# Automotive Hardware Market is projected to reach a market value in excess of US$ 100 Bn by 2029 end
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-03-02
Category: Research Reports
Category URL: https://financedigest.com/category/research-reports
Meta Title: Global Automotive Hardware Market Growth Forecast 2029
Meta Description: Discover key factors driving sales of automotive hardware worldwide. OEMs, aftermarket fitment, and growth opportunities in South East Asia highlighted. Find
URL: https://financedigest.com/automotive-hardware-market-is-projected-to-reach-a-market-value-in-excess-of-us-100-bn-by-2029-endhtml

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Escalating sales of commercial vehicles are identified to remain among the key factor bolstering sales of automotive hardware at a global level. The global [automotive hardware market](https://www.futuremarketinsights.com/reports/automotive-hardware-market) is projected to reach a market value in excess of US$ 100 Bn by 2029 end, with growth anticipated at a moderate CAGR during the forecast period (2019 – 2029). The rate of replacement of automotive hardware in heavy commercial vehicles (HCVs) has been on a higher side than passenger cars, which would drive automotive hardware sales in the following years, as suggested by a new [Future Market Insights](https://www.financedigest.com/by-2032-the-market-for-ai-in-media-entertainment-is-likely-to-be-valued-at-us-4-5-billion-future-market-insights-inc.html "By 2032, the market for AI in Media & Entertainment is likely to be valued at US$ 4.5 Billion | Future Market Insights, Inc.") (FMI) study.

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**Key Takeaways – Automotive Hardware Market Study**

- OEMs are majorly [driving growth of the automotive](https://www.financedigest.com/tomtom-raises-2023-revenue-outlook-as-automotive-drives-q4-beat.html "TomTom raises 2023 revenue outlook as automotive drives Q4 beat") hardware market.
- High [aftermarket fitment rate of automotive](https://www.financedigest.com/the-automotive-parts-aftermarket-to-have-innovation-based-clout-in-its-armor-at-a-cagr-of-6-9-from-2021-to-2031.html "The Automotive Parts Aftermarket to have innovation-based clout in its armor at a CAGR of 6.9% from 2021 to 2031") hardware and vehicle modification trend are also moderately contributing to the market growth.
- As people are less brand-conscious at the time of replacement of majority of products such as door seals, mounting brackets, door straps, among others, independent players play key role in aftermarket replacement.
- More than 40% of the revenue in automotive hardware [market comes through sales](https://www.financedigest.com/adsorbents-market-sales-to-reach-us-8-9-billion-by-2033-get-insights-fmi.html "Adsorbents Market Sales to Reach US$ 8.9 Billion by 2033 | Get Insights FMI") of door latches and mounting brackets. High replacement [rate of these products is fuelling market](https://www.financedigest.com/no-santa-rally-for-markets-as-central-banks-dampen-peak-rate-hopes.html "No Santa rally for markets as central banks dampen peak rate hopes") growth.

**_OEMs would remain the primary contributors to the global automotive hardware market. However, increasing rate of vehicle modification is also playing an important role, of late, in [driving the aftermarket sales](https://www.financedigest.com/apples-weak-iphone-sales-drive-first-profit-miss-since-2016.html "Apple’s weak iPhone sales drive first profit miss since 2016") of automotive hardware._**

**Lucrative Growth Opportunities Abound in South East Asian Market**

The demand for automotive hardware is [expected to gain traction in South East Asia in the coming years](https://www.financedigest.com/philips-expects-to-reach-recall-settlements-this-year.html "Philips expects to reach recall settlements this year"), owing to higher automotive production. [Increasing disposable income and growing middle class income group in this region are expected to fuel market](https://www.financedigest.com/ibuprofen-api-market-to-reach-us-772-2-million-by-2029-and-is-anticipated-to-increase-at-3-cagr-future-market-insights-inc.html "Ibuprofen API Market to Reach US$ 772.2 Million by 2029, and is anticipated to increase at 3% CAGR: Future Market Insights, Inc") growth. Countries including India, Indonesia, Thailand, and Malaysia to contribute to the growing [market of automotive](https://www.financedigest.com/structural-adhesives-market-to-top-us-16-1-bn-as-adoption-of-lightweight-composites-burgeons-within-automotive-sector-future-market-insights.html "Structural Adhesives Market to Top US$ 16.1 Bn as Adoption of Lightweight Composites Burgeons within Automotive Sector: Future Market Insights") hardware in the region.

**What Is Driving Competition in Automotive Hardware Market?**

The global automotive hardware market is highly competitive, with the presence of large number of global and regional manufacturers. Key manufacturers such as Magna International Inc., Aisin Seiki Co Ltd, Mitsui Mining and Smelting Co Ltd, Nissin Kogyo Co Ltd, Dorman Products, and Gestamp Automocion [account for very less share of the overall market](https://www.financedigest.com/opec-meeting-to-take-into-account-market-conditions-iraqi-official.html "OPEC+ meeting to take into account market conditions – Iraqi official"). In the current scenario, Europe and East Asia are anticipated to account for more than half of the market [value](https://www.financedigest.com/cocoa-market-size-will-attain-us-23981-1-million-value-by-2033-future-market-insights-inc-2.html "Cocoa Market Size Will Attain US$ 23,981.1 Million Value by 2033 | Future Market Insights Inc. ") share of the global automotive hardware market, owing to higher automobile production in these regions.

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**AUTOMOTIVE HARDWARE MARKET TAXONOMY**

The global automotive hardware market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.

**Product**

- Door Latches
- Exterior Door Handles
- Door Seals
- Door Straps
- Door Hinges
- Mounting Brackets
- Gas Springs
- Fuel Flaps
- Grab Handles
- Shackles
- Bonnet Support Rods
- License Plates
- Seat Belt Latches
- Door Lock Buckles

**Vehicle**

- Passenger Vehicles
  - Compact Cars
  - Mid-sized Cars
  - [Luxury Cars](https://www.financedigest.com/mercedes-benz-lifts-profit-forecast-as-luxury-cars-boom.html "Mercedes-Benz lifts profit forecast as luxury cars boom")
  - SUVs
- Light Commercial Vehicles
- Buses & Coaches
- Trucks & Trailers

**Sales Channel**

- OEM
- Aftermarket

**Region**

- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa

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[**Top Reports Related To Automotive Market Insights**](https://www.financedigest.com/flat-glass-market-is-projected-to-accelerate-at-a-cagr-of-5-2-to-top-us-8-8-billion-by-2032-future-market-insights-inc.html "Flat Glass Market is Projected to Accelerate at a CAGR of 5.2% to top US$ 8.8 Billion by 2032 | Future Market Insights, Inc.")

[**Golf Cart Market**](https://www.futuremarketinsights.com/reports/golf-cart-market) **:** Increasing urbanization and inclination towards the environment friendly options are key factors driving market of golf cart. As per a [Future Market Insights](https://www.financedigest.com/dietary-supplements-market-is-anticipated-to-reach-a-valuation-of-us-350-96-billion-by-2032-future-market-insights-inc.html "Dietary Supplements Market is Anticipated to Reach a Valuation of US$ 350.96 Billion by 2032 | Future Market Insights Inc.") (FMI) analysis, the global golf cart market is estimated to be valued at ~US$ 2.59 Bn in 2021, expanding at a CAGR of ~4.3% during the forecast period from 2021 to 2031. While the COVID-19 outbreak hampered sales to an extent, the market is likely to recover 2021 onwards.

[**Electric Bike Market**](https://www.futuremarketinsights.com/reports/electric-bike-market) **:** FMI delivers key insights on the global electric bike market in its latest report titled “ **Electric Bike Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027**.” The long-term outlook on the global electric bike market remains positive with the market value expected to increase at a CAGR of 3.1% during the forecast period (2017-2027).

**About FMI**

[Future Market Insights](https://www.financedigest.com/ready-mix-concrete-market-is-set-to-reach-a-valuation-in-excess-of-usd-61-7-billion-in-2032-future-market-insights-inc.html "Ready-mix Concrete Market is Set to Reach a Valuation in Excess of USD 61.7 Billion in 2032 | Future Market Insights, Inc.") (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. [FMI’s latest market research reports and](https://www.financedigest.com/demand-for-diagnostic-tools-for-evs-to-reach-us-5-4-billion-by-2033-fmi-report.html "Demand for Diagnostic Tools for EVs to reach US$ 5.4 billion by 2033: FMI Report") industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated [market research reports deliver actionable insights](https://www.financedigest.com/cocoa-market-size-will-attain-us-23981-1-million-value-by-2033-future-market-insights-inc.html "Cocoa Market Size Will Attain US$ 23,981.1 Million Value by 2033 | Future Market Insights Inc. ") that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging [trends and events in a broad range of industries to ensure that our clients prepare](https://www.financedigest.com/top-7-new-tech-trends-for-2023-and-how-it-leaders-can-prepare-for-them.html "Top 7 New Tech Trends for 2023 and How IT Leaders Can Prepare for Them") for the evolving needs of their consumers.

**Contact**

[Future Market Insights](https://www.financedigest.com/wine-market-worldwide-would-reach-us-846-3-billion-by-2032-according-to-future-market-insights.html "Wine Market Worldwide Would Reach US$ 846.3 billion by 2032, According to Future Market Insights")

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