The slow growth of the automotive industry through 2019, combined with disastrous downturns in 2020 induced by the coronavirus pandemic, have significantly weighed on the growth prospects of the global automotive door hinge market. Fortunately, the rebound in car sales in markets such as China, combined with the increased reach of electric vehicles, should support the market through 2021, concludes the certified company ESOMAR Future Market Insights, in its recently published report.
The expected recovery is remarkable, given a global auto production shortfall of more than 4 million units in 2019. China, the global auto powerhouse, contributed most of this decline, as tax rebates on auto purchases have been reversed and further exacerbated by the pandemic crisis. In addition, Fitch Ratings forecasts a 2% decline in US auto sales to around 17 million units.
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Growth avenues abound in the electric vehicle market
While the aforementioned trends have induced a slowdown in the recent past, the outlook is expected to be high with a continued focus on increasing EV production. Representing more than 2% of global car sales, the electric car fleet is growing rapidly, driven by ambitious policy announcements, according to estimates from the International Energy Agency.
Rising sales of key electric vehicles such as the Chevrolet Bolt, Mitsubishi Outlander PHEV and Tesla Model 3 led to broader growth in automotive door hinge sales in 2020 alone. With the proposed expansion of electric vehicle charging infrastructure and an imminent resumption of business in the post-pandemic world, major door hinge manufacturers are expected to capitalize on the ever-expanding electric vehicle market landscape, causing a multitude of innovations and product launches.
Key points to remember
- Hybrid Steel Based Automotive Door Hinges to Gain High Market Share Amid Rising Demand for Increased Strength
- Depending on the type of vehicle, door hinges for luxury passenger cars will see an increase in sales
- Regular maintenance cycles to consolidate aftermarket automotive door hinge sales through 2021
- US to Pivot North American Market Growth Attributed to Strict Automotive Door Durability Regulations
- Prolific Advances in Manufacturing Technology to Boost UK Growth Prospects
- The growth of the German market is banking on the increase in future sales of electric vehicles, emerging as the 2n/a largest European market
- Post-pandemic recovery to show substantial gains in Chinese automotive door hinge market
“Strict automobile safety regulations to prevent accidents are prompting automakers to incorporate strong, lightweight yet durable construction materials, accelerating growth prospects for automotive door hinge sales,” an IMF analyst said.
According to FMI analysis, the automotive door hinge market is dotted with the presence of the 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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By sales channel
- Brass/Bronze/Composite Material
By product type
- Front and rear automotive door hinges
- Tailgate hinges/hood hinges
By type of vehicle
- Passenger car
- Average height
- North America
- Latin America
- Western Europe
- Eastern Europe
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About the IGF
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai, the financial capital of the world, and has delivery centers in the United States and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
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The publication Global Automotive Door Hinges Market Key Manufacturers, Development Trends and Competitive Analysis 2031 appeared first on Future Market Insights.