Leading market players must leverage innovations in terms of technology and raw materials to fall in line with the stringent government regulations for automotive hardware, to expand their capacity and market.
DUBAI, UAE / ACCESSWIRE / February 19, 2020 / Global automotive hardware market is growing at a moderate rate, owing to the escalating sales of commercial vehicles. It is projected to exceed the US$ 75 Bn mark by the end of 2020. Innovative application of plastic composites and eco-friendly bioplastics will constitute an emerging trend in automotive hardware market, as indicated by a new Future Market Insights (FMI) study. The market growth is further driven by cost-effective innovations, in addition to the environmental & safety standards.
“Manufacturers are taking advantage of innovations in raw materials to achieve two-fold benefits; progressing towards sustainable future and complying with the governmental guidelines for manufacturing and production. Both these factors are collectively driving the automotive hardware market towards a promising future,” projects the FMI study.
Download a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-10873
Key Takeaways of Automotive Hardware Market Study
- Door latches continue to lead the market with about one-fifth revenue share
- Passenger vehicles are forecast to generate greater market revenue during the forecast period
- Original equipment manufacturers (OEMs) emerge as a major channel for sale for automotive hardware
- Investments pour in for new technologies that impart greater fuel efficiency for next-generation hardware
- Europe owns major market share owing to strong presence of prominent players and advancement in automotive technologies
- Sales of used cars is highly responsible for market growth in regions including East Asia and Europe
Automotive Hardware Market – Top Growth Drivers
- Compliance to stringent regulations regarding environment and safety is providing new growth dimensions to market
- Trends of downsizing and lightweighting are favoring automotive hardware sales
- Hardware customizations are generating new profitable avenues for market players, significantly contributing to market expansion
- High-performance and eco-friendly raw materials are aiding market expansion, through higher fuel-efficiency
Automotive Hardware Market – Key Restraints
- Wide availability of counterfeit products is restraining sales automotive hardware sold by OEMs, thereby hindering the pace of market progress
- Increase in production of electric vehicles would restrict sales of some automotive hardware such as fuel flap, impacting market growth
For information on the research approach used in the report, request [email protected] https://www.futuremarketinsights.com/askus/rep-gb-10873
Competition Landscape of Automotive Hardware Market
Some of the prominent players in global automotive hardware market covered in the FMI study include, but are not limited to, magna International Inc., Smelting Co. Ltd., Aisin Seiki Co. Ltd., Gestamp Automocion and Dorman products. Lightweight materials, making the vehicles highly fuel efficient are employed by market players to develop fuel efficient vehicles in compliance with stringent regulations. Manufacturers are targeting profitable regions like China with cheap labor and operating costs, to expand their manufacturing bases. Innovation is the key component leveraged by automotive hardware manufacturers to create a distinguished brand image in market.
Explore Extensive Coverage of FMI’s Automotive Landscape
Automotive Sensors Market – Get comprehensive information on automotive sensors market through FMI’s review on prevailing trends, opportunities, challenges, and growth drivers of the market for 2018-2028.
Automotive Battery Management System Market – FMI’s study demonstrates key market dynamics of global battery management system market along with value forecasts, current environment, trends, segments, and market leaders for 2019-2029.
Automotive Pumps Market – Get a deep-dive analysis on global automotive pumps market with crucial insights on growth levers, opportunities, restraints, regulatory policies, regional market forecast and key forte of market leaders.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: [email protected]
For Media Enquiries: [email protected]
Market Report: https://www.futuremarketinsights.com/reports/automotive-hardware-market
Press Release Source: https://www.futuremarketinsights.com/press-release/automotive-hardware-marke
SOURCE: Future Market Insights
View source version on accesswire.com: