Automotive Hinges Market Expected to Grow at a Healthy Rate
New York, U.S., May 18, 2022 (GLOBE NEWSWIRE) — Automotive Hinges Market Overview:
According to comprehensive research report by Market Research Future (MRFR), Automotive Hinges Market Insights by Material, By Sales Channel, By Vehicle Type, By Product and Region – Forecast to 2027, Market Size market is expected to grow at a compound annual growth rate of 4% by 2026.
Automotive Hinges Market Scope:
Automotive hinges refer to the mechanical bearings used to connect automotive components such as the fuel cap, hood, trunk or tailgate, and doors to the automotive body. Automotive hinges allow a hood or door to be opened at a particular angle between the door or hood and the automotive body. The two automotive components connected to each other using automotive hinges rotate relatively around each other on a fixed axis of rotation.
The Dominant Automotive Hinges Market Key Players Covered Are:
- DURA automotive systems
- AISIN SEIKI
- Magna International
- Scissor Doors Inc.
- international orchid
- Gaoming Ligang Precision Casting Co., Ltd.
- Midlake Custom Hinges
- Eberhard Manufacturing Company
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Automotive hinge materials depend on their end use, as the doors, tailgate, and hood needed steel or any heavy material, but the fuel cap did not need a sturdy or heavy material. Sports and luxury cars use electronically controlled automotive hinges that automatically open vehicle doors. Mid-size and compact cars use the power hinges to open the hatch or rear trunk of the vehicle. The tank cap is also one of the crucial components of the motor vehicle to protect the direct connection between the surrounding elements and the fuel. The hood is only used in an emergency or for vehicle maintenance, increasing the life of automotive hood hinges compared to other automotive hinges. Several manufacturers use composite materials to reduce the weight of automotive hinges to reduce the vehicle.
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Automotive Hinges Market Drivers
The global automotive hinges market has witnessed tremendous growth in recent years. The major aspect driving an upsurge in market growth is increasing urbanization and industrialization in several parts of the world. Additionally, growing demand for private travel, given the growing labor force across the globe, is also expected to catalyze the growth of the market over the forecasted period. Developing infrastructure across the world is expected to drive the demand for automotive hinges over the coming years.
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Additionally, factors such as increasing vehicle fleet in the global market, high reliability and durability of automotive hinges, growing demand for luxury vans and rising concerns regarding environmental safety are also expected to have a positive impact. on market growth over the next few years. years. Additionally, several governments across the globe are investing heavily in public road transport, which in turn is expected to catalyze the growth of the market over the assessment period. Moreover, the introduction of electric hinges could lead to an increase in the demand for automotive hinges worldwide during the assessment period.
Impact of COVID-19
The COVID-19 pandemic has had a severe impact on the majority of market sectors across the globe. The automotive hinge market is no different from any other. On the other hand, the market is getting back on track and is expected to grow significantly over the assessment period. As the global economy recovers from the losses suffered during the pandemic, several sectors are expected to return to pre-pandemic growth paths. The frequent suspension of public transportation systems coupled with the highly infectious nature of the virus has resulted in the need for passenger cars, which has led to demand for automotive door hinge products. On the other hand, unforeseen situations due to the third and other predicted waves of the COVID-19 pandemic generate a pessimistic outlook. The analysis examines various impact scenarios of COVID-19 on the future of the Automotive Hinges Market over the assessment period.
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Market Segmentation Covered by Research:
The global automotive hinges market has been bifurcated into various segments on the basis of product, vehicle type, sales channel, material, and region.
Based on material, the global automotive hinges market is divided into composite materials, aluminum, and steel. Among all, the steel segment is expected to secure the leading position in the global market over the forecast period.
The global automotive hinges market is divided into aftermarket and OEM on the basis of sales channel. The OEM sub-segment is expected to register the highest CAGR over the assessment period.
The global automotive hinges market is bifurcated into commercial vehicles and passenger cars based on vehicle type. The passenger car segment is expected to dominate the global market during the assessment period.
Based on product, the global automotive hinges market is divided into hoods, cabinets, doors, and others. Among all, the door segment is expected to grow at the highest rate over the next few years.
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The global automotive hinges market is studied in five major regions: Asia-Pacific, Europe, North America, Latin America, Middle East & Africa.
The MRFR analysis suggests that the Asia-Pacific region is expected to secure the leading position in the global automotive hinges market during the assessment period. Given the growing production of motor vehicles, China is expected to be the world’s largest source of income. Another crucial aspect that is likely to boost the demand for automotive hinges over the assessment period is the regulations of the regulatory body on the scrapping of old vehicles.
The North American regional market for automotive hinges is estimated to witness substantial growth over the coming years. The growth of the regional market is mainly due to the increase in the motor vehicle fleet in the region. Moreover, the rapid growth in the demand for electric vehicles in the region is another crucial parameter that is catalyzing the growth of the regional market.
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