DUBLIN--(BUSINESS WIRE)--The "Automotive Door Handles Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive door handles market is expected to grow at a CAGR of 2.85% during 2021-2027.
Several factors, such as the increasing number of passenger and commercial production vehicles and increasing disposable income, are boosting the industry's growth. Manufacturers are developing smart technologies in automotive door handles to provide hassle-free operation to vehicle owners. Technological advancements offer an excellent opportunity for vendors to develop innovative door handles for the vehicle.
Door handles are equipped on the automobile door for opening and closing. Several types of door handles are used in various doors and their functionality. There has been continuous innovation in the automotive industry regarding design and technology. Globally, there has been a massive investment in R&D and vehicle aerodynamics for the security of automobiles.
Further, China is the leading country in the automotive door handles market globally. A significant investment in this sector increases the demand for improved vehicular parts and provides greater opportunities for automotive door handle vendors. During the last couple of years, the rapid urbanization in various economies has led to a significant increase in per capita income, increasing the personal vehicle demand, thereby driving the automotive door handles market.
MARKET TRENDS & DRIVERS
Rising Innovation in Automotive Door Handles
There has been a constant change in design and technology in the automotive industry. The latest features and designs have constantly been replacing the old ones. In 2021 sales of automobiles crossed 70 million units worldwide.
In 2020, Amazon alone sold over USD 12.2 billion worth of products in car care, spare parts, and accessories, followed by USD 1.9 billion in Original Equipment Manufacturers (OEM) replacement products. This growth in car sales volume provides more significant opportunities for car door handle manufacturers during the forecast period. OEM manufacturers will also see replacement needs for the automotive door handles, driving the global automotive door handles market growth.
Variety and Aesthetics in Automotive Door Handles
The make and design of the car play a vital role during the car purchase. Several times people reject the car because of bad design or because the aesthetics aren't good enough. The door handle is another major thing customers look for in car design. The importance of automotive door handles has been overshadowed. Multiple attempts have been made to improve the door handles' variety and aesthetics.
Aesthetics tend to play an essential part when it comes to decision-making. Esthetics play a vital role in creating the desire and influence on the customers to get the vehicle, spare parts, and replacements. Audi maintains that aesthetics makes up to 60% of the overall aspects for a customer to make decisions. Such factors are contributing majorly to the global automotive door handles market growth.
Supply Chain Disruptions in Automotive Industry
Currently, a massive shortage of raw materials like steel has affected the automotive sector. This shortage is causing problems like the high cost of raw materials, leading to a complete shutdown of manufacturing units. Companies are facing fewer sales volumes as the shortage of raw materials is forcing companies to cut some essential electronic features which are a valuable addition to the product.
INSIGHTS BY MATERIAL TYPE
The global automotive door handles market by material type is segregated into Plastic, Chrome/Steel, and Others. The plastic automotive door handles market accounts for the highest revenue share of 62.03%.
Several factors have been and are still boosting the demand for plastic automotive door handles in several countries. The automotive sector is gradually gaining traction, and the total demand for automotive materials and products is gaining ground. One of the major reasons for the increasing usage of plastic in automobile door handles their high resistance to erosion by exposure to chemicals and elements.
The global chrome/steel automotive door handles market is growing at a CAGR of 2.65% during the forecast period.
Chrome Stainless steel is a hard-wearing, naturally corrosion-resistant, and low-maintenance material. Irrespective of the force or frequency of use, it hardly reveals traces of scratches or dents, even after years. Therefore, stainless steel automotive door handles require very little or no care.
INSIGHTS BY HANDLE TYPE
The global mechanical automotive door handles market was valued at USD 4.14 billion in 2021. Mechanical automotive door handles dominated the industry due to widespread adoption worldwide and high compatibility with all common door types. These door handles are available in several types, including lever handles, push buttons, and pull-type handles. The growth of mechanical automotive door handles is also proportional to the installation of manual doors.
The growing demand for dynamic and multi-optional door opening and closing mechanisms is the primary factor fostering the industry growth for automatic door handles. The global automatic automotive door handles market is estimated to grow at a CAGR of 3.34% during the forecast period.
INSIGHTS BY VEHICLE TYPE
The global automotive door handles market by vehicle type is segregated into passenger and commercial vehicles. The passenger vehicle market held an market share of 68.11% in 2021.
It is estimated to grow at a CAGR of 2.64% from 2022-2027. Passenger vehicles are vehicles that are majorly used for transporting passengers. In advanced countries, passenger vehicles are the most common mode of transport. Due to rising per capita income, passenger vehicles are growing in numbers in developing countries, thus driving the industry.
Technological advancements like integrating electric vehicle (EV) charging station systems with real-time information solutions and the internet of things (IoT) drive the passenger vehicle market growth and ultimately accelerate the automotive door handles market.
INSIGHTS BY SALES CHANNEL
The OEM segment is expected to be the largest in the global automotive door handles market by sales channel and is expected to reach USD 6.7 billion by 2027.
OEMs in the market make replacement components for automotive door handles. One of the most significant advantages of OEM components is that they are customized according to OEM specifications. Customers can safely assume they will only receive high-quality components designed for a vehicle's brand, make, and model.
The global automotive door handles market has many companies operating in major parts of the world. APAC is the largest industry for automotive door handles and is expected to cross USD 3.34 billion by 2027.
The automotive sector in this region is increasing significantly because of continuous industrialization, low-cost labor, and significant availability of raw materials in the region has fueled the demand for automotive door handles in the APAC region. In 2021, China accounted for a revenue share of 55.81% and emerged as the leading automotive door handles market in the Asia Pacific.
Regions such as North America and Europe have established stringent emission regulations that have affected the automotive industry but are projected to drive the automotive industry in North America and Europe in the coming years.
In addition, North America and Europe are the home for many major automotive manufacturers such as Ford (US), Audi (Germany), BMW (Germany), Fiat (UK), Renault (France), and GM (US). Countries such as the US, UK, Germany, Spain, and France are the developed countries that drive the automotive door handles market due to the availability of skilled labor.
The competition among the global automotive door handles market players is quite intense. The rapidly changing technology and environmental regulations could adversely affect companies, and customers expect continual innovations and upgrades in automotive door handle products.
The present scenario forces companies to alter and refine their unique value proposition to achieve a strong industry presence. The parameters companies compete in the automotive door handles market are product portfolio, product quality, geographical presence, brand image, cost differentiation, and others.
The competition in the industry will increase further due to technological advances and an increase in the product line. Thus, manufacturers must launch new or improved automotive door handles regularly, adapt to constantly changing market trends, and survive in the intensive competitive environment.
Market Opportunities & Trends
- Rising Innovation in Automotive Door Handles
- Improvement in Vehicle Aerodynamics
- Increasing Focus on Vehicle Safety
Market Growth Enablers
- Rapid Growth in Urbanization and Middle-Income Population
- Increase in Demand for Passenger Vehicles in Emerging Economies
- Variety and Aesthetics in Automotive Door Handles
- Supply Chain Disruptions in Automotive Industry
- Highly Fragmented Marketplace
- CI Car International
- Dorman Products
- Guangzhou Yishan Auto Parts
- Magna International
- Minda VAST Access Systems
- Mitsui Mining & Smelting
- Kakihara Industries
- Illinois Tool Works
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