21 May 2019, The global automobile door locks market is expected to display higher growth rate over the next
five years. Rapid surge in the market is credited to the soaring demand for
application-based technologies and multi-feature authentication methods for
automobile safety & security. Factors responsible for sustained market
growth, in the recent years, include large number of production lines in
automotive manufacturing from Asia Pacific region and rising number of vehicles
sales each year across the globe. Globally, market is predicted to generate
massive revenue over the next five years, providing numerous opportunities for
industry participants to invest in research and development of automobile door
locks market.
Additionally, increasing investment by leading industry
players to promote adoption of advanced vehicle security systems is expected
drive the growth of the market over the forecast period. Prevalence of vehicle
theft and growing demand for advanced security solutions are some of the
critical factors propelling the growth of the market, in the past few years.
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Increasing vehicle manufacturing in the Asia-Pacific
region and growing market penetration in developing and developed economies are
predicted to foster industry expansion in the upcoming years. However, lack of
awareness among users about benefits of automotive security solutions and
higher installation cost of the systems are expected to restrain market growth
to a certain extent.
Increasing number of incidence of car theft and
vulnerability associated with basic security systems are anticipated to boost
market demand for automobile door locks. In addition, increase in the number of
luxury car sale with state-of-the-art security systems is predicted to stimulate
market growth in the near future. Emergence of the passenger car security lock
system consisting of immobilizers, buzzers, central locking systems, and remote
keyless entry (RKE) to prevent vehicle theft and hijacking is bolstering market
growth.
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| Automobile Door Locks |
The automobile door lock market is broadly categorized
into two major segments based on the vehicle type such as passenger car and
light commercial vehicle. Light commercial vehicle segment is growing rapidly
in the market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in implementation of latest technologies in
automotive sector, surge in number of research & development activities and
existence of well-established industrial infrastructure in the region. In
European region, Germany, France, and United Kingdom are projected to witness
steady growth.
Asia-Pacific region is estimated to hold a major share in
the automobile door locks industry with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific
market with increasing number of car sales, strong economic growth, growing
deployment of advanced security systems, and significant investment by leading
industry players considering potential growth opportunities in the region.
The key players in automobile door locks market are Aisin
Seiki Co., Ltd., Mitsui Mining and Smelting Co., Ltd., Kiekert AG, Magna
International, Inc., Strattec Security Corp., Brose Fahrzeugteile Gmbh &
Co., U-Shin, Ltd., Shivani Locks Pvt., Ltd., Inteva Products, LLC, and Minda
VAST Access Systems Pvt., Ltd.
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