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.
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
- Rise in demand for features in automobiles, rise in sales of premium and luxury automobile, and rise in demand for low weight automotive closures will drive the growth of market.
- However, rise in cost of electronic system components and fall in demand for automotive closure replacement due to aftermarket repair work hampers growth of the market.
- Moreover, rise of investment in R&D for automotive closures, rise in demand for automotive power closure, and increase in demand towards safety & advanced features acts as an opportunity for market growth.
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 Benefits of the Report:
- This study presents the analytical depiction of the automotive closure market for EV & ICE along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive closure market for EV & ICE.
- The current market is quantitatively analyzed to highlight the automotive closure market for EV & ICE growth scenario.
- The report provides detailed automotive closure market for EV & ICE analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automotive closure market for EV & ICE research report:
- Which are the leading market players active in the automotive closure market for EV & ICE?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the automotive closure market for EV & ICE?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Closure Market Report Highlights
By Vehicle Type
Key Market Players
Continental AG, Mitsuba Corporation, Aisin Seiki. Co. Ltd., Omron Corporation, Delphi Automotive PLC, Magna International Inc., Johnson Electric, Denso, Panasonic Corporation, Robert Bosch GmbH