Automobile Door Locks Market is expected to display higher growth rate over the next five years. Rapid surge in the market is credited to the soaring demand for application-based technologies and multi-feature authentication methods for automobile safety & security. Factors responsible for sustained market growth, in the recent years, include large number of production lines in automotive manufacturing from Asia Pacific region and rising number of vehicles sales each year across the globe. Globally, market is predicted to generate massive revenue over the next five years, providing numerous opportunities for industry participants to invest in research and development of automobile door locks market.
Request Sample Copy of this Market Research @ https://www.millioninsights.com/industry-reports/automobile-door-locks-market/request-sample
Additionally, increasing investment by leading industry players to promote adoption of advanced vehicle security systems is expected drive the growth of the market over the forecast period. Prevalence of vehicle theft and growing demand for advanced security solutions are some of the critical factors propelling the growth of the market, in the past few years.
Increasing vehicle manufacturing in the Asia-Pacific region and growing market penetration in developing and developed economies are predicted to foster industry expansion in the upcoming years. However, lack of awareness among users about benefits of automotive security solutions and higher installation cost of the systems are expected to restrain market growth to a certain extent.
Increasing number of incidence of car theft and vulnerability associated with basic security systems are anticipated to boost market demand for automobile door locks. In addition, increase in the number of luxury car sale with state-of-the-art security systems is predicted to stimulate market growth in the near future. Emergence of the passenger car security lock system consisting of immobilizers, buzzers, central locking systems, and remote keyless entry (RKE) to prevent vehicle theft and hijacking is bolstering market growth.
The automobile door lock market is broadly categorized into two major segments based on the vehicle type such as passenger car and light commercial vehicle. Light commercial vehicle segment is growing rapidly in the market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in automotive sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the automobile door locks industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing number of car sales, strong economic growth, growing deployment of advanced security systems, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in automobile door locks market are Aisin Seiki Co., Ltd., Mitsui Mining and Smelting Co., Ltd., Kiekert AG, Magna International, Inc., Strattec Security Corp., Brose Fahrzeugteile Gmbh & Co., U-Shin, Ltd., Shivani Locks Pvt., Ltd., Inteva Products, LLC, and Minda VAST Access Systems Pvt., Ltd.
