Market Research Future published a research report on global Automotive Closure market. The automotive closure market is expected to grow over the CAGR of around 7% during the period 2019 to 2023. Automotive Closure Market by Application Information (Sunroof, Power Window, Side Door, Sliding Door, Convertible Roof), Component (ECU, Switch, Motor & Actuator, Latch, Relay), Type (Manual, Powered), Vehicle Type, Region – Global Forecast to 2023.
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There are several factors that are responsible for the growth of automotive closure market over time in the global scenario. Firstly, enhanced awareness amongst consumers about safety and related features in the automotive sector. Secondly, the automotive industry of today’s times is much more competitive than what it used to be, thus, compelling manufacturers to produce unique vehicles that sound out in terms of the quality offered. Thirdly, closures, such as power windows, sunroof, and electronic door locking system, provide greater comfort and enhanced customer experience. Thus, increasing the popularity of the automobile, contributing to eventual sales. The global automotive closure market is estimated to grow at a CAGR of approx. 7% (2017 to 2023).
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. The North America market (the U.S. and Canada, in particular) is one of the largest automobile markets in the world. The biggest concern of the consumers in this market is the low reliance on public transport system. People in this region prefer to travel using their personal vehicles, for both work and leisure traveling. The Asia Pacific region has two of the world’s biggest economies – India and China. These two countries are considered to be the future automotive hub of the world. The Europe region is known for its penchant for high-performance cars with the latest technological features. All these factors cumulatively highlight the growth opportunity for the automotive closure market on the global scale.
This study provides an overview of the Global Automotive Closure Market, tracking five market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Automotive Closure Market by its Application, Component, Type, Vehicle Type and Region.
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