The global automotive latch market is projected to grow at a CAGR of 5.80%, during the forecast period, to reach USD 6.59 Billion by 2021. Increasing global automobile production and technological advancements due to safety and security concerns are the major driving factors for the global automotive latch market.
New product development is the most dominant strategy adopted by market players to achieve growth in the global car door latch market. Kiekert AG (Germany), U-Shin, Ltd. (Japan), Magna International, Inc. (U.S.), and Brose Fahrzeugteile Gmbh & Co. (Germany) are some of the leading market players that adopted this strategy to strengthen their business and retain their market share. Another strategy adopted by industry players is industrial expansion, which accounted for 35.3% of the strategic developments during the same period. This strategy was adopted by major players like Kiekert AG (Germany), Strattec Security Corporation (U.S.) Magna International, Inc. (U.S.), Brose Fahrzeugteile Gmbh & Co., Aisin Seiki Co., Ltd., and Mitsui Mining and Smelting Co., Ltd.
Strattec Security Corporation was established in 1995 and is headquartered at Milwaukee, Wisconsin (U.S.). The company is one of the world’s largest producers of automotive locks and keys. Strattec Security Corporation collaborates with three brands under which it sells its products around the world: WiTTE Automotive, ADAC Automotive, and VAST Llc. In 2015, the company recorded annual sales of USD 401.4 million. The company announced that its Vast Llc. (U.S.) joint venture, which includes WiTTE Automotive of Germany and ADAC Automotive of the U.S., has completed an agreement to become a 50:50 joint venture partner with Minda Management Services Limited (India). VAST acquired a 50% equity interest in the former Minda-Valeo Security Systems joint venture, based in Pune, India, for approximately USD 12 million. The joint venture was named Minda VAST Access Systems.
Kiekert AG, headquartered in Germany, is the market leader in manufacturing automotive latches in Europe, and one of the leading international suppliers for the Asian region. The company is one of the top market players of the automotive closure system industry, holding 20% of the global market share. It is an industry leader in the production and sale of automotive door latches, with a revenue of about USD 915.9 Million in 2015. The company manufactured 66 Million side door latches in 2015. It has a strong product portfolio, which includes side door latches, latch modules, rear compartment latches, interior actuators, and strikers. The company had acquired full ownership of Henan North Xingguang Locking Systems Co., Ltd. (China), a manufacturer of door, hood, and trunk locking systems, in which Kiekert AG has held a minority share since 2005. The acquisition then started working under the title Kiekert China Zhengzhou (KCZ) in order to focus on China and nearby regions. Kiekert AG launched its innovative prototype ‘i-protect’, an automotive locking system with an electromechanical door protection function. The i-protect technology prevents car doors from unintentionally striking nearby obstacles while opening, which contributes to greater safety and convenience in traffic situations.
Related Reports:Car Door Latch Market by Application (Side Door Latch, Hood Latch, Tailgate Latch, and Back Seat Latch), Lock Type (Electronic and Non-Electronic), Vehicle Type (Passenger Car and Light Commercial Vehicle) and Region - Global Forecast to 2021
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