Global Automotive Closure Market

Automotive Closure Market Size, Share, Growth Analysis, By Application(Power-Window, Sunroof, Tailgate, Convertible Roof), By Component(Switch, ECU, Latch, Motor and Relay), By Type(Manual and Powered), By Region - Industry Forecast 2025-2032


Report ID: SQMIG25C2126 | Region: Global | Published Date: April, 2024
Pages: 218 | Tables: 91 | Figures: 73

Automotive Closure Market Dynamics

Drivers

Growth in Demand for Comfort Features

  • The market for automotive closures is expanding as a result of rising car production and rising consumer demand. Passenger automobiles are expected to hold the largest share among the various market segments. The growing demand for innovative features in cars and consumers' increasing disposable income will propel the expansion of the automotive closure market for both ICE and EVs.

Production Shifts in EVs and PHEVs

  • Reduced production costs, lax pollution and safety regulations, among other factors, have made the area a manufacturing hotspot. Since the demand for automobile closure is closely correlated with vehicle production, numerous European and American automakers have relocated their manufacturing facilities to developing nations in Asia-Oceania. Furthermore, it is anticipated that the market for automotive closure would rise with plug-in hybrid vehicles (PHEVS).

Restraints

Complexity Associated with Electronic System Component

  • Growth in the industry is anticipated to be hampered by electronic systems' increasing complexity. Various electronic systems, including sensors, actuators, and controllers, are present in contemporary automotive closures. The cost of these systems is rising due to their increased complexity. High-end electronic components, like semiconductors and sensors, are frequently utilised in automotive closures.

Safety Standards and Component Shortages

  • Automotive closures' electronic systems also need to adhere to strict safety regulations. As manufacturers have to spend money on testing and certification, this raises their price. The market's expansion is further hampered by the limited supply of electronic components. For example, the global shortage of semiconductors led to an increase in the cost of electronic components. This adds to the high cost of electronic system components in the automobile closing industry.
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FAQs

Automotive Closure Market size was valued at USD 25.42 billion in 2022, USD 25.31 billion in 2023 and is projected to grow USD 45.04 billion by 2031, growing at a CAGR of 7.41% in the forecast period (2024-2031).

Including both specialised closure manufacturers and well-known automotive corporations. Prominent firms Magna International, Continental AG, and Robert Bosch GmbH are well-known for their inventiveness in creating cutting-edge closing systems. To increase their market share, these businesses are fiercely fighting with one another through strategic alliances, technological breakthroughs, and international expansions. Their work will have a significant impact on the industry's future norms and trends. 'Johnson Electric (Hong Kong)', 'Honda Motor Company, Ltd. (Japan)', 'Mitsuba Corporation (Japan)', 'Delphi Automotive PLC (UK)', 'Continental AG (Germany)', 'BMW (Germany)', 'Robert Bosch GmbH (Germany)', 'Aisin Seiki Co. Ltd. (Japan)', 'The Ford Motor Company (U.S.)', 'Magna International Inc. (Canada)', 'Denso (Japan)', 'Daimler AG (Germany) ', 'Magna International Inc. (Canada)', 'Aisin Seiki. Co. Ltd (Japan)', 'Toyota Motor Corporation (Japan)', 'Omron Corporation (Japan)', 'Panasonic Corporation (Japan)'

The market for automotive closures is expanding as a result of rising car production and rising consumer demand. Passenger automobiles are expected to hold the largest share among the various market segments. The growing demand for innovative features in cars and consumers' increasing disposable income will propel the expansion of the automotive closure market for both ICE and EVs.

Innovation and Unique Features in Automotive Closure Market: Businesses use a variety of tactics to maintain their market share. These tactics are essential for building a brand's recognition and attracting new customers. Differentiation is one of the main strategies, where businesses emphasize special characteristics or cutting-edge technology in their products. To set themselves apart from competitors, some companies prioritize supplying closures with cutting-edge security features, intelligent automation, or environmentally friendly materials. These initiatives are meant to address changing consumer expectations.

Asia-Pacific holds the largest share of the automotive closure market and is anticipated to experience growth over the forecast period. This is due to there are significant automakers in the area. The need for automotive closures is driven by the region's expanding automotive sector, which is driven by factors such as rising income, economic expansion, and the growing need for safety and security measures in cars. Growth is expected in North America over the course of the predicted period. One of the main factors propelling the growth of the automotive closures market in the area is the growing demand for convenience and safety features in cars. Due to a number of important characteristics, the automobile sector in North America is among the biggest and most well-established in the world.

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Global Automotive Closure Market

Report ID: SQMIG25C2126

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