Bonnet Lock Plate And Latch Market
Bonnet Lock Plate & Latch Market Forecasts to 2030 - Global Analysis By Car Hood (Flat/Bulged Hood, Louvered Hood and Ram Air Hood), Material (Steel, Aluminum, Plastic, Composite Materials and Other Materials), Technology, Sales Channel, Application and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $1.87 BN |
|
Projected Year Value (2030) |
US $2.78 BN |
|
CAGR (2023 - 2030) |
5.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Bonnet Lock Plate & Latch Market is accounted for $1.87 billion in 2023 and is expected to reach $2.78 billion by 2030 growing at a CAGR of 5.8% during the forecast period. A bonnet lock plate and latch are components of a vehicle's front hood (bonnet) securing mechanism. The lock plate is typically a metal piece affixed to the chassis, housing the locking mechanism, while the latch is the movable part on the bonnet that engages with the lock plate to keep the hood securely closed. This ensures the bonnet remains in place during vehicle operation, protecting the engine compartment.
According to the Park's Associates research report, mechanical locks represented 5% to 15% of the overall safety and security in 2022.
Market Dynamics:
Driver:
Escalating consumer demand for safety and security
Modern locking systems, including bonnet lock plates & latches, are becoming ever more essential as people place a higher priority on keeping their cars safe. This heightened demand for robust security features has led to a surge in the adoption of Bonnet Lock Plate & Latch systems, as they play a crucial role in enhancing the overall safety of vehicles. Manufacturers are responding to this trend by innovating and offering technologically advanced solutions, further fueling the market's expansion.
Restraint:
Technological challenges
Technological challenges in bonnet lock plate & latch systems include the integration of smart features, such as electronic sensors and connectivity, to enhance security. The complexity of implementing these technologies can lead to higher production costs and potential reliability issues. Additionally, ensuring compatibility with various vehicle models poses a challenge. This hurdle impedes market growth as manufacturers grapple with the intricacies of incorporating advanced technologies while maintaining affordability and reliability.
Opportunity:
Rising innovations in materials and technology
Rising innovations in materials and technology significantly enhances product performance, durability, and security. Advanced materials, such as lightweight alloys and high-strength composites, contribute to improved efficiency and reduced vehicle weight. Additionally, technological advancements, such as smart locking systems and integration with vehicle connectivity, enhance the overall functionality of bonnet lock plates and latches. These innovations not only meet evolving automotive industry standards but also address consumer demands for safety, convenience, and cutting-edge features, thereby driving market growth.
Threat:
Cost constraints
Cost constraints in bonnet lock plate & latch production limit the use of advanced materials and technologies, impacting product quality and innovation. This hampers market competitiveness as manufacturers may compromise on durability and security to meet budget constraints. Lower-cost alternatives may lead to higher maintenance and replacement expenses for consumers, reducing overall satisfaction and hindering market growth.
Covid-19 Impact
The covid-19 pandemic has significantly impacted the bonnet lock plate & latch market. Disruptions in the automotive supply chain, factory closures, and reduced consumer spending on non-essential items have led to a decline in production and demand for these components. Supply chain challenges, including material shortages and transportation issues, have further constrained the market. However, as global restrictions eased, demand for automobiles gradually rebounded, positively influencing the market.
The flat/bulged hood segment is expected to be the largest during the forecast period
The flat/bulged hood segment is estimated to have a lucrative growth. The flat/bulged hood in automotive design is a crucial aesthetic and functional decision. Flat hoods provide a sleek and streamlined appearance, contributing to fuel efficiency by reducing air resistance. On the other hand, bulged hoods create a more muscular and aggressive look, accommodating larger engines or performance enhancements. Automotive manufacturers often consider both design elements and engineering requirements to strike a balance between style and functionality, catering to consumer preferences and market trends in the dynamic world of automotive design.
The connected vehicle technology segment is expected to have the highest CAGR during the forecast period
The connected vehicle technology segment is anticipated to witness the highest CAGR growth during the forecast period. Connected Vehicle Technology integrates with Bonnet Lock Plate & Latch systems, enhancing automotive security and functionality. These intelligent systems utilize sensors and communication modules to provide real-time data on the status of the bonnet lock, ensuring it is securely fastened. This not only improves anti-theft measures but also contributes to overall vehicle safety by ensuring critical components are properly secured during operation.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing automotive production and demand for advanced safety features. The region's expanding automotive industry, coupled with rising consumer awareness regarding vehicle safety, is driving the market. Key players are focusing on technological advancements and product innovations to gain a competitive edge. Stringent safety regulations and a growing middle-class population with higher disposable income further contribute to the market's positive outlook in the Asia Pacific region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. North America is experiencing steady growth, driven by the automotive industry's demand for reliable and secure hood locking systems. Increasing emphasis on vehicle safety and advancements in automotive technology contribute to market expansion. The market is characterized by a diverse range of products catering to various vehicle types. Factors such as stringent safety regulations and consumer preferences for enhanced vehicle security continue to shape the bonnet lock plate & latch market landscape in North America.
Key players in the market
Some of the key players profiled in the Bonnet Lock Plate & Latch Market include IFB Automotive Private Limited, Godrej, Shivani Locks Private Limited, Stanzen Engineering Limited, Aditya Auto, Johnan America Inc, Canara Auto Parts, Aisin World Corporation of America, Strattec Security Corporation, Sanatan Autoplast Private Limited, PHA India, Metalplast-Soprana and Flex-N-Gate Corporation.
Key Developments:
In April 2023, Godrej Locks & Architectural Fittings and Systems launched new products and offerings as it targets a turnover of ₹1,450 crore in FY24. Godrej is seeing a major upswing now in the business of locks when it comes to real estate.
Car Hoods Covered:
• Flat/Bulged Hood
• Louvered Hood
• Ram Air Hood
Materials Covered:
• Steel
• Aluminum
• Plastic
• Composite Materials
• Other Materials
Technologies Covered:
• Electronic Locking Systems
• Biometric Access Control
• Connected Vehicle Technology
• Internet of Things (IoT) Integration
• Other Technologies
Sales Channels Covered:
• Original Equipment Manufacturers (OEMs)
• Aftermarket
• Automotive Parts Retailers
• Distributors and Wholesalers
• Other Sales Channels
Applications Covered:
• Passenger Cars
• Commercial Vehicles
• Light Trucks
• Off-Road Vehicles
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Bonnet Lock Plate & Latch Market, By Car Hood
5.1 Introduction
5.2 Flat/Bulged Hood
5.3 Louvered Hood
5.4 Ram Air Hood
6 Global Bonnet Lock Plate & Latch Market, By Material
6.1 Introduction
6.2 Steel
6.3 Aluminum
6.4 Plastic
6.5 Composite Materials
6.6 Other Materials
7 Global Bonnet Lock Plate & Latch Market, By Technology
7.1 Introduction
7.2 Electronic Locking Systems
7.3 Biometric Access Control
7.4 Connected Vehicle Technology
7.5 Internet of Things (IoT) Integration
7.6 Other Technlogies
8 Global Bonnet Lock Plate & Latch Market, By Sales Channel
8.1 Introduction
8.2 Original Equipment Manufacturers (OEMs)
8.3 Aftermarket
8.4 Automotive Parts Retailers
8.5 Distributors and Wholesalers
8.6 Other Sales Channels
9 Global Bonnet Lock Plate & Latch Market, By Application
9.1 Introduction
9.2 Passenger Cars
9.3 Commercial Vehicles
9.4 Light Trucks
9.5 Off-Road Vehicles
10 Global Bonnet Lock Plate & Latch Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 IFB Automotive Private Limited
12.2 Godrej
12.3 Shivani Locks Private Limited
12.4 Stanzen Engineering Limited
12.5 Aditya Auto
12.6 Johnan America Inc
12.7 Canara Auto Parts
12.8 Aisin World Corporation of America
12.9 Strattec Security Corporation
12.10 Sanatan Autoplast Private Limited
12.11 PHA India
12.12 Metalplast-Soprana
12.13 Flex-N-Gate Corporation
List of Tables
1 Global Bonnet Lock Plate & Latch Market Outlook, By Region (2021-2030) ($MN)
2 Global Bonnet Lock Plate & Latch Market Outlook, By Car Hood (2021-2030) ($MN)
3 Global Bonnet Lock Plate & Latch Market Outlook, By Flat/Bulged Hood (2021-2030) ($MN)
4 Global Bonnet Lock Plate & Latch Market Outlook, By Louvered Hood (2021-2030) ($MN)
5 Global Bonnet Lock Plate & Latch Market Outlook, By Ram Air Hood (2021-2030) ($MN)
6 Global Bonnet Lock Plate & Latch Market Outlook, By Material (2021-2030) ($MN)
7 Global Bonnet Lock Plate & Latch Market Outlook, By Steel (2021-2030) ($MN)
8 Global Bonnet Lock Plate & Latch Market Outlook, By Aluminum (2021-2030) ($MN)
9 Global Bonnet Lock Plate & Latch Market Outlook, By Plastic (2021-2030) ($MN)
10 Global Bonnet Lock Plate & Latch Market Outlook, By Composite Materials (2021-2030) ($MN)
11 Global Bonnet Lock Plate & Latch Market Outlook, By Other Materials (2021-2030) ($MN)
12 Global Bonnet Lock Plate & Latch Market Outlook, By Technology (2021-2030) ($MN)
13 Global Bonnet Lock Plate & Latch Market Outlook, By Electronic Locking Systems (2021-2030) ($MN)
14 Global Bonnet Lock Plate & Latch Market Outlook, By Biometric Access Control (2021-2030) ($MN)
15 Global Bonnet Lock Plate & Latch Market Outlook, By Connected Vehicle Technology (2021-2030) ($MN)
16 Global Bonnet Lock Plate & Latch Market Outlook, By Internet of Things (IoT) Integration (2021-2030) ($MN)
17 Global Bonnet Lock Plate & Latch Market Outlook, By Other Technologies (2021-2030) ($MN)
18 Global Bonnet Lock Plate & Latch Market Outlook, By Sales Channel (2021-2030) ($MN)
19 Global Bonnet Lock Plate & Latch Market Outlook, By Original Equipment Manufacturers (OEMs) (2021-2030) ($MN)
20 Global Bonnet Lock Plate & Latch Market Outlook, By Aftermarket (2021-2030) ($MN)
21 Global Bonnet Lock Plate & Latch Market Outlook, By Automotive Parts Retailers (2021-2030) ($MN)
22 Global Bonnet Lock Plate & Latch Market Outlook, By Distributors and Wholesalers (2021-2030) ($MN)
23 Global Bonnet Lock Plate & Latch Market Outlook, By Other Sales Channels (2021-2030) ($MN)
24 Global Bonnet Lock Plate & Latch Market Outlook, By Application (2021-2030) ($MN)
25 Global Bonnet Lock Plate & Latch Market Outlook, By Passenger Cars (2021-2030) ($MN)
26 Global Bonnet Lock Plate & Latch Market Outlook, By Commercial Vehicles (2021-2030) ($MN)
27 Global Bonnet Lock Plate & Latch Market Outlook, By Light Trucks (2021-2030) ($MN)
28 Global Bonnet Lock Plate & Latch Market Outlook, By Off-Road Vehicles (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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