The automotive door hinges market is poised for growth, driven by rebounding car sales and EV market expansion, despite past industry challenges.
Sluggish automotive industry growth through 2019 combined with disastrous downswings across 2020 induced by the coronavirus pandemic have significantly weighed down growth prospects for the global automotive door hinges market. Fortunately, rebounding car sales across markets such as China, combined with the enhanced scope for electric vehicles is likely to buoy the market through 2021, concludes ESOMAR-certified firm Future Market Insights, in its recently published report.
The anticipated upswing is noteworthy, considering a shortfall in global automotive production by over 4 million units in 2019. China, the global automotive powerhouse, contributed to the bulk of this decline, as tax rebates on automotive purchases were rescinded, and further exacerbated by the pandemic crisis. Moreover, projections by Fitch Ratings established 2% decline in US automotive sales to around 17 million units.
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Growth Avenues abound across the EV Market
While the aforementioned trends induced a downturn in the recent past, prospects are likely to be elevated with constant emphasis on boosting EV production. Accounting for over 2% of global automotive sales, the electric car fleet is expanding swiftly, driven by ambitious policy announcements, according to estimates by the International Energy Agency.
Spiking sales of key EVs such as Chevrolet Bolt, Mitsubishi Outlander PHEV and Tesla Model 3 have led to a wider growth scope for sales of automotive door hinges in 2020 alone. With proposed EV charging infrastructure expansion and an imminent business recovery on the card in the post pandemic world, key door hinge manufacturers are anticipated to capitalize on the ever widening EV market landscape, prompting a slew of innovations and product launches.
Key Takeaways
“Stringent automotive safety regulations to prevent accidents is prompting vehicle manufacturers to incorporate robust, lightweight yet durable construction material, accelerating growth prospects for automotive door hinge sales,” says an FMI analyst.
Competitive Landscape
According to FMI’s analysis, the automotive door hinges market is peppered with the presence of following players: Dura Automotive LLC, Magna International Inc., Aisin Seiki Co. Ltd., Gestamp Group, Multimatic Inc., Brano Group, DEE Emm Giken, ER Wagner, Midlake Products & Mfg. Company Inc., Pinet Industrie, Monroe Hinge, Rell Precision Manufacturing Inc., The Paneloc Corporation and Saint Gobain.
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Segmentation
By Sales Channel
By Material
By Product Type
By Vehicle Type
By Region
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, 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 make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the future prospects and growth opportunities in the automotive door hinges market up to 2031.
How is the EV market impacting the automotive door hinges market?
What are the key factors driving market growth?
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