Automotive Hardware Market is Expected to Surpass US$ 100 Bn by 2029-end | FMI Reports

Global automotive hardware market is growing at a moderate rate, owing to the escalating sales of commercial vehicles. It is projected to exceed the US$ 75 Bn mark by the end of 2020. Innovative application of plastic composites and eco-friendly bioplastics will constitute an emerging trend in automotive hardware market, as indicated by a new Future Market Insights (FMI) study. The market growth is further driven by cost-effective innovations, in addition to the environmental & safety standards.

"Manufacturers are taking advantage of innovations in raw materials to achieve two-fold benefits; progressing towards sustainable future and complying with the governmental guidelines for manufacturing and production. Both these factors are collectively driving the automotive hardware market towards a promising future," projects the FMI study.

Key Takeaways of Automotive Hardware Market Study

• Door latches continue to lead the market with about one-fifth revenue share
• Passenger vehicles are forecast to generate greater market revenue during the forecast period
• Original equipment manufacturers (OEMs) emerge as a major channel for sale for automotive hardware
• Investments pour in for new technologies that impart greater fuel efficiency for next-generation hardware
• Europe owns major market share owing to strong presence of prominent players and advancement in automotive technologies
• Sales of used cars is highly responsible for market growth in regions including East Asia and Europe

Automotive Hardware Market - Top Growth Drivers

• Compliance to stringent regulations regarding environment and safety is providing new growth dimensions to market
• Trends of downsizing and light-weighting are favoring automotive hardware sales
• Hardware customizations are generating new profitable avenues for market players, significantly contributing to market expansion
• High-performance and eco-friendly raw materials are aiding market expansion, through higher fuel-efficiency

Automotive Hardware Market - Key Restraints

• Wide availability of counterfeit products is restraining sales automotive hardware sold by OEMs, thereby hindering the pace of market progress
• Increase in production of electric vehicles would restrict sales of some automotive hardware such as fuel flap, impacting market growth

Competition Landscape of Automotive Hardware Market

Some of the prominent players in global automotive hardware market covered in the FMI study include, but are not limited to, magna International Inc., Smelting Co. Ltd., Aisin Seiki Co. Ltd., Gestamp Automocion and Dorman products. Lightweight materials, making the vehicles highly fuel efficient are employed by market players to develop fuel efficient vehicles in compliance with stringent regulations. Manufacturers are targeting profitable regions like China with cheap labor and operating costs, to expand their manufacturing bases. Innovation is the key component leveraged by automotive hardware manufacturers to create a distinguished brand image in market.

Source Link: https://www.accesswire.com/576981/Automotive-Hardware-Sales-to-Cross-US-75-Bn-Mark-in-2020-Door-Latches-Continue-to-Lead-with-over-20-Market-Share-Concludes-FMI-in-New-Report

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About Us Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S.