Bizizz Market Research has recently published a research report, “Automotive Hardware Market by Product Type (Door Latches, Exterior Door Handles, Door Seals, Door Straps, Door Hinges, Mounting Brackets, Gas Springs, Fuel Flaps, Grab Handles, Shackles, Bonnet Support Rods, License Plates, Seat Belt Latches , Door Lock Buckles ), Vehicles (Door Lock Buckles, Light Commercial Vehicles, Buses & Coaches, Trucks & Trailers ), Sales Channel (OEM, After Market ), and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Automotive Hardware Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 105 Bn by 2027, witnessing a CAGR of XX % during the forecast period. Key drivers of the market are OEMs would continue to be the primary contributors to the global market for automotive hardware. However, the increasing rate of vehicle modification also plays an important role, lately, in driving aftermarket sales of automotive hardware.
Original equipment manufacturers referred to as OEMs are vehicle manufacturers that manufacture and assemble passenger cars, utility vehicles, commercial vehicles, two-wheelers, and three-wheelers. There are companies of domestic and foreign origin in India that compete for market share in the oligopolistic car market in the economy. OEMs compete in order to gain market share in the industry on the basis of economies of scale, technology, quality and cost of production. Technology is a key aspect of competition for OEMs, as it reduces production costs and increases labor and capital productivity.
The Automotive Hardware market is anticipated to register a CAGR of over XX% during the forecast period.
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By Product Type, Door Latch and Mount Brackets held prominent share in Global Automotive Hardware Market in 2018.
Door latch tends to account for higher demand compared to other automotive equipment, such as fuel flaps and shackles with a relatively low revenue share. When 1/5th of the total sales of automotive hardware is accounted for by door latch systems, manufacturers continue to focus on this segment. In the light of the optimization of vehicle weight, strength and safety mounting brackets often account for a growing proportion of manufacturer’s bottom lines. However, to stand out in the innovation race, automakers are manufacturing modern-day software-driven cars, which further force automotive hardware manufacturers to offer customized solutions and move away from a one-size-fits-all approach.
Europe & East Asia is Anticipated to Dominate the Global Automotive Hardware Market during the Forecast Period
Growth prospects for automotive hardware are high in the EU5 due to the strong presence of the behemoth industry in these countries, together with improved access to advanced technologies. Low cost remains an influential factor and, in order to remain competitive, market players have manufacturing facilities in countries such as China, where labor and operating costs are relatively low. Moreover, opportunities abound in East Asia, with China emerging as the world’s largest automotive market. Nevertheless, 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.
Global Automotive Hardware market was moderately consolidated with key players accounting for significant share in 2018. Prominent players operating in the Global Automotive Hardware Market are: Magna International Inc., Aisin Seiki Co Ltd, Mitsui Mining and Smelting Co Ltd, Nissin Kogyo Co Ltd, Dorman Products and Gestamp Automation account
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
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