LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive retractable door handle system market to grow at a CAGR of more than 84% during the forecast period, according to their latest report.
The report further segments the global automotive retractable door handle system market by types of latching mechanism (automatic latching and mechanical latching) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive retractable door handle system market:
- Retractable door handles enhance aerodynamic figures
- Rising demand for performance and luxury vehicles
- Rising electric vehicle market
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Retractable door handles enhance aerodynamic figures
Retractable door handles as currently seen in production vehicles from TESLA and Jaguar Land Rover are remarkably luxurious. The aerodynamics of any performance vehicle are of prime focus and OEMs spend a significant share of their R&D budget on the testing, analysis, and validation of aerodynamic pressure and airflow behavior around the vehicle at various speeds. The drag coefficient for TESLA Model S is 0.24, which is one of the lowest as compared to the other vehicles in the same segment. Model S has been designed with high-performance efficiency design features in mind.
According to Amey Vikram, a lead analyst at Technavio for automotive components research, “The retractable door handle design allows radical aerodynamic designing for the side body panel. Retractable door handles are invisible handles that contribute by about 12% to reduce the drag coefficient of vehicles. Retractable door handles eliminate the issue of airflow bulge creation, air flow turbulence generation, and air flow pressure conservation. The decreased drag coefficient will also contribute to increasing the fuel efficiency of vehicles as there will be low drag generation resisting the movement of vehicles through the airflow.”
Rising demand for performance and luxury vehicles
The luxury goods market is growing at a moderate rate and is expected to sustain momentum over the next decade. The major high-performance vehicle OEMs such as Ferrari, McLaren, and Automobili Lamborghini estimated that the supercar and sports car market will grow at a CAGR of close to 12% during the forecast period. The unique combination of performance, luxury, and features of TESLA Model 3 has set a high benchmark for the performance vehicle designers.
OEMs are focusing on the vehicle performance along with continuous advances in engine technology. Performance optimization and efficiency increase in terms of engine downsizing can be done with increased power out, advance power delivery technology, and application of carbon fiber all material. Hence, the demand for advanced technology is on a high from environmental, enthusiasts, standard consumer, and OEM's competitive market.
Rising electric vehicle market
TESLA is a successful vendor in creating efficient and high-performance electric vehicles. TESLA plans to launch model Y by the end of the next year and get into electric mass production trucks. Similarly, BMW is planning to roll out an electric model of BMW X3 SUV and a battery-powered Mini. These models are expected to be launched for sale by 2020. BMW i-series has already sold about 100 thousand units in total, under which they focus on efficient carbon fiber integration in the vehicle.
“The implementation of carbon fiber and development of carbon fiber recyclability technology is boosting the market for lightweight electric vehicles. NIO Group is entering the space of high-performance electric motor and powertrain development and aims to develop the world’s fastest electric automobile. The retractable door handle system is a premium technology and is highly applicable and recommended with electric luxury or premium vehicles,” says Amey.
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