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| A12170 | Pages: NA | Sep 2021 | 80 Views | | |
| Author(s) : Sonia Mutreja | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Automotive Closure Market
Request Now !Automotive Closure Market Outlook 2030 -
Automotive closure is an integral part of the automobile since, all the handling takes place through these closures. The closures are a very important part of the automobile design and thus, it forms an integral and complex part while considering the overall aerodynamics. Automotive parts such as bonnets, back doors, side doors, sunroofs, sliding doors, window and fuel doors are all referred to as automotive closures. The closures were previously mechanically operated but with increasing R&D in automobile industry the closures are now operated via electronics. The automobile manufacturers are trying to reduce the weight of the vehicle to increase fuel-efficiency and decrease carbon emission. Thus, the use aluminium for manufacturing of automotive closures and use of electronics in closures helps in reducing the vehicle weight. Rise in consumer demand for luxury and comfort in vehicles and the emergence of biometric vehicle access system is expected to boost the growth of automotive closure market for EV & ICE.
Market Scope and Structure Analysis:
Report Metric | Details |
Market size available for years | 2020–2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value (USD) |
Segments covered | Application, Component, Type, Vehicle Type, and Region |
Regions covered | North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
Companies covered | Continental AG, Magna International Inc., Robert Bosch GmbH, Aisin Seiki. Co. Ltd., Denso, Johnson Electric, Mitsuba Corporation, Omron Corporation, Panasonic Corporation, and Delphi Automotive PLC |
COVID-19 Impact Analysis:
The automotive closure market witnessed a downfall due to the stringent lockdown imposed by the government of major countries. Moreover, the automobile manufacturing had also, stopped due to lockdown and government restrictions. This led to temporary disruption of manufacturing and R&D departments of automotive closure. Suppliers of electronic components were severely affected due to the restrictions on automotive closure manufacturers due to lockdown. Also, the demand and supply cycle of automotive closure became vulnerable due COVID-19 pandemic. Moreover, due to the pandemic the automobile manufacturing has also halted this created a negative impact on the demand of automobile closure. In addition, automotive closure is an evolving sector which got hampered due to ongoing pandemic since production and installation across the affected countries had been shut down due to the pandemic
Top Impacting Factors
Market Trends
Rise in demand for advanced features in automobiles
With the rise in demand of automobiles the production has also increased, and passenger cars are estimated to be the largest segment for automotive closure market. Rise in disposable income of the consumers and demand for advanced features in the automobile will drive the growth of automotive closure market for EV & ICE. For instance, in Europe and America luxury vehicle with features such as power sunroof, side door closure system and power convertible roof have great demand. Factors such as lower production cost, lenient emission and safety norms, and others have transformed the region into manufacturing hub. Thus, many European and American automobile manufacturers have shifted their production plants to developing countries in Asia-Oceania since demand for automotive closure is directly linked to vehicle production. Moreover, it is projected that plug-in hybrid vehicles (PHEVs) will the market growth for automotive closure. All the advancement in the technology is expected to drive growth of automotive closure market for EV & ICE.
Key Segments Covered:
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Key Benefits of the Report:
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