The automobile manufacturing industry is in itself a conglomeration of several sub-industries and markets. As automobiles have evolved over the years, the major components which make up these automobiles have also evolved. Moreover, with the advent of smart electronics, components such as vehicle exterior door handles have become much more ingenious and modern.
Different types of vehicle exterior door handles
Exterior car door hardware, in general, has certain vital parameters including material, compatibility, design, durability, cost, and style. Depending on these parameters, there are different types of automotive door handles such as pull door handles, push door handles, and touch handles. Pull door handles, for instance, are handles which open upon pulling and have mechanical cylinders for smooth functioning. These are the most commonly used vehicle access systems. Trigger handles are similar to pull-out handles with one major difference; trigger handles have a button which needs to be pressed prior to pulling the door. Push door handles, as the name suggests, need to be pushed and are rarely used in modern automobiles. Touch handles are the most advanced version of door handle assemblies as they use drivers fingerprint for unlocking the door.
Growth opportunities available in the market
The global vehicle exterior door handle market is expected to witness a massive growth and propel ahead at a CAGR of 5.1% during the 2023-2032 period. The massive increase in the demand for automobiles across the world is anticipated to be the primary growth driver of the market in the forecast period. Moreover, the rising integration of smart access & keyless entry systems by different automobile manufacturing companies is projected to create numerous growth opportunities in the market.
Based on the vehicle class type, the SUV segment of the vehicle exterior door handle market is anticipated to amass an absolute revenue of $1,942.4 million from 2022 to 2032. At the same time, the sedan segment is predicted to gather $742.6 million. Analysis on the basis of region has shown that the UK vehicle exterior door handle market is anticipated to be the fastest growing with a CAGR of 8.6% during the analysis timeframe.
Acquisitions and partnerships
In order to capitalize on the opportunities presented by the ever-evolving nature of the industry, many companies have started entering into strategic alliances. SMP Automotive Systems, for instance, in April 2023, announced the acquisition of Bolta US Ltd., a leading manufacturer of exterior car door hardware. On the other hand, BMW, in 2022, announced a partnership with Huf, a vehicle access systems supplier. Under this partnership, Huf will develop flush door handles for BMW iX automobile. Such acquisitions, collaborations, and partnerships have made the vehicle exterior door handle market extremely competitive and has further expanded the scope of the industry.
To summarize, the vehicle exterior door handle industry is anticipated to flourish owing to rising demand for automobiles across the world. Furthermore, strategic alliance among leading players will impact the industry positively.