The global automotive locking system market to grow at a CAGR of 4.31% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global automotive locking system market for 2017-2021. To calculate the market size, the report considers the global sales volume of commercial vehicles and passenger cars. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is growing preference for M&HCVs for transporting freight. Freight operators largely prefer roadways for transporting freight as these are convenient than railways, cheaper than air transportation, and faster than freight transport through waterways.
The latest trend gaining momentum in the market is smartphone applications for remotely locking and unlocking cars. Increasing popularity of smartphones and mobile applications are driving customers to establish more connectivity with technology to have more control over the electronic features in their vehicle. Car manufacturers, like Chevrolet, BMW, Toyota, Nissan, and Hyundai, have developed mobile applications compatible with Android and Apple software, using smartphones to share control over certain vehicle features with the customers.
Further, the report states that one of the major factors hindering the growth of this market is increased government regulations for owning cars. Government regulations have a significant impact on the automotive business to the extent of exerting tremendous influence in the sale of cars in the market. Since the demand for automotive is directly correlated with the demand for automotive locking systems, challenges faced in the sales of automotive are also a potential threat to the automotive locking system market.