OEMs Steer Sales of Automotive Door Hinges via Quick Market Access & Effective Strategies, Finds FMI
The automotive door hinges market is likely to continue an upward spiral, with global sales likely to exceed 142 Mn units in 2019. The demand for automotive door hinges is likely to benefit from broader developments in the automotive space and associated structural components. These insights are as per a latest research study by FMI that projects an optimistic outlook for automotive hinges market in 2019 and beyond.
As per the study, a cohort of factors, such as growing rate of automobile production and rising emphasis on upgrading performance of front as well as rear doors, continue to trigger investment in automotive door hinges.
“Owing to their role in terms of supporting the door weights and facilitating door flexibility, automotive door hinges are gaining notable traction. Particulars as such convey the never-ending importance and subsequent growth in adoption of automotive hinges over the forecast period”, finds FMI study.
Anti-corrosion properties of automotive hinges remain a prerequisite for end-users purchasing automotive door hinges, as it remains a key aspect determining their shelf-life and longevity. Manufacturers are responding to the rising importance of anti-corrosive automotive door hinges by implementing refined production strategies for developing highly-efficient products.
According to the FMI research study, OEM will continue to steer sales of automotive door hinges in 2019, with global sales estimated in excess of 120 Mn units in 2019. Viable marketing strategies in tandem with thorough understanding of end-user needs in the automotive space are fuelling sales via OEMs.
Steel Remains Highly Preferred in the Manufacturing of Automotive Door Hinges
Manufacturing of automotive door hinges using stainless steel continues to gain favor, driven by strength and versatility amid adverse conditions, with global demand estimated to exceed 85 Mn units in 2019. Other materials, including brass, copper, bronze, and so on, are also being used in manufacturing of automotive door hinges, however the demand remains sluggish.
As per the FMI report, the concept of lightweight designs are gaining significance in the automotive industry, notably for economic and environmental sustainability. The surging demand for lightweight components remains highly influenced by the massive shift of consumer preferences for weight reduction of automobiles. This trend has demonstrated deep-rooted impact on production of automotive door hinges, wherein lightweight hinges delivering spectacular performances are being increasingly commercialized.
According to the FMI study, new research efforts are oriented toward understanding competencies of evolving hinge designs for seamless assistance in case of emergencies. New designs are being worked on with unparalleled capabilities to disassemble in emergencies, such as car drowning or fire mishaps. Particulars as such demonstrate ample scope for innovations and product developments in the automotive door hinges landscape.
As per the FMI analysis, companies offering automotive door hinges, with a constant pursuit for growth, are entering into strategic partnerships, mergers, and acquisitions. In parallel with evolving market trends, well-planned partnerships established by manufacturing companies are likely to result in synergies that offer value, both for the acquiring as well acquired. The FMI report opines these strategies to be of great importance for manufacturing companies vis-à-vis tapping into new markets and gaining a significant edge. With the evolving patterns of economy and enhanced reach to new customer segments, strategic mergers and acquisitions are envisioned to offer solutions to multiple business problems and help gaining extended customer reach, notably for manufacturers who specifically cater to regional demands. For instance, Magna International Inc. acquired the BOCO Group of Companies in 2016 to enhance its product portfolio.
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The FMI report covers prime opportunities in the automotive door hinges market for the forecast time period of 2018 to 2028. As per the FMI study, the automotive door hinges market is likely to expand at volume CAGR of over 3% through 2028.