Latch is estimated to be the fastest growing component segment in the automotive closure market.
The latch segment is projected to grow at the fastest growth rate during the forecast period from 2017
to 2022. The Europe region is estimated to witness a high growth in latch production. New technologies
such as hands-free opening doors, LED latches, and collision avoidance closure system had increased the
production demand of technically advanced latches in automotive closure applications. Currently, an E-
latch is the demand of all the premium vehicle manufacturers and drivers worldwide. An E-Latch
eliminates all the hardware functions from the conventional door system which reduces cost and weight
while improving safety. Also, the growing demand for highly safe & secure automotive closure systems
and the increasing production of automobiles would boost the growth of the latches segment in the
automotive closure market in the near future.
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Asia Oceania region is estimated to be the leading market for automotive closures
Asia Oceania is the leading the automotive closure market as the region represents countries such as
China, Japan, South Korea, and India with the world’s highest vehicle production. The automobile
industry is flourishing continuously, especially in South Asia. China’s initiative to reduce sales tax for
passenger vehicles is expected to expand the overall volume of vehicle production by 15%–16% in 2016.
India is also expected to be the fastest growing market due to the increasing disposable income of
people. Increased sales of premium cars would influence the automotive closure market. For Instance,
premium car sales are increased by 14% from 2015 to 2016 in China. Also, the demand for increased
electronic components in vehicles helps to increase the trend of automotive power closures over
manual closures.
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