(EMAILWIRE.COM, February 07, 2019 ) According to the new market research report "Car Door Latch Market by Application (Side Door Latch, Hood Latch, Tailgate Latch, and Back Seat Latch), Lock Type (Electronic and Non-Electronic), Vehicle Type (Passenger Car and Light Commercial Vehicle) and Region - Global Forecast to 2021" published by MarketsandMarkets™, The car door latch market is projected to grow at a CAGR of 5.80%, to reach USD 6.59 billion by 2021. The increase in global automobile and alternate fuel vehicle demand is projected to be a key driver for the automotive latch market. An increase in disposable income in developing countries will lead to increased consumer spending on vehicles, affecting the overall passenger car and LCV production globally.

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Increasing safety and security concerns with regard to automotive closure systems have led to developments in automotive latches, which fall under the closure system segment. As per the Global New Car Assessment Program, automotive door latches with a central locking systems, anti-theft devices, electric child safety features, power cinching, or electric release functions are preferable. OEMs and Tier-1 suppliers are inclined towards lightweight solutions for various automotive components, which include composite materials and aluminum to achieve better fuel economy. Volkswagen AG (Germany) introduced a new modular body design on its 2013 Golf model. This helped the vehicle model to shed 220 lb (100 kg) weight with the use of steel alloys and high strength aluminum. This reduction in weight lead to a 23% reduction in fuel consumption. Ford Motors is also planning to reduce the weight of the F-150 by 700 lb (318 kg) to comply with the CAFE regulations for 2020 to 2025.

The fastest growing market for car door latches is the Asia-Pacific market, which holds the majority of the market share of the global automotive latch market, by value and volume. The Asia-Pacific region was estimated to dominate the global automotive latch market, in terms of value, in 2016. The major contributors to the growth of this market are China, Japan, and India as the import and export trade is increasing in these countries due to improved industrialization. Increased disposable income will lead to increased consumer spending on vehicles, affecting the overall passenger car and LCV production, globally. Additionally, infrastructure growth is also driving automobile production in regions such as North America, Europe, and Asia-Pacific.

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The next emerging market is the electronic latch market. With an increased focus on safety and connectivity, connected and remotely operated door closing systems are being used, which eventually increase the share of electronic latches. Advanced door latches are being used to enhance the safety and maintain the Door and Chassis frame Integration Technology (DACIT) norms. Technologically advanced features such as hands-free opening, collision avoidance, LED-sensors, super locking, selective locking, electric child safety, and power door releasing and closing are in demand by OEMs. For instance, Kiekert AG (Germany) developed a new technology called the Active Inertia Latch which includes a continuously active mechanism integrated directly into the latch.

The major players in the car door latch market include Aisin Seiki Co., Ltd (Japan), Mitsui Mining and Smelting Co., Ltd.(Japan), Kiekert AG (Germany), Magna International, Inc. (U.S.), Strattec Security Corporation (U.S.), Brose Fahrzeugteile Gmbh & Co. (Germany), U-Shin, Ltd. (Japan), Shivani Locks Pvt. Ltd. (India), Inteva Products, Llc (U.S.), and Minda VAST Access Systems Pvt. Ltd. (India). These companies collectively account for the major share of the automotive latch market.

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