Industria
Vehicle Exterior Door Handle Market is Expected to Globally Reach $9.4 Billion by 2032 at 5.1% CAGR: Allied Market Research
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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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.
Rise in the integration of smart access & keyless entry systems
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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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.
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.
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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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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