Automotive locking or a central locking system refers to the simultaneous locking of all doors once the door of the driver is locked. Automation in automobiles, aviation, healthcare and other sectors is the latest trend and this promotes the demand for automotive locking systems.
Rising population coupled with growing disposable income drives the demand for suburban utility vehicles or sports utility vehicles (SUVs). This is driving the demand prospects of automotive locking systems in recent years. Emerging economies such as China, Japan, and European economies such as Germany, U.K., Spain, and Italy are witnessing growing sales of SUVs and crossover cars in recent years. SUVs and crossover cars offer certain advantages such as fuel efficiency, lightweight equipment, and three row seat facility which is driving the growth prospect of the automotive locking system market. Growing concerns related to car safety promotes the demand for automotive locking systems in cars.
However, high cost of security and installation of automotive locking systems in vehicles is a major drawback to this market. High cost of installation increases the prices of SUVs and crossover cars and this factor is expected to restrain the demand prospect of this market over the forecast period.
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Greater comfort facility coupled with automotive locking system raises the demand for automotive locking systems. Rising application of digital technologies, use of automation, and sustainability polices equip the vehicles with connectivity services. Adoption of new electronic features makes vehicles more user friendly and helps in reducing the overall weight of these vehicles. These features act as an opportunity factor and are expected to drive the demand for automotive locking system during the forecast period.
The automotive locking system market is segmented into three types on the basis of vehicle type. These include passenger cars, light commercial vehicles (LCVs), and M&HCVs. Passenger cars segment held the largest share in the automotive locking system market in recent years. With the growing penetration of internet, smartphone customers prefer to buy passenger cars equipped with electronic control units and that feature helps to lock and unlock doors automatically. Growing concern for convenience and safety, adoption of electronic features in passenger cars, and increasing purchasing power of the population drives the demand for automotive locking systems in passenger vehicles. Moreover, with the rising concern for fuel efficiency, automobile manufacturers are keen to install power efficient components in their vehicles which promote the demand for automotive locking systems.
On the basis of geographic locations, the automotive locking system market has been segmented into five regions. These include North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Europe holds the dominant share in the automotive locking system market in recent years. This region witnesses growing demand for hybrid cars that use power efficient automotive locking systems and this drives the market prospects of automotive locking systems.
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Asia Pacific is the fastest growing region in this market. Emerging economies such as China, India, and South Korea witness increasing purchasing power. Large number of automotive manufacturers launch new vehicles in this region. New designs are incorporated in these vehicles and these factors help to enhance the demand prospects of automotive locking systems during the forecast period. This region also witnesses increasing income level and that is expected to boost the demand for luxury car in this region. These factors are likely to expand the growth prospect of automotive locking system market over the forecast period.
Some of the key players of the automotive locking system market include Denso, Robert Bosch, Valeo and others. This is a largely fragmented market with numerous small firms. Large number of firms increases competition for existing firms. This encourages firms to produce differentiated and cost efficient products to remain in the competitive environment.
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