 15%â16% in 2016. India is also expected to be the fastest growing market due to the increasing disposable income of people. Increased sales of premium cars would influence the automotive closure market. For Instance, premium car sales are increased by 14% from 2015 to 2016 in China. Also, the demand for increased electronic components in vehicles helps to increase the trend of automotive power closures over manual closures.
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The key automotive closure manufacturers profiled in the report include Continental AG (Germany), Magna International Inc. (Canada), Robert Bosch GmbH (Germany), and Aisin Seiki. Co. Ltd (Japan). These systems and technologies are supplied to automotive OEMs such as Volkswagen AG (Germany), General Motors (U.S.), Toyota Motor Corporation (Japan), and others.
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