LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive locking system market is expected to reach 98.28 million units during the forecast period, as discussed in the report.
This research report titled ‘Global Automotive Locking System Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global commercial vehicle propeller shaft market will have a linear relationship with the total sales of commercial vehicles. As the global automotive locking system market is a derived market, its growth and decline completely depend on the number of commercial and passenger vehicles sold. The OEM segment contributes to the overall market for the global automotive locking systems market.
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Technavio’s analysts categorize the global automotive locking system market into the following segments by vehicle type. They are:
- Passenger cars
Sales of the automotive locking system in passenger cars are directly proportional to the sales of passenger vehicles as automotive locking systems have 100% penetration in the passenger cars segment. Automotive locking systems used by OEMs in their passenger cars are of two types, namely powered automatic locking system and manual locking system. The customers’ demand of having technologically advanced equipment is pushing OEMs to equip their passenger cars with powered automatic locking systems.
According to Siddharth Jaiswal, a lead automotive components research analyst from Technavio, “OEMs are encouraged by the increasing addition of electronic components in passenger cars, to develop power-efficient locking systems for increasing the safety and convenience while locking the automotive doors. Automotive locking system will grow depending on the sale of passenger cars. This is because all passenger vehicles are equipped with a locking system.”
Technavio analysts expect the global automotive locking system market in the LCVs segment to reach 12.55 million units by 2021, showing growth of CAGR of more than 7%. The sale of LCVs in the Americas is prompted by the decrease in the sale of gasoline. About 98% of the LCVs in the Americas are equipped with automatic locking systems. About 94% of the LCVs in EMEA are equipped with automatic locking systems, and around 63% of the LCVs in APAC are equipped with automatic locking systems.
“The increase in the number of construction and inter-city activities, which involves the transportation of man and materials are driving the market for LCVs. The increase in infrastructural facilities causes construction companies to purchase more locking systems in LCVs. In a country like India, the growing inter-city construction and an increase in housing construction will drive the market for the LCV segment,” adds Siddharth.
The global automotive locking system market in the M&HCV segment is likely to reach 4.80 million units by 2021. The increasing demand for technological advances in M&HCVs in the US has driven heavy truck manufacturers to equip their trucks with automatic locking systems. The growing preference for transporting freight through roadways is driving the sales of M&HCVs. The increase in sales of M&HCVs directly leads to an increase in the market for automotive locking system in M&HCVs.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Robert Bosch
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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