Automotive Closures Market: Introduction
- Automotive closures are a non-structural part of the vehicle that are hinged to the body frames, such as doors, to allow entry and exit from the vehicle. Automotive closures are a critical part of the vehicle, as they contribute to vehicle safety and add functional value. Automotive closures have witnessed a significant amount of development, in terms of design, weight, and features, for the last few years.
Key Drivers of Global Automotive Closures Market
- The global automotive closure market is primarily driven by an increase in sales of vehicle. Increased demand for commute among youth and middle income families has fueled the sales of new vehicles. Availability of zero down-payment and attractive EMI options and easy financing of subprime mortgages are boosting the ownership of vehicles, which in turn is driving the automotive closures market.
- Adoption of fancy hull-winged doors, electric powered tailgates, and smart doors has increased the value of closures, which in turn is boosting the market in terms of value. Rise in sales of premium vehicles and increased demand for electric and connected features in vehicles is estimated to drive the automotive closures market.
- Rising consumer preference for fuel-efficient vehicles and increasing stringency in emission norms are driving the development of low weight automotive closures. Composite materials and plastics are being used for tailgates. Doors & bonnets are increasingly being manufactured using aluminum alloys, which is expected to further boost the market in terms of value.
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Challenges to Global Automotive Closures Market
- Unlike most functional automotive components, automotive closures such as door, bonnet, and tailgates can be repaired for minor dent or damage. Consequently, demand for replacement in the aftermarket is largely subdued by repair work.
Passenger Vehicle to Hold Majority Share of Automotive Closures Market
- The passenger vehicle segment is anticipated to hold a leading share of the global market owing to its higher production volumes
Powered Segment to Gain Market Share
- The automotive industry across the globe is witnessing a major shift from manual to electric. Remote operated and digitally operated tailgates, bonnet, doors, and roof are being extensively adopted even in entry level cars. The manual segment is expected to record a significant decline during the forecast period