Global Vehicle Exterior Door Handle Market to Witness CAGR of 5.3% from 2023 to 2031 and reach US$ 9.04 Billion by 2031; states TNR

WILMINGTON, DELAWARE, UNITED STATES, December 4, 2023 /EINPresswire.com/ -- Global Vehicle Exterior Door Handle Market Synopsis
The vehicle exterior door handle market is primarily driven by factors such as automotive industry growth, consumer demand for aesthetic designs, and increasing vehicle production. Additionally, technological advancements in door handle materials and security features contribute to market growth, while environmental regulations and competition also influence the market dynamics.
Pre-COVID-19, the vehicle exterior door handle market experienced stability due to vehicle demand. COVID-19 disrupted supply chains, affecting production. Post-pandemic, recovery brought innovation, emphasizing touchless solutions and sensor integration in door handles for hygiene-conscious consumers. The market adapts with enhanced keyless entry systems and evolving design trends.

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Global Vehicle Exterior Door Handle Market Growth Drivers:
• Vehicle Aesthetics and Differentiation: Consumers prioritize vehicle aesthetics and differentiation when making purchasing decisions. A study by Autotrader revealed that 80% of car shoppers consider exterior design crucial. Unique door handle designs, integrated sensors, and color-coordinated options enhance vehicle aesthetics, providing automakers a means to stand out in a competitive market and capture consumer attention.
• Technological Advancements and Innovation: Advancements like keyless entry systems and touchless technologies are driving the vehicle exterior door handle market. As per a J.D. Power survey, 59% of consumers are interested in keyless entry systems. Sensor-integrated door handles provide added convenience and security. The integration of smart technologies aligns with the increasing demand for connected and automated features, fostering innovation in door handle designs.
• Vehicle Customization and Aftermarket Demand: Growing consumer interest in vehicle customization fuels aftermarket demand for exterior door handles. Specialty Equipment Market Association (SEMA) reported that aftermarket accessories sales reached $46.2 billion in 2020. Customized door handles allow consumers to personalize their vehicles and create unique appearances. As vehicle ownership extends, replacement and upgrades become essential, driving the aftermarket segment's growth and influencing automakers to consider customizable options.

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Global Vehicle Exterior Door Handle Market Recent Developments:
• The vehicle exterior door handle market is constantly evolving, with new trends and technologies emerging all the time. Some of the recent developments in the vehicle exterior door handle market include the increasing popularity of flush door handles, the development of sensor-activated door handles, the use of lightweight materials, the adoption of sustainable materials, and the development of smart door handles.
• The North America region exhibits highest growth rate in the vehicle exterior door handle market. The region's focus on advanced vehicle technologies, electric vehicles, and customization options drives the demand for innovative door handle designs. The SEMA data indicates strong aftermarket demand in North America, contributing to the growing rate of the market segment.

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Global Vehicle Exterior Door Handle Market: Competitive Landscape and Key Developments
o ADAC Automotive
o AISIN CORPORATION
o ALPHA Corporation
o Huf Hulsbeck & Furst GmbH & Co. KG
o Illinois Tool Works Inc.
o Kiekert
o Magna International Inc.
o Marquardt Management SE
o MinebeaMitsumi Inc.
o Motherson
o Sakae Riken Kogyo Co.,Ltd.
o WITTE Automotive
o Other Industry Participants

In July 2023, Huf Group inaugurated a novel technology center in India. This establishment is slated to evolve into the global center of competence for the company's classic lock sets and door handles development, in addition to lending support to their rigorous hardware and software development efforts across the global network.
In March 2023, The SmartAccess power door system developed by Magna was introduced onto the rear opposing doors of the Ferrari Purosangue. The comprehensive system comprises Magna's power door drive unit, SmartLatch featuring a cinch actuator, and the pioneering integrated Haptronik software, marking a first-of-its-kind achievement in the market.

Global Vehicle Exterior Door Handle Market:
By Type
o Aluminium
o Plastic
o Stainless Steel
o Others
By Application
o OEM
o Aftermarket

By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)

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The Niche Research
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