VALLEY COTTAGE, N.Y. – The trend of customization and growing demand for commercial vehicles will remain amongst the major factors driving the growth of the automotive hardware market. According to a newly published report by Future Market Insights (FMI), the global automotive hardware market revenue is expected to cross US$ 100 Bn by the end of 2029. Despite most of the resources being apportioned to software development, due to growing demand for autonomous automobiles, automotive hardware will still have a noteworthy role to play in the future of vehicle design.
“Competitive pressure and ever-changing consumer demand have pushed manufacturers to create greater intelligence into trucks, automobiles, and other highway vehicles. Furthermore, adoption of ADAS to assure enhanced vehicle safety is emerging as a major trend in the automotive hardware market,” says FMI analyst.
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Frameless Motor Delivering Competitive Advantages
Innovations such as frameless motors are bringing significant changes in the concept of automotive design. The need for improved control of the vehicle and maximum efficiency has motivated OEMs to move from traditional motion control systems to sophisticated digital control algorithms, delivering better and effective results. In order to improve efficiency and higher performance, manufacturers are increasingly installing frameless motors in their vehicles, which provide greater flexibility and ease of customization. These motors are thus expected to positively contribute to the automotive hardware market growth.
Key Takeaways – Automotive Hardware Market Study
- Door latch, mounting brackets, and gas springs are witnessing relatively high demand and innovations. Collectively, sales of door latch and mounting brackets contribute more than 2/5th of the revenue share. On the other hand, demand for gas springs is projected to grow at a CAGR of 5% over the forecast period 2019-29.
Preview Analysis Of 2019 Analysis and Review of Automotive Hardware Market by Product – Door Latches, Exterior Door Handles, Door Seals, Door Straps, Door Hinges, Mounting Brackets, Gas Springs, Fuel Flap, Grab Handles, Shackles, Bonnet Support Rods, License Plates, Seat Belt Latches, and Door Lock Buckles for 2019 – 2029:https://www.futuremarketinsights.com/reports/automotive-hardware-market
- FMI predicts, use of automotive hardware in passenger vehicles accounted for more than 70% of the total revenue share in 2018. Adoption in compact and mid-sized cars is on a significant rise, and is expected to contribute to major share of manufacturers’ bottom lines. Increasing purchasing power of customers in line with growing demand for advanced vehicle features is contributing to market growth.
- Demand for automotive hardware for trucks and trails is expected to witness moderate growth over the forecast period.
- OEM will remain the major contributor to the automotive hardware market growth through 2029. In addition, a strong aftermarket of automotive hardware is expected to be evident, in the view of rapidly growing pre-owned car market.
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- Sales of automotive hardware in Europe and East Asia are growing significantly.
- Europe holds relatively high share of the automotive hardware market, owing to greater adoption of advanced technologies.
- In order to enhance their global presence, manufacturers are setting up their facilities in China, cost of labor, raw materials, and operation are low. Emergence of China as the world’s largest automotive market is further burgeoning the demand for automotive hardware.
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