Escalating sales of commercial vehicles are identified to remain among the key factor bolstering sales of automotive hardware at a global level. The global automotive hardware market is projected to reach a market value in excess of US$ 100 Bn by 2029 end, with growth anticipated at a moderate CAGR during the forecast period (2019 – 2029). The rate of replacement of automotive hardware in heavy commercial vehicles (HCVs) has been on a higher side than passenger cars, which would drive automotive hardware sales in the following years, as suggested by a new Future Market Insights (FMI) study.
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Key Takeaways – Automotive Hardware Market Study
- OEMs are majorly driving growth of the automotive hardware market.
- High aftermarket fitment rate of automotive hardware and vehicle modification trend are also moderately contributing to the market growth.
- As people are less brand-conscious at the time of replacement of majority of products such as door seals, mounting brackets, door straps, among others, independent players play key role in aftermarket replacement.
- More than 40% of the revenue in automotive hardware market comes through sales of door latches and mounting brackets. High replacement rate of these products is fuelling market growth.
OEMs would remain the primary contributors to the global automotive hardware market. However, increasing rate of vehicle modification is also playing an important role, of late, in driving the aftermarket sales of automotive hardware.
Lucrative Growth Opportunities Abound in South East Asian Market
The demand for automotive hardware is expected to gain traction in South East Asia in the coming years, owing to higher automotive production. Increasing disposable income and growing middle class income group in this region are expected to fuel market growth. Countries including India, Indonesia, Thailand, and Malaysia to contribute to the growing market of automotive hardware in the region.
What Is Driving Competition in Automotive Hardware Market?
The global automotive hardware market is highly competitive, with the presence of large number of global and 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 very less share of the overall market. In the current scenario, Europe and East Asia are anticipated to account for more than half of the market value share of the global automotive hardware market, owing to higher automobile production in these regions.
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AUTOMOTIVE HARDWARE MARKET TAXONOMY
The global automotive hardware market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Product
- 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
Vehicle
- Passenger Vehicles
- Compact Cars
- Mid-sized Cars
- Luxury Cars
- SUVs
- Light Commercial Vehicles
- Buses & Coaches
- Trucks & Trailers
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
Table Of Content
- Executive Summary
1.1. Key Findings
1.2. Global Market Outlook
1.3. Global market Overview
1.4. Supply Side Trends
1.5. Demand Side Trends
1.6. FMI Analysis
- Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
- Key Success Factors
3.1. Promotional Strategies
- Global Automotive Hardware Market Demand Analysis 2014-2018 and Forecast, 2019-2029
4.1. Historical Market Volume (Mn Units) Analysis, 2014-2018
4.2. Current and Future Market Volume (Mn Units) Projections, 2019-2029
4.3. Y-o-Y Growth Trend Analysis
- Global Automotive Hardware Market – Pricing Analysis
5.1. Regional Pricing Analysis by Vehicle Type
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KEY HIGHLIGHTS
WHAT ARE THE FUTURE PROSPECTS OF THE AUTOMOTIVE HARDWARE MARKET?
By 2029, the global market for automotive hardware is poised to cross US$ 100 Bn, growing at a moderate CAGR over the forecast period 2019-2029. Growing investments in customization and downsizing of vehicles remains key growth influencer.
Which product of automotive hardware is significantly adding-value to market growth?
Door latch is witnessing a significant rise in demand, attributing to development of smart latches that are IoT-integrated. In addition, demand for gas springs is projected to register a significant CAGR over the forecast period.
Which type of vehicle will show the largest adoption of automotive hardware?
A significant increase in the demand for passenger vehicles will continue to positively impact the sales of automotive hardware through to 2029. Further, automotive hardware demand for trucks and trails is expected to witness moderate growth over the forecast period.
Will growing stringency of environmental regulations impact the automotive hardware market?
As the global focus on reducing carbon footprint and improving energy efficiency grows strong, automotive hardware manufacturers will need to redefine their strategies to align with environmental trends and regulations. Adoption of eco-friendlier raw materials will remain key to stay ahead of the curve.
Which region is expected to lead global sales of automotive hardware?
Europe is expected to hold the largest share of the automotive hardware market. Simultaneously, South Asia & Pacific is likely to be a lucrative market, with sales projected to grow at a CAGR of 6% through 2029.