Automotive Closures Market

Automotive Closure Market Outlook (2023 to 2033)

Automotive Closures are automobile parts that come with a complex and characteristic arrangement and facilitate various movements, such as opening and closing, sliding, etc. automobile parts, such as bonnets, back doors, side doors, sunroofs, sliding doors, windows, hoods, and fuel doors are also referred to as vehicle closers. Previously the closures were mechanically operated.

The product line has seen numerous developments in the automobile closures industry. The market has changed as a result of evolving designs, better interiors and exteriors, and a steady trend toward efficient vehicles. The market's product line-up is anticipated to expand in step with new designs and innovation as consumer tastes change. One of the most recent developments in the exterior styling of passenger vehicles that fall under the umbrella is the introduction of panoramic sunroofs.

Moreover, Automobile sales are recovering from the decline imposed due to the pandemic making it reach USD 66.7 million units sold in 2021. The expansion of cars is anticipated to increase demand for closures.

In 2021, China was the largest vehicle market recording the highest amount of sales of automobiles. This country is dominant in this position both in terms of supply and demand. The high population level in this country accompanied by the rise in motorization are likely to foster demand for vehicle parts.

What are possible innovations that drive growth in the market?

Light and compact designs to get attention from manufacturers in the forecast period.

Automobile producers are converting to lighter materials for the production of automobile closures, interior components, and bodies of automotive like cars and other vehicles since lighter vehicles require less energy to drive. The market is anticipated to benefit from the trend towards lightweight materials as there has been a noticeable shift away from steel to aluminum for the production of automobile closures. The way car closures are made will undoubtedly change as a result of enhancements to the vehicle's overall performance and decreased fuel and energy consumption brought on by the use of lighter materials.

Growing EVM trend to integrate electronics into automobiles

Increasing research and developments in the automobile industry have led to the integration of electronics, thereby leading to the development of novel product solutions. Electronics has over time evolved into the most crucial part of an automobile.

The integration of electronics has provided new growth dimensions to vehicle safety systems. With the advancing closure technology, the 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 the overall weight of automobiles, which will eventually decrease carbon emissions below the acceptable limit.

Regional Outlook

Due to the presence of significant OEM companies in the region, Europe accounts for a sizable portion of the global market. North America is then followed by Europe. However, Asia Pacific is anticipated to experience strong growth in the market over the course of the forecast period due to rising income levels and per capita income of the population in these nations and a lower vehicle concentration than in developed economies.

The promotion of manufacturing by governments in nations like China and India will also contribute to the expansion of the vehicle industry, which will have an impact on the expansion of the market for automotive parts. The regions of Europe, North America, and Asia Pacific are anticipated to account for more than half of the market globally. According to estimates, the rest of the world only makes up a minor portion of the market.

Key players

Autonomous vehicle technology is widely regarded as the future of motorized mobility because it is continuously improving, bringing significant benefits to humanity in terms of reducing traffic congestion, improving safety, providing stress-free travel, saving money on fuel, reducing pollutant emissions, etc.

As a result, manufacturers are likely to focus on the improvement of safety and reduce the weight of automotive parts in the forecast period 2023 to 2033. Some of the key players in the industry 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.

Segment Wise Insights

On the basis of vehicle type, the majority of demand is expected from passenger vehicles owing to a rise in per capita income and the purchase of passenger cars across the globe. The rise in sales of luxury cars is a key driver of market growth. plug-in hybrid electric vehicles are also expected to bring the lead in the market based on the electric vehicle segment growth.

Power sliding door is likely to fetch more product revenue share attributed to the rising in the use of minivans in North America and Europe. The rising awareness about safety and security features among consumers is another key driver of growth projected in this segment.

Segmentation

• By Source Type :

  • Manual
  • Powered

• By Vehicle Type :

  • Electric Vehicle
  • Passenger vehicle
  • Light commercial vehicle (LCV)
  • Heavy commercial vehicle (HCV)

• By Product Type :

  • Bonnets
  • Doors
  • Windows
  • Sunroof
  • Rear hatch
  • Fuel door

• By Regions :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Japan
  • Middle East and Africa