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Vehicle Exterior Door Handle Market
The growth of the global vehicle exterior door handle market is driven by increase in demand for electric vehicles, and rise in the integration of smart access
WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 19, 2024 /EINPresswire / -- The global Vehicle Exterior Door Handle Market size was valued at $5.8 billion in 2022, and is projected to reach $9.4 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032. The global vehicle exterior door handle
industry is dominated by Asia-Pacific, followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain significant growth in the global market, particularly driven by China, India, South Korea, and Japan. The major factors driving the growth of the vehicle exterior door handle market in Asia-Pacific include rise in adoption of electric vehicles, growth in population, and increase in disposable income of consumers. Development and expansion of road infrastructure and transportation networks support the growth of the automotive market in the region. The improved connectivity and mobility options act as a catalyst for increased vehicle ownership, leading to a surge in demand for automotive components such as vehicle exterior door handles.
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The major impacting factors in the growth of the vehicle exterior door handle market include surge in the production of vehicles, increase in the demand for vehicle aesthetics & design, and rise in the integration of smart access & keyless entry systems. However, high cost due to integration of advanced technological solutions and stringent safety & regulatory standards hamper the growth of the market. Furthermore, the development of biometric & gesture recognition technologies and the rise in the demand for lightweight materials & sustainable solutions are factors expected to offer growth opportunities during the forecast period.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global vehicle exterior door handle market revenue . Asia-Pacific has experienced a surge in vehicle sales, driven by growing population, increasing disposable incomes, and urbanization. The demand for vehicle exterior door handles is expected to increase owing to the rise in the number of vehicles on the roads. Europe is expected to witness the fastest CAGR of 6.0% from 2023 to 2032 owing to the surge in popularity of electric vehicles.
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The global automotive industry has witnessed growth, leading to a higher demand for cars, trucks, and other vehicles equipped with vehicle exterior door handles. Moreover, automotive manufacturers constantly aim to integrate innovative features into exterior door handles, such as keyless entry systems, touch-sensitive sensors, and smart access technology, attracting consumers and enhancing convenience. For instance, in July 2023, Mahindra revealed the features of its SUV XUV700. The car features a smart door handle integrated into the body panel and is equipped with a sensor for automatic operation, which enables it to automatically pop out when touched or when the car is unlocked. Such innovative features in the door handle system is expected to drive the growth of the market.
Based on type, the pull out handle segment held the highest market share in 2022, accounting for nearly three-fourths of the global vehicle exterior door handle market revenue and is estimated to maintain its leadership status during the forecast period. Pull-out door handles are utilized in a diverse range of vehicles, including sedans, SUVs, trucks, and hatchbacks. Their user-friendly design allows effortless operation, making them suitable for individuals of all ages and physical capabilities to enter and exit the vehicle. The flush door handle segment is expected to register the highest CAGR of 6.4% from 2023 to 2032. Flush door handles have gained significant popularity in modern car designs, particularly in high-end and luxury vehicles. The minimalist and sophisticated look of the flush-type door handles enhances the overall aesthetics of the vehicle.
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In addition, door handle manufacturers aim to use materials to design door handles with less weight to improve performance of the vehicles. For instance, Huf provides automotive makers with door handles systems that weigh less than one kilogram. Such factors are expected to provide lucrative opportunities for the growth of the market.
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The demand for lightweight materials and sustainable solutions drives innovation in the automotive industry. Automobile manufacturers adopt door handles designed with new eco-friendly materials and manufacturing processes. For instance, Mercedes-Benz, a German luxury automobile manufacturer has taken a significant step toward sustainability by incorporating chemical recycling components into their series production.
Based on vehicle class, the SUV segment held the highest market share in 2022, accounting for more than two-fifths of the global vehicle exterior door handle market revenue and is estimated to maintain its leadership status during the forecast period. The segment is also projected to manifest the highest CAGR of 6.1% from 2023 to 2032. A sport utility vehicle (SUV) is a powerful four-wheeled car that is driven over rough terrain. The sport utility cars come with off-road vehicle features such as increased ground clearance and all-wheel drive. Pull up or pull out handles are installed in such vehicles. Moreover, some SUVs, especially high-end models, may feature flush type, and touch type door handles.
The key players profiled in this report include
WITTE Automotive, Marquardt Management SE, ITW, Kiekert AG, ALPHA Corporation, MinebeaMitsumi, Inc., AISIN CORPORATION, Motherson Group, Sakae Riken Kogyo Co.,Ltd., Magna International, Inc., ADAC Automotive, Huf Hulsbeck & Furst GmbH & Co. KG
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.