Expanding Automotive Industry will present Automotive Door Latch Market with a revenue of US$ 7.7 Bn by 2027. Explore data analysis by Future Market Insights, Inc. – QNT Press Release

Imagine a world where people never have to worry about unlocking car doors again. Leading makers of automotive locking systems recently launched an interesting concept that eliminates the need for handles and gives more room in cars

NEWARK, Del., Oct. 17, 2022 /PRNewswire/ — The global automotive door latch market is expected to expand at a yearly growth rate of 4.8% and reach a value of US$ 7,647.8 Mn in 2027. Valued at US$ 5,762.5 Mn in 2021, the target market will likely reach an estimated US$ 6,040.2 Mn in 2022. The advancing automotive industry is contributing to the escalating demand for automotive components all over the world. This is expected to propel the growth of the automotive latch market over the forecast period.

A door latch system overlooks the general safety of driver and the passenger. These latches ensure in-time locking and unlocking of the doors and the storage trunk which protects property and lessens the risks for passengers in case of an accident. The rising demand for autonomous driving is fueling the need for savvier ways to unlock the car.

This is expected to positively influence the target market, transforming the automotive door latch landscape.

Moreover, the target market is much influenced by technological developments like touch-enabled locking systems and smart sensors. Incorporation of these technological advancements will drive the door latch industry. In addition to this, the expanding automotive sector coupled with high demand for automotive counterparts will amplify the market prospects for automotive latch.

Again, a preference for safe and secure vehicles by consumers will contribute to the growth aspect of the target market. Other factors like increasing disposable income, rise of the car industry as a result of population increase, infrastructure development, and suburbanization, and others will contribute to the growth of the automotive door latch market during the forecast period.

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“Extensive industrial applications as well as the heightened demand for automotive components will drive the global growth of the automotive door latch market over the forecast period,” says an FMI analyst.

Key Takeaways:

  • Functional and operational issues may hamper the market prospects.
  • Asia Pacific is predicted to offer many lucrative opportunities to the target market.

Full story available on Benzinga.com

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