Bonnet Lock Plate And Latch Market Growth and Value Chain 2016-2026 b FMI | Page 3

Report
Description
Report Description
A bonnet or hood is designed to protect a vehicle’s engine compartment from dust, rain
and external contact or impact. Bonnet lock plate and latches are components designed
to secure the bonnet, and ensure safety of under-the-bonnet components. The bonnet
lock plate is a component of the bonnet lock and latch assembly and functions to hold
the latch and spring pawl from moving. Furthermore, the bonnet lock plate helps to
prevent the bonnet from opening without first being unlocked and protects against
accidental bonnet disengagement while the vehicle is in motion. Some newer car models
have a key-lock in the front grille, or on the bonnet itself. Bonnet latch or catch is located
beneath the bonnet, and is generally at the front end. Globally, manufacturers of bonnet
lock plate and latch are focusing on producing stainless steel and carbon fiber assemblies.
In addition, manufacturers are exploring newer designs for bonnet lock plate and latch
assemblies.
Bonnet Lock Plate and Latch Market: Drivers and Restraints
Growth of the global bonnet lock plate and latch market is primarily driven by increase in
automotive vehicle manufacturing volumes.
However, difficulty in procuring steel at low cost from China for manufacturing bonnet
lock plate and latches is resulting in high cost of end products such as bonnet lock plate
and latches. In addition, cost of manufacturing products using alternative materials is
high. This is resulting in manufacturers facing high level of competition in the market
against rivals.