The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Automotive tailgate latch is made up of eight pieces, such as rotating latch mechanism, latch handle, two panel latches, two rods, and the latches recesses on either side of the tailgate. Automotive tailgate latches are designed to offer security and safety of vehicles by securing the tailgate of the vehicle and stopping unwanted closing & opening of the tailgate. Automotive tailgate latches can be incorporated in all types of vehicles to provide necessary safety to the luggage or goods present in a tailgate of the vehicle. There are different type of latches in a vehicle, such as tailgate latch, door latch/slide door latch, back seat latch, and hood latch.
Due to increasing government regulations towards vehicle safety and rising awareness regarding safety features in vehicle, which creating the more opportunistic market for the automotive tailgate latches for manufacturer and distributors.
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Automotive Tailgate Latches Market: Dynamics
Growing preference for secure with advanced safety features enabled vehicles assuring driver as well as co-passengers is anticipated to drive the market and boost the demand for automotive tailgate latches. Moreover, the global automotive industry is growing rapidly, frequency of innovation and new technology coming in the market is increasing, also the number of manufacturer, distributors, and local venders in automotive industry is increasing, all this factors has a significant impact on the global automotive tailgate latches market.
However, the fluctuations in global economy and also the slowdown of global economy, may hamper the growth of global automotive tailgate latches market.
The significant manufacturer involved in the production of automotive tailgate latches market are strongly focuses on the adoption of new technology, such as electric lock system, which provide more convenience and safety to the consumer. The demand of electric automotive tailgate latches is expected to increase during the forecast period, as major OEM are incorporating these latches in their vehicle.
Automotive Tailgate Latches Market: Segmentation
Globally, the automotive tailgate latches market can be segmented on the basis lock type, vehicle type and sales channel.
Based on the lock type, the automotive tailgate latches market can be segmented into,
- Electric lock
- Non-electric Lock
Based on the vehicle type, the automotive tailgate latches market can be segmented into,
- Passenger Cars
- Compact
- Midsize
- Luxury
- SUV
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- Commercial Vehicles
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Based on the sales channel, the automotive tailgate latches market can be segmented into,
- OEM
- Aftermarket
Automotive Tailgate Latches Market: Regional Outlook
Market of automotive tailgate latches is expected to lead by Europe during the forecasted period owing to increasing adoption rate of integrated solutions in vehicle, such as advanced infotainment, telematics, in-vehicle networking, comfort system and other electronic component. Also the increasing demand of automotive tailgate latches, due to growing awareness regarding safety features of the vehicle, driving the automotive tailgate latches market. The Asia Pacific is anticipated to witness the significant growth in the automotive tailgate latches market, due to various factors, such as increasing investment in the automotive industry by prominent players, government’s regulations towards vehicle safety, growing population and per capita income, expected to fuel the automotive tailgate latches market in this region. North America is one of the prominent market for the automotive tailgate latches, and expected to witness a robust growth, in terms of sales, due to the growing number of manufacturers and distributors of automotive tailgate latches in this region. Africa and Latin America has expected a substantial growth in the automotive tailgate latches market.
Automotive Tailgate Latches Market: Market Participants
Some of the key player involved in the automotive tailgate market include, Brose Fahrzeugteile GmbH & Co., Inteva Products LLC, Magna International Inc., Kiekert Aktiengesellschaft, Minda Vast Access Systems Pvt. Ltd., STRATTEC Security Corp., Shivani Locks Private Limited abd others.
Key players which are involved in the automotive tailgate latches market laying emphasis on the product development through adoption of prominent technologies and expansion of their business by mergers and acquisition activities.
The research report presents a comprehensive assessment of the automotive tailgate latches market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to automotive tailgate latches market segments such as component, type, application, end-user and region, etc.
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