The Latest Automotive Hinges Industry Statistics Explained
The global automotive hinges market size was valued at USD 14.5 billion in 2018.
The statistic indicates that the total worth of the global automotive hinges market, which includes various types of hinges used in vehicles, such as door hinges, hood hinges, and trunk hinges, was estimated to be USD 14.5 billion in the year 2018. This figure represents the total revenue generated by the sales of automotive hinges worldwide during that year. The market size of automotive hinges serves as a crucial indicator of the significance and scale of the automotive components industry within the global economy, reflecting the demand for these components in the manufacturing and maintenance of vehicles across various regions.
It is projected that the automotive hinges market will grow at a compound annual growth rate (CAGR) of 3.7% from 2019 to 2025.
This statistic indicates that the automotive hinges market is expected to expand steadily over the period from 2019 to 2025, with a projected compound annual growth rate (CAGR) of 3.7%. The CAGR is a measure used to represent the constant rate of return over the specified period, in this case, highlighting the average annual growth rate of the market. The forecast suggests that the demand for automotive hinges is likely to increase at a consistent pace, reflecting potential opportunities for industry players and indicating positive momentum within the market segment over the next few years.
Europe is one of the largest regional markets for automotive hinges in 2018.
The statistic that “Europe is one of the largest regional markets for automotive hinges in 2018” indicates that within the global automotive hinges industry in 2018, Europe held a significant position as a key market. This suggests that European countries were among the top consumers or producers of automotive hinges during that year. The region likely experienced substantial demand for automotive hinges, which are essential components in vehicle manufacturing and assembly. The statistic highlights Europe’s importance in the automotive industry and its significant contribution to the market for automotive hinges on a regional scale.
China is the largest consumer of automotive hinges in Asia Pacific.
The statistic that ‘China is the largest consumer of automotive hinges in Asia Pacific’ indicates that China dominates the consumption of automotive hinges within the Asia Pacific region. This implies that China accounts for the highest demand for automotive hinges compared to other countries in Asia Pacific. The high consumption of automotive hinges in China suggests a robust automotive industry in the country, possibly fueled by factors such as population size, economic growth, industrial development, and demand for vehicles. This statistic highlights China’s significance and influence in the automotive market within the region, reflecting its position as a key player in the automotive industry in Asia Pacific.
Door type application held the largest share of automotive hinges market in 2018.
The statement “Door type application held the largest share of automotive hinges market in 2018” suggests that within the automotive hinges market in 2018, hinges used in door applications accounted for the highest proportion of sales or market demand compared to other types of applications such as trunk, hood, or other automotive components. This statistic indicates that doors are a critical component in terms of hinge usage within the automotive industry, potentially reflecting the significance of door functionality, safety, and design in vehicles produced during that year. This information can be valuable for stakeholders in the automotive industry to understand the market dynamics and trends related to automotive hinges and applications.
Passenger Cars (PCs) segment is expected to be the fastest-growing segment over the forecast period.
This statistic suggests that among all market segments, the Passenger Cars (PCs) segment is projected to experience the highest rate of growth over the specified forecast period. This implies that consumer demand for passenger cars is expected to increase at a faster pace compared to other segments within the market. Factors contributing to this projection could include changing consumer preferences towards passenger cars, improvements in technology and design, as well as economic conditions that favor the purchase of passenger cars. Ultimately, this forecast indicates that the Passenger Cars segment is likely to outperform other segments in terms of growth and market share in the foreseeable future.
The global vehicle door hinges market size is expected to reach USD 32.02 billion by 2028.
The statistic stating that the global vehicle door hinges market size is expected to reach USD 32.02 billion by 2028 indicates the projected revenue derived from the sales of vehicle door hinges worldwide by that year. This forecast likely takes into account factors such as current market trends, historical data, anticipated industry growth rates, and economic conditions. It suggests a strong outlook for the vehicle door hinges market, possibly driven by increasing vehicle production, technological advancements in automotive design, and growing demand for safety and security features in automobiles. This statistic can be used by industry stakeholders, investors, and policymakers to make informed decisions regarding investments, market strategies, and regulations related to the automotive sector.
Expected CAGR for vehicle door hinges market is 5.4% between 2020 and 2028.
The expected compound annual growth rate (CAGR) of 5.4% for the vehicle door hinges market between 2020 and 2028 indicates that on average, the market is projected to grow by 5.4% per year over this period. This growth rate takes the effect of compounding into account, meaning that the market is expected to increase steadily year over year at an annual rate of 5.4%. This statistic suggests that there is potential for steady expansion and investment opportunities within the vehicle door hinges market during the specified time frame, serving as a valuable insight for stakeholders and investors looking to understand the market trends and make informed decisions.
Hinge pins segment is anticipated to witness a CAGR of 5.8% from 2020 to 2028
This statistic indicates that the hinge pins segment, within a specific industry or market, is expected to experience a Compound Annual Growth Rate (CAGR) of 5.8% between the years 2020 and 2028. This suggests a projected steady increase in the demand and market size for hinge pins over the specified time period. A CAGR of 5.8% indicates a moderate growth rate, highlighting the potential for sustained expansion and opportunities for businesses operating within this segment. Companies operating in the hinge pins industry can use this statistic to make informed decisions regarding investments, strategic planning, and market positioning to capitalize on the anticipated growth trajectory.
North America was the second-largest regional market in 2019 with over 27.7% share of the vehicle door hinges market.
This statistic indicates that in 2019, North America held the second-largest market share in the vehicle door hinges market, accounting for over 27.7% of the total market. This implies that a significant portion of the demand for vehicle door hinges came from North America, highlighting the region’s importance in the industry. Factors such as the size of the automotive market, technological advancements, consumer preferences, and regulatory standards likely contributed to North America’s substantial market share in the vehicle door hinges segment. This information is valuable for industry stakeholders, including manufacturers, suppliers, and investors, as it offers insights into the regional dynamics and opportunities within the vehicle door hinges market.
The automotive hinge pin market is projected to register a CAGR of over 3% during the forecast period (2020-2025).
This statistic indicates the anticipated growth rate for the automotive hinge pin market over the forecast period from 2020 to 2025. The Compound Annual Growth Rate (CAGR) of over 3% suggests a steady increase in market size and demand for automotive hinge pins during this period. This projection implies that the industry is expected to experience a moderate but consistent growth rate, which could be influenced by factors such as technological advancements, changing consumer preferences, and the overall economic environment. Businesses operating in this market should be prepared for potential opportunities and challenges that come with this growth trajectory.
The automobile hinge pin is witnessing a significant demand from the Asia-Pacific region especially from countries like China and India.
The statistic indicates that the demand for automobile hinge pins is experiencing a notable increase in the Asia-Pacific region, with a particular emphasis on countries such as China and India. This suggests that there is a growing need for this specific automotive component in these markets, potentially driven by factors such as the expanding automotive industry, increasing vehicle ownership, and rising demand for aftermarket parts. The uptick in demand for hinge pins could also be indicative of overall growth and development in the automotive sector in these countries, pointing towards opportunities for suppliers and manufacturers to capitalize on this trend and potentially expand their market presence in the region.
The market for automotive hinges in North America is likely to record a CAGR of above 3% during the forecast period.
The statistic indicates that the market for automotive hinges in North America is expected to experience a Compound Annual Growth Rate (CAGR) of over 3% over the forecast period, suggesting a positive and steady growth trend in the industry. This projection reflects anticipated increases in demand for automotive hinges within the North American market, likely due to factors such as technological advancements, rising vehicle production, and evolving consumer preferences. A CAGR above 3% signifies a relatively healthy growth rate, indicating potential opportunities for companies operating in the automotive hinge sector to capitalize on market expansion and drive profitability.
The key players in the automotive hinges market include Dura Automotive Systems LLC, Gestamp, and Aisin Seiki, among others.
In the context of the automotive hinges market, the statistic highlights the prominent players driving competition within the industry. Specifically, it identifies Dura Automotive Systems LLC, Gestamp, and Aisin Seiki as key players with significant market presence and influence. These companies are likely leaders in innovation, manufacturing capabilities, and market share within the automotive hinges sector. The inclusion of “among others” suggests that there are additional notable players in the market, but these three companies stand out as major contributors to shaping the dynamics of the automotive hinges industry. Understanding the strategies and performance of these key players is crucial for accurately assessing the competitive landscape and market trends in the automotive hinges sector.
The Asia-Pacific region is expected to show rapid growth in the automotive hinges market during the forecast period 2021-2027.
The statistic suggests that the Asia-Pacific region is projected to experience significant expansion in the automotive hinges market between 2021 and 2027. This growth can be attributed to various factors such as increasing vehicle production, rising disposable incomes, and improving living standards in the region. The demand for automotive hinges is likely to rise as automotive manufacturers in Asia-Pacific implement technological advancements, producing higher-quality vehicles that require advanced hinge systems. Market opportunities in emerging economies, coupled with favorable government policies and investments in infrastructure development, are also expected to contribute to the substantial growth of the automotive hinges market in the Asia-Pacific region during the forecast period.
Light commercial vehicles segment is predicted to grow with the highest CAGR of 4.2% in the forecast period of 2021 to 2028.
The statistic about the light commercial vehicles segment having the highest compound annual growth rate (CAGR) of 4.2% in the forecast period of 2021 to 2028 indicates that this particular market is expected to experience significant growth over the coming years. A CAGR of 4.2% means that the market size for light commercial vehicles is projected to increase by an average of 4.2% annually during the specified time frame. This growth rate suggests that there is strong demand for light commercial vehicles, such as vans and trucks, which could be driven by factors like increasing urbanization, e-commerce growth, and expanding logistics and transportation sectors. Businesses operating in this segment may need to consider capitalizing on this growth opportunity by targeting their products and services towards the evolving needs of customers within this market.
The European market is anticipated to expand at a CAGR of 3.9% during the forecast period from 2019 to 2025
The statistic indicates that the European market is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.9% over the forecast period from 2019 to 2025. The CAGR reflects the annual growth rate of the market over a specified period, taking into account the compounding effect. In this context, a CAGR of 3.9% suggests a steady and moderate growth trajectory for the European market during the specified time frame. This forecast can be valuable for businesses, investors, and policymakers looking to understand the potential growth prospects and trends in the European market over the coming years.
By 2025, the SUV segment is projected to hold more than 30% revenue share of the automotive door hinge market.
The statistic suggests that, according to projections, the SUV segment of the automotive industry is expected to dominate the revenue share of the door hinge market by 2025, accounting for more than 30% of total revenue. This indicates a significant shift in consumer preferences towards SUVs, leading to increased demand for door hinges tailored specifically for vehicles in this segment. The expected growth in revenue share highlights the importance of adapting product offerings and marketing strategies to cater to the evolving needs of the automotive market, particularly in the SUV segment.
Aluminum automotive door hinges are projected to grow at a CAGR of 5.1% during the forecast period.
The statistic indicates that the aluminum automotive door hinges market is expected to experience a compound annual growth rate (CAGR) of 5.1% over the forecast period. This growth rate signifies a steady increase in the demand for aluminum automotive door hinges in the market. Factors such as lightweight properties, durability, and corrosion resistance of aluminum are likely driving the growth in demand for these components in the automotive industry. The projection suggests that manufacturers and suppliers of aluminum automotive door hinges may expect an expansion in sales and market share within the specified timeframe, as the industry continues to trend towards using lightweight materials for improved performance and fuel efficiency in vehicles.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.psmarketresearch.com
2. – https://www.www.databridgemarketresearch.com
3. – https://www.www.mordorintelligence.com
4. – https://www.www.prnewswire.com
