Automotive Hinges Market Estimated to Thrive at a Healthy CAGR of over 4% During the Review Timeframe from 2020 and 2026 – Report by Market Research Future (MRFR)
Automotive Hinges Industry Growing due to Increasing urbanization & industrialization
New York, US, May 18, 2022 (GLOBE NEWSWIRE) — Automotive Hinges Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Hinges Market” information by Material, by Sales Channel, by Vehicle Type, by Product and Region – Forecast to 2027” market size to grow at a compound annual growth rate of 4% by 2026.
Automotive Hinges Market Scope:
Automotive hinges refer to mechanical bearings used to connect automotive components such as fuel cap, hood, trunk or tailgate, and doors to the automotive body. The automotive hinges enable opening a hood or door at a particular angle between the door or hood and the automotive body. The two automotive components linked to each other using automotive hinges are revolved relatively around each other over a fixed axis of rotation.
Dominant Key Players in Automotive Hinges Market Covered are:
- DURA Automotive Systems
- Gestamp
- AISIN SEIKI
- Magna International
- Scissor Doors Inc.
- Multimatic
- Orchid International
- Gaoming Ligang Precision Casting Co., Ltd.
- Midlake Custom Hinges
- Eberhard Manufacturing Company
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The automotive hinges’ materials rely on their end-use as the doors, tailgate, and hood needed steel or any heavy material, but the fuel cap did not need a robust or heavy material. Sports and luxury cars utilize the electronic-operated automotive hinges that automatically open the vehicles’ doors. The mid-size and compact cars use the electrically operated hinges for opening the tailgate or back trunk of the vehicle. The fuel cap is also one of the crucial components of the automotive vehicle to protect the direct connection between the surrounding elements and the fuel. The hood is used just in an emergency condition or for the vehicle’s maintenance, increasing the life span of the automotive hood hinges compared to other automotive hinges. Several manufacturers are utilizing composite material to lower the weight of the automotive hinges to reduce the vehicle.
Market USP Exclusively Encompassed:
Automotive Hinges Market Drivers
The global market for automotive hinges has registered enormous growth in the last few years. The major aspect causing an upsurge in the market’s growth is the growing urbanization and industrialization across several regions worldwide. Furthermore, the increasing demand for the private commute, given the growth of the working population across the globe, is also projected to catalyze the market’s growth over the forecasted timeframe. The infrastructure development across the globe is anticipated to boost demand for the automotive hinges over the coming years.
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Moreover, the factors such as the increasing vehicle fleet in the global market, high reliability and durability of the automotive hinges, rising demand for the luxury vans, and rising concerns about the environmental safety are also projected to impact the market’s growth positively over the coming years. In addition, several governments across the globe are making heavy investments in public roadways transport, which in turn is anticipated to catalyze the market’s growth over the assessment era. Moreover, the introduction of the electrically operated hinges may cause an upsurge in demand for automotive hinges across the globe over the assessment timeframe.
COVID-19 Impact
The COVID-19 pandemic has had a severe impact on a majority of the market sectors across the globe. The automotive hinges market is no different than others. On the other hand, the market is getting back on track and will likely grow substantially over the assessment era. With the global economy recovering from the losses faced during the pandemic, several sectors are anticipated to return to the pre-pandemic growth track. Frequent suspension of public transport systems associated with the superiorly infectious nature of the virus caused the need for passenger cars leading to resultant demand for automotive door hinges products. On the other hand, the unpredicted situations because of anticipated third and further waves of the COVID-19 pandemic are generating a pessimistic outlook. The analysis examines various scenarios of COVID-19 impact on the future of the automotive hinges market over the assessment era.
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Segmentation of Market Covered in the Research:
The global market for automotive hinges has been segregated into various segments based on product, vehicle type, sales channel, material, and region.
Based on material, the global market for automotive hinges is split into a composite materials, aluminum, and steel. Among all, the steel segment is projected to secure the leading position in the global market over the forecasted era.
The global automotive hinges market is divided into aftermarkets and OEMs based on the sales channel. The OEM sub-segment is projected to register the highest CAGR over the assessment era.
The global automotive hinges market is split into commercial vehicles and passenger cars based on vehicle type. The passenger cars segment is anticipated to lead the global market over the assessment era.
Based on product, the global market for automotive hinges is divided into hoods, cabinets, doors, and others. Among all, the door segment is projected to grow at the highest pace over the coming years.
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Regional Analysis
The global automotive hinges market is studied across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis suggests that the Asia-Pacific region is anticipated to secure the top position in the global automotive hinges market over the assessment era. Given the growing automotive vehicle production, China is anticipated to be the top revenue pocket globally. The regulatory body’s regulation on scrapping of old vehicles is another crucial aspect likely to boost the demand for automotive hinges over the assessment timeframe.
The North American regional market for automotive hinges is estimated to grow substantially over the coming years. The growth of the regional market is mainly given the increasing automotive vehicle fleet across the region. Furthermore, the rapid growth in the demand for electric vehicles across the region is another crucial parameter catalyzing the regional market’s growth.
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