Global Automotive Closures Market Forecast Covering Growth Inclinations & Development Strategies until 2028
The automotive closures market has seen various developments in the product range. The changing designs, improved interiors and exteriors and gradual inclination towards efficient automotive have impacted the change in the automotive closures market. With the changing consumer preferences, the product range in the Automotive Closures Market is also expected to develop in line with new design and innovation. The unveiling of panoramic sunroofs is amongst the newest trends in the exterior design of passenger cars falling in the category of automotive closures.
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As reducing the weight of vehicles contributes to lesser energy consumption for driving them, automotive manufacturers are switching to lighter materials for the production of automotive closures, interior components, and body of automotive such as cars and other vehicles. With a prominent shift from steel to aluminum for the manufacturing of automotive closures, the trend for lightweight materials is expected to bolster the automotive closures market. Improvements in the overall performance of the automotive and reduced consumption of fuel and energy, owing to use of lighter materials are sure to redefine the way automotive closures are manufactured.
Automotive Closures are automobile parts that come with a complex and characteristic arrangement and facilitate various movements, such as opening and closing, sliding etc. Automotive parts, such as bonnets, back doors, side doors, sunroofs, sliding doors, windows, hoods and fuel doors are also referred to as automotive closers. Previously the closures were mechanically operated. However, increasing research and developments in the automobile industry have led to the integration of electronics in automotive closures, thereby leading to the development of novel product solutions. Electronics has overtime evolved into the most crucial part of an automobile. Integration of electronics has provided new growth dimensions to the automotive safety systems. With the advancing closure technology, integration of electronics into closure systems is expected to open new grounds for the growth of the market. Manufacturers, these days, are feeling compelled to decrease the overall weight of automobile components to bring down the overall weight of automobiles, which will eventually decrease carbon emission to below the acceptable limit. Moreover, it will also lead to increase in efficiency of vehicles. So, R&D is being carried out in this field to develop more efficient and lighter electronic automotive closures with optimum work life and effectiveness. The companies in the closure market are extensively focusing on R&D to form an integrated closure system which complies with all the safety standards and at the same time, also help in increasing vehicle efficiency, comfort as well as fuel efficiency by lowering the weight of the mechanism. All of these factors will aid the growth of the automotive closures market during the forecast period.
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The main factors behind the growth of the automotive closures market is the expansion in the automobile sector and the fact that major players across the globe are enhancing their production capacity. R&D is being carried out to optimize the operations of automotive closures as well as decrease the weight of vehicles, which will eventually increase their efficiency and work life. Also, growing focus of automobile manufacturers on vehicle weight reduction without compromising quality will increase the demand in the power automotive closures market. Apart from this, automotive closures are an integral part of the structure of an automobile, and hence, the development of automobile sector will also add to the growth of the global automotive closures market.
Automotive Closures Market: Market Segmentation
- On the basis of source type, the Automotive Closures market can be segmented as follows:
- On the basis of vehicle type, the Automotive Closures market can be segmented as follows:
- Electric Vehicle
- Passenger vehicle
- Light commercial vehicle (LCV)
- Heavy commercial vehicle (HCV)
- On the basis of the product type, the Automotive Closures market can be segmented as follows:
- Sun roof
- Rear hatch
- Fuel door
Automotive Closures Market: Regional Outlook
Europe holds a major share in the global automotive closures market owing to the presence of major OEM players in the region. Europe is followed by North America. However, Asia Pacific is expected to show robust growth in the automotive closures market during the forecast period owing to increase in income levels/ per capita income of the general population of the countries in this region coupled with lower concentration of vehicles as compared to developed economies. Also, initiatives taken by governments in countries, such as India and China, will promote manufacturing, which, in turn, will add to the growth of the automobile market, which in turn, will impact the growth of the automotive closures market. Europe, North America and the Asia Pacific regions are expected to hold more than half of the total share in the global automotive closure market. Rest of the world is estimated to account for a relatively small share in the Automotive Closures market.
Automotive Closures Market: Market Participants
Some of the market participants operating across the value chain of the global Automotive Closures Market are Continental AG, Magna International Inc, Johnson Electric, Robert Bosch GmbH, Aisin Seiki. Co. Ltd., Ford Motor Company, General Motors, Toyota Motor Corporation, Volkswagen AG, Honda Motor Company, Ltd.
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