PUNE, March 1, 2017 - According to a report of Car Door Latch Market by MarketsandMarkets, the market is projected to grow at a CAGR of 5.80 per cent, from USD 4.97 bn in 2016 to USD 6.59 bn by 2021. In terms of volume the market is expected to reach 594.8 million units by 2021. The major factors behind the growth of the automotive latch market are the increase in global automobile production and technological advancements due to safety and security concerns.

The market share for side door latches is the largest. The per vehicle usage of side door latches is the highest at 4, compared to 1 to 2 for other latch types such as tail gate, hood, and seat, per vehicle. Hence, the side door latch market has the largest market share.

The passenger vehicle segment is growing and an increasing trend of extended cab type light commercial vehicles (LCV) has also helped the automotive latch market to grow, as they have four side doors against the two in standard LCVs.

The Asian automotive latch market is projected to be the largest market owing to increasing vehicle production and sales due to an increase in disposable income. Additionally, the Chinese and Indian markets are witnessing an increase in demand for luxury cars. The sale of luxury cars in China and India has been increasing, which, in turn, is driving the demand for advanced technology latches also such as LED and power latches, among others.