Global Automotive Hardware Market – Industry Trends and Forecast to 2031

Global Automotive Hardware Market, By Product (Door Latches, Exterior Door Handles, Door Seals, Door Straps, Door Hinges, Mounting Brackets, Gas Springs, Fuel Flaps, Others), Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), Raw Material (Steel, Aluminium, Plastic, Others), Sales Channel (OEM, Aftermarket) – Industry Trends and Forecast to 2031.

Automotive Hardware Market Analysis and Size

One of the main factors driving the automotive hardware market's expansion is rising automobile production and consumption, particularly in developing nations. The increased demand for automotive hardware is a result of consumers' changing lifestyles and greater disposable money, which have increased car ownership. Furthermore, consumers' increasing attention to vehicle performance, safety, and efficiency is fostering market growth.

Data Bridge Market Research analyses that the global automotive hardware market, which was USD 22,567.20 million in 2023, is expected to reach USD 27,218.2 million by 2031 and is expected to undergo a CAGR of 2.37% during the forecast period of 2023 to 2031. The “door latches” segment is dominating the market as it is a vital component that is required to ensure vehicle security and accessibility. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

Automotive hardware refers to the physical components and devices that make up a vehicle's system, such as the engine, transmission, brakes, steering, suspension, and electronics. Automotive hardware is designed to perform specific functions and meet certain standards of quality, safety, and performance.

Global Automotive Hardware Market Dynamics

Driver

• Increasing sales of passenger and commercial vehicles  

The automotive hardware market is experiencing a significant expansion due to the rising demand for vehicles across the globe. As more consumers purchase cars, trucks, buses, and other modes of transportation, the need for high-quality hardware components such as sensors, actuators, switches, and connectors also increases. These hardware components are essential for ensuring the safety, performance, and efficiency of vehicles.

Opportunity

• Technological advancements in the automotive industry

The automotive hardware market is expected to witness significant growth in the coming years, owing to the rapid technological advancements in vehicles. These advancements include features such as connectivity, safety, efficiency, and comfort, which enhance the performance and value of the vehicles. Moreover, the increasing demand for electric and autonomous vehicles, as well as the emergence of new mobility solutions, create new opportunities for the automotive hardware market. Therefore, the automotive hardware market is poised to benefit from the innovation and development of vehicle technologies.

Restraint/Challenge

• Intense competition among market players

The automotive hardware market is a highly competitive sector, where the key players are constantly vying for a larger share of the market. This intense competition poses a significant challenge for the growth of the market, as it reduces the profit margins and increases the costs of innovation and development. The automotive hardware market needs to overcome this challenge by finding new ways to differentiate their products and services, and by creating value for their customers.

This automotive hardware market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive hardware market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In December 2022, Hyundai has showcased a new gesture-controlled door handle at its Open Innovation Lounge event in Seattle. Developed in collaboration with gesture recognition and nanotechnology startup Somalytics, the SomaControl Door Handle prototype features a new type of capacitive sensor made of carbon nanotube-infused paper

Global Automotive Hardware Market Scope

Automotive hardware market is segmented on the basis of product, vehicle type, raw material, and sales channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Product

• Door Latches
• Exterior Door Handles
• Door Seals
• Door Straps
• Door Hinges
• Mounting Brackets
• Gas Springs
• Fuel Flaps
• Others

Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Medium & Heavy Commercial Vehicle

Raw Material

• Steel
• Aluminium
• Plastic
• Others

Sales Channel

• OEM
• Aftermarket

Global Automotive Hardware Market Regional Analysis/Insights

The automotive hardware market is analyzed and market size information is provided by country, product, vehicle type, raw material, and sales channel as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of the Middle East and Africa.

Asia-Pacific is expected to dominate the market due to higher penetration of passenger and commercial vehicles in the region and expected to grow with highest CAGR due to increasing strategic initiatives, partnerships and investments from key market players.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Automotive Hardware Market Share Analysis

The automotive hardware market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to automotive hardware market.  

Some of the major players operating in the automotive hardware market are:

• Hansen International (U.S.)
• Kiekert AG (Germany)
• Aisin Seiki (Japan)
• Magna International (Canada)
• Dorman Products (U.S.)
• Mitsui Mining and Smelting (Japan)
• Stahl Holding (Germany)
• STRATTEC (U.S.)
• Smittybilt (U.S.)
• Seatbelt Solutions (U.S.)