According to Technavio’s latest market research study, the global automotive locking system market is expected to grow at a CAGR of more than 4% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global automotive locking system market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the vehicle type
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The top three revenue contributing vehicle segments are discussed below:
Global automotive locking system market in passenger cars: There are two main types of automotive locking systems used by OEMs in their passenger cars – powered automatic locking system and manual locking system. Increasing preference for technologically advanced equipment is pushing OEMs to equip their passenger cars with powered automatic locking systems. Powered automatic locking systems will occupy about 97% share in the global automotive locking system market in the passenger cars segment.
“Increasing addition of electronic components in passenger cars are pushing OEMs to develop power-efficient locking systems to increase safety and convenience while locking the automotive doors,” says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive components.
Global automotive locking system market in LCVs: LCVs are mainly used for facilitating last-mile connectivity over a limited region or area like a city, for transportation and distribution of goods especially in stop-and-go traffic, light construction, and municipal applications. Increase in infrastructural facilities causes construction companies to purchase more locking systems in LCVs. Technavio’s market research analysts estimate the global automotive locking system market in LCVs to account for a revenue of almost 13 million units by 2021.
Global automotive locking system market in M&HCVs: Increased preference for technological advances in M&HCVs in the US has driven heavy truck manufacturers to equip their trucks with automatic locking systems. In the Americas, about 94% of the M&HCVs are equipped with automatic locking systems. Approximately 90% of the M&HCVs in EMEA are equipped with automatic locking systems and around 63% in APAC. In the cost-sensitive Indian and Chinese markets manufacturers prefer maintaining fleets of M&HCVs with manual locking systems.
The top vendors operating in the global automotive locking system market are:
- Valeo
- DENSO
- Robert Bosch
Other prominent vendors in the market include Brose, Mitsuba, and Steelmate.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Locking System Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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