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, and keyless entry systems
PORTLAND, Ore., Aug. 7, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Vehicle Exterior Door Handle Market by Type (Pull Up Handle, Pull Out Handle, Flush Door Handle, and Others), Material (Aluminum, Plastic, Stainless Steel, and Others), Distribution Channel (OEM and Aftermarket), and Vehicle Class (Sedan, Hatchback, SUV, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global vehicle exterior door handle industry generated $5.8 billion in 2022, and is anticipated to generate $9.4 billion by 2032, witnessing a CAGR of 5.1% from 2023 to 2032.
Vehicle exterior door handles offer a way to enter and exit the cabin of the vehicle. Materials such as metal, plastic, or a combination of materials are used for the production of these handles.
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Prime determinants of growth
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.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$5.8 billion |
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Market Size in 2032 |
$9.4 billion |
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CAGR |
5.1 % |
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No. of Pages in Report |
327 |
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Segments covered |
Type, Material, Distribution Channel, Vehicle Class, and Region |
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Drivers |
Surge in the production of vehicles Increase in the demand for vehicle aesthetics & design Rise in the integration of smart access & keyless entry systems |
|
Opportunities |
Development of biometric & gesture recognition technologies Rise in the demand for lightweight materials & sustainable solutions |
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Restraints |
High cost due to technological integration Stringent safety and regulatory standards |
COVID-19 Scenario
- The pandemic reduced the demand for vehicle exterior door handles due to nation-wide lockdown, halt in manufacturing activities, and trade restrictions.
- Post-pandemic, there has been a resurgence in demand for electric vehicles, owing to greater adoption of clean energy sources, emission restrictions, and supportive government policies, thereby driving the demand for vehicle exterior door handle systems.
The pull out handle segment to maintain its leadership status during the forecast period
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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The plastic segment to maintain its leadership status during the forecast period
Based on material, the plastic segment held the highest market share in 2022, accounting for more than two-thirds 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 5.5% from 2023 to 2032. Plastic is a widely used material in the manufacturing of vehicle door handles. Plastic is significantly lighter than metals such as steel or aluminum, contributing to overall weight reduction in the vehicle. It is more cost-effective than metal materials, making it an economical choice for mass production in the automotive industry for the manufacturing of automotive components such as vehicle exterior doors.
The SUV segment to maintain its leadership status during the forecast period
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.
Asia-Pacific to maintain its dominance by 2032
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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Leading Market Players: –
- Huf Hülsbeck & Fürst GmbH & Co. KG
- ITW (Illinois Tool Works)
- ALPHA Corporation
- Aisin Corporation
- Magna International, Inc.
- Motherson Group
- Sakae Riken Kogyo Co., Ltd.
- MinebeaMitsumi, Inc.
- Witte Automotive
- Marquardt Management SE
- Kiekert AG
- ADAC Automotive
The report provides a detailed analysis of these key players of the global vehicle exterior door handle market. These players have adopted strategies such as new product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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