As per the study by Market Research Future Reports (MRFR), the global car door latch market is projected to value USD 6.60 billion, thriving at a CAGR of 5% by the end of 2022. The rapid population explosion is the major factor driving the global car door latch market 2020. The development of suburbs is a significant reason for assessing the growth of the market. Besides, the growing infrastructure is another crucial factor leading to market expansion. Moreover, the evolution of technology has also played a vital role in market growth. Besides, the strict rules implemented to regulate the emission is an important factor driving market growth.
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Furthermore, child safety, hand-free avoidance, super locking are on a growing demand which enhances the market growth. It results in the expansion of car door latch market. However, the economic factor plays an essential role in the automotive industry. Due to the outbreak of COVID-19, the car door latch market has been severely affected. The daily operations have come to a halt, which caused acute damage to the global economy.
The key players of the global car door latch market are Minda VAST Access Systems Pvt. Ltd. (India), Mitsui Mining and Smelting Co., Ltd.(Japan), Aisin Seiki Co., Ltd. (Japan), Kiekert AG (Germany), Strattec Security Co. (U.S.), Magna International, Inc. (U.S.), U-Shin, Ltd. (Japan), Brose Fahrzeugteile Gmbh & Co. (Germany), Shivani Locks Pvt. Ltd. (India), Inteva Products, Llc. (U.S.), and a few others.
Nissan, a renowned car, a manufacturing company, recalled hundreds of thousands of midsize cars in the U.S and Canada to fix a latch problem that may allow the hood fly open while the cars are in a moving position. Nissan recalled nearly 1.9 million Altimas and included cars from the 2013 through 2015 model years that were recalled in previous years.
The worldwide car door latch market can be segregated on the basis of vehicle type, application, lock type, and regions.
On the basis of vehicle type, the worldwide car door latch can be classified into Commercial Vehicle and passenger car.
On the basis of application, the worldwide car door latch can be classified into side door latch, back seat latch, hood latch, and others.
On the basis of lock type, the worldwide car door latch can be classified into Electronic and Non-Electronic.
On the basis of regions, the worldwide car door latch can be classified into North America, Europe, Asia Pacific, and the Rest of the World.
The regional evaluation of North America, Europe, Asia-Pacific, and the Rest of the World has been conducted. As per the analysis, the APAC region is estimated to dominate the global market. The increasing manufacturing of automobiles in the region has resulted in the surging demand for the car door latch system. Besides, the individuals of the region are experiencing an increase in disposable income, which further propels the market. Moreover, the fastest exploding economies of the world. i.e., India and China are present in the region, which plays a crucial role in expanding the market. The region is witnessing a surging demand for luxurious cars, especially in India and China.
Furthermore, the advanced technology deployed in the latches, such as LED and power efficiency is estimated to augment the market. It provides an impressive interior of the vehicle. These factors have played an important role in expanding the regional market. However, the outbreak of COVID-19 has hampered daily business operations and has caused severe damage to the economy.
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