Automotive Closure Market for EV & ICE to Hit USD 25.31 Billion by 2022
The 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.
Browse 108 Market Data Tables and 45 Figures spread through 206 Pages and in-depth TOC on “Powered Gates Market – Global Forecast to 2022”
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The key factors driving the growth of the Powered Gates Market are increasing luxury features in a vehicle, increasing complexity of manual operations, and growing use of lightweight materials in powered applications impacting the fuel economy of vehicles.
Key Players of Automotive Closure Market:
- Continental AG (Germany)
- Magna International Inc. (Canada)
- Robert Bosch GmbH (Germany)
- Aisin Seiki. Co. Ltd (Japan)
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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.
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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 world’s highest vehicle production. The automobile industry is flourishing continuously, especially in South Asia. China’s initiative to reduce sales tax for passenger vehicles is expected to expand the overall volume of vehicle production by 15%–16% 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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