Global Automotive Locking System Market 2017-2021

Overview of the global automotive locking system market

As per the Technavio’s market research report, the global automotive locking system market is will grow at a steady rate and post a CAGR of more than 4% during the forecast period. An increase in the sales of sports utility vehicles or suburban utility vehicles (SUVs) and crossovers will drive the growth prospects for the global automotive locking system market during the projected period. The Chinese and the European passenger cars market is witnessing the majority of sales mainly due to the sales of SUVs and crossovers, that directly influences the market’s growth potential. Factors such as the increasing preference for fuel efficiency, three-row seats in crossovers and SUVs, and lightweight property of crossovers will further boost the sales volume of these vehicles equipped with automotive locking system, which in turn, will stimulate growth in the global automotive locking system market.

The convergence of comfort features with locking systems will be one of the major trends that will result in the growing demand for vehicles equipped with automotive central locking system. Due to various factors including the rising trend of digitalization, increasing automation, and sustainability policies, OEMs will focus on equipping their cars with connectivity services and upgrading their vehicles to advanced electronic features, which will drive the market’s growth for the next few years.

Competitive landscape and key vendors

The global automotive locking system market has a limited number of well-established vendors and is moderately competitive. These vendors are increasingly competing against each other based on factors such as quality of materials used and design, cost, and uniqueness. Some of these vendors are increasingly concentrating on growing their customer base, investing highly in research and developmental activities, and developing keyless entry car systems that will enable them to meet customer expectations. Technological advancements, government regulations, and an increase in the sales of heavy trucks, will intensify the competitive environment among the market players.

Key vendors in this market are -

• Valeo
• DENSO
• Robert Bosch

Other prominent vendors in the market include Brose, Mitsuba, and Steelmate.

Segmentation by vehicle type and analysis of the automotive locking system market

• Passenger cars
• LCVs
• M&HCVs

The passenger cars segment accounted for the majority shares of the automotive locking system market during 2016. The growing preference of a large number of customers towards technologically advanced equipment such as electronic control units (ECU) has resulted in the 100% penetration of automotive locking systems in the passenger cars segment, which is used to configure the vehicle to lock and unlock doors using smartphone applications like Viper. The growing trend for safety and convenience, the addition of electronic components in passenger cars, the rising purchasing power of the people, and the growing preference for achieving a higher social recognition, will further push the OEMs to integrate their cars with power-efficient locking systems.

Segmentation by geography and analysis of the automotive locking system market

• Americas
• APAC
• EMEA

APAC dominated the automotive locking system market during 2016 and according to this marker research and analysis, the region will continue to hold the maximum market share during the coming years as well. The launch of new car models by major automotive OEMs will encourage individuals in various countries such as China, Indonesia, India, and Japan to own a car equipped with advanced technological features such as automotive automatic door lock system.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global automotive locking system market?
• What are the key market trends impacting the growth of the global automotive locking system market?
• What are the challenges to market growth?
• Who are the key vendors in the global automotive locking system market?
• What are the market opportunities and threats faced by the vendors in the global automotive locking system market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global automotive locking system market?

Technavio also offers customization on reports based on specific client requirement.

An automotive locking system is essential not only to protect the car from theft but also provide security and safety for the driver and passenger by ensuring the doors remain always closed. The locking system covers doors, trunk storage, engine compartment, interior storage, and fuel caps. Technavio’s market research reports for the automotive industry offer a large collection of research reports for the automotive manufacturing, powertrain, and wheels and tires sectors. To provide a complete analysis of the competitive landscape for the industry space, Technavio’s upcoming research report on the global automotive locking system market offers an analysis of the market size, key vendors, and technological developments.

By following a primary and secondary research methodology, research analysts at Technavio gather information on factors such as emerging trends, top players, and growth potential of emerging markets. The upcoming research report on the global automotive locking system market also considers the growth of similar markets such as global automotive fuel tank market and global automotive glass market, which are expected to grow at a CAGR of 4% and 5%, respectively, for the forecast period of 2017 to 2021. An emerging trend is the recent focus on the development of NFC system for locking, which can not only provide access to a car to multiple users but also reduce the dependency on keys.

The upcoming report on automotive locking system market involves in an extensive study of key drivers, consumer behavior, changing customer preferences, and opportunity and challenges faced by the industry. The report also captures market intelligence data from related sectors such as automotive electronics and automotive services to offer clients a holistic overview of the market.