As per the recent report by Transparency Market Research, the global automotive door latch market is projected to surpass the mark of US$ 29.6 bn at the end of 2027. The market is anticipated to achieve this revenue by with a subtle 2.34% CAGR in tenure of 2019 to 2027. The experts at Transparency Market Research states that the growth of the market is the result of technological advancements in automotive industry. Moreover, the experts also mention that the growth of the global automotive door latch market is attributed to development of stringent security regulations in various countries like India U.S., China.
Rising Urbanization to Propel the Growth
Countries like India and China are undergoing major urbanization these days. The countries are welcoming new companies in order to improve their GDP. As a result of these developments, the companies associated with automotive door latch manufacturing and sales are receiving a major push. This push is expected to boost the growth of global automotive door latch market from 2019 to 2027. Moreover, the countries are also making trillion dollars deal to strengthen their economy on a global scale. These deals are also anticipated to propel the growth of global market for automotive door latches in the projected time frame.
Electronic Locks to Gain Maximum Traction
Technology has a major influence over the automotive sector. From smart cars to smart locks, technology is playing a critical role in the development of the industry. These technological developments are also boosting the demand for electronic locks in the market these days. With the growth in the use of electronics in the motor vehicles, the demand for electronic locks has also sky-rocketed these days. As a result, the electronic locks segments under type category are projected to significantly in global automotive door latch market from 2019 to 2027.
Moreover, the increased focus of the customers over the safety and security of the passengers of their vehicles also propels the demand for electronic locks. This is also a major factor that boosts the dominance of the segment in the global automotive door latch market from 2019 to 2027.
Also the application of features like remote locking and central locking is major propellant for the growth of global automotive door latch market during the projected tenure.
Asia Pacific Grows with Highest CAGR
Asia Pacific is projected to dominate the regional segment of the global automotive door latch market. The dominance of the region is due to the growing industrialization in India and China to improve the economy. Moreover, the demand for new and advanced vehicles in these countries also aids the growth of Asia pacific in global automotive door latch market during the tenure of 2019 to 2027.