Automotive Closure Market Size, Share, Industry, Forecast and outlook (2023-2030)
Global Automotive Closure Market is By Type (Manual Closure, Power Closure), By Vehicle Type (Battery Electric Vehicle, Plug-In Hybrid, Electric Vehicle, Hybrid Electric Vehicle), By Component (Switch, ECU (Electronic Control Unit), Latch, Relay, Motor/Actuator, Others), By Application (Window, Tailgate, Sunroof, Convertible Roof, Sliding, Door, Side Door), By End-User (OEMs, Aftermarket), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
The global automotive closure market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
Automotive closures, such as doors and convertible tops, are non-structural parts of the vehicle hinged to the body frames to allow entry and exit. Automotive closures are an important vehicle component since they contribute to safety and functionality. Rapid technological advancements are transforming the automotive industry's structures and systems, resulting in vehicle design and manufacture improvements and a rise in digital driving systems and shifting consumer tastes.
Source: DataM Intelligence Analysis (2022)
Market Dynamics
The increasing penetration of automation in vehicles is expected to drive the market. However, the threat of security breaching is expected to restrain the market.
The increasing penetration of automation in vehicles
The rapid growth of new technology has transformed the automotive business, shifting consumer demands surrounding digitization and rising automation. Diverse mobility, autonomous driving, electrification and connection are four disruptive technology-driven trends in the car industry. OEMs and automotive companies provide automotive closures, including window lifters, sliding doors, liftgates, sunroofs and convertible roofs as key features, especially in the higher and luxury classes, because they give additional comfort to users. In the next generation of automobiles, the tendency toward increased comfort functionality will be even more prominent.
The threat of security breaching is expected to restrain the market
Even though in-vehicle wireless connections and diagnostic information extraction pave the way for new valued services, people may use them to jeopardize the safety of car occupants. Because linked cars currently have features like keyless entry, preconditioning and window opening, hacking could result in stolen personal data. Even more catastrophic scenarios may see a hacker remotely take control of a car's steering and braking functions, putting people's lives in jeopardy.
However, some studies and field tests have presented solutions based on encryption, authentication, efficient key management and hardware security models. For instance, in July 2015, the Alliance of Automobile Manufacturers founded Auto-ISAC (Information Sharing and Analysis Centre) to address the challenge of cyber-security for these advanced featured cars.
COVID-19 Impact Analysis
Automotive OEMs and mobility industry businesses were the hardest hit during the COVID-19 crisis. COVID-19, by driving changes in the macroeconomic climate, legislative tendencies, technology and consumer behaviors, could have a long-term impact on mobility. However, because trends fluctuate by region, responses and results for mobility players will vary.
Segment Analysis
The global automotive closure market is segmented into manual closure and power closure based on type.
Power closure regulates the entry and exit points as direct interfaces to the driver and passengers. It is a key component of the user experience and a differentiator for automobile manufacturers. Further, a power liftgate, power doors, sliding doors, power tailgate, convertible power top and other smart power closures are now integrated into the cars.
Power windows have long been considered a basic feature of modern automobiles. Power lift gates and other smart power closures are becoming standard equipment rather than add-ons. The functions are similar in that they face challenges in supply, communication, sensing, actuation, control and quiescent current targets.
Therefore, companies are developing technologies to manage the system in the small space without troubling the convenience and comfort. For instance, Johnson Electric Holdings Limited developed compact power closures motors and actuators to improve power density while minimizing cabin area utilization.
Johnson Electric offers a broad spectrum of custom-engineered motion solutions, including power liftgates, power rear deck-lids, power sliding doors, door closure assist and door locks. Furthermore, integrated hall sensor position feedback is available, allowing precise and dependable position control.
Source: DataM Intelligence Analysis (2022)
Geographical Analysis
Based on geography, the global automotive closure market is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa.
In North America, the automotive closure development in the auto area will be ascending with the attention on electric vehicles and independent vehicles. The automotive closures hold together every one of the closures such as doors, windows and rooftop for the consistent activity of an auto vehicle. U.S. is the third-largest market for electric vehicles in 2019, with roughly 320,000 new purchases. In general, battery-electric vehicles accounted for roughly 73% of the market in 2019, while hybrid electric vehicles accounted for 27%.
Moreover, U.S. is a vital participant across the locale because of central members like Tesla Chevy Bolt. For example, Tesla's pay was created to around 31.5 billion U.S. dollars in the financial year of 2020, a 28% increase from the previous year. As of March 2020, the electric vehicle manufacturer has a model that consolidates the Tesla Model 3, Model X, S and Y.
Source: DataM Intelligence Analysis (2022)
Competitive Landscape
The global automotive closure market is moderately competitive and fragmented with the presence of some global companies. Major players include Continental AG, Johnson Electric Holdings Limited, Infineon Technologies AG, Magna International Inc., Robert Bosch GmbH, Aisin Seiki. Co. Ltd., Toyota Motor Corporation, BOROUGE, DENSO Corporation and Omron Corporation, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in global automotive closure market; these include acquisitions, mergers, product launches, contributions and collaborations.
Continental AG
Overview: Continental AG is a Germany-based company specializing in automotive parts manufacturing, including brake systems, automotive safety, interior electronics, powertrain and chassis components and other parts for the automotive and transportation industries. The company is headquartered in Lower Saxony, Garmany.
Product Portfolio: Continental AG offers automotive power closures for windows, convertible roofs, sunroofs, trunk lids, liftgates and sliding doors.
Key Development:
- In February 2021, Continental AG acquired a minority position in Recogni, a German-American start-up. The company is developing a new artificial intelligence-based chip architecture for artificial intelligence (AI).
Why Purchase the Report?
- To visualize the global automotive closure market segmentation by type, vehicle type, component, application, end-user and region and understand key commercial assets and players.
- Identify commercial opportunities in the global automotive closure market by analyzing trends and co-development.
- Excel data sheet with numerous data points of automotive closure market-level with four segments.
- PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping available as excel consisting of key products of all the major market players
The global automotive closure market report would provide approximately 77 tables, 76 figures and almost 219 pages.
Target Audience 2022
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- OEMs Companies
- Automotive Companies
- Distributors