Global Automotive Overhead Console Market is expected to foresee steady growth. Europe holds the largest share!
- Vikas Kumar
- May 24, 2022
- AUTOMOTIVE, NEWS
- Automotive Overhead Console Market Growth, Automotive Overhead Console Market News, Automotive Overhead Console Market Report, Automotive Overhead Console Market Share, Automotive Overhead Console Market size, Automotive Overhead Console Market Trend
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Global Automotive Overhead Console Market is expected to grow at a CAGR of around ~6% during the forecast period 2021-2027. Electric vehicles are becoming more popular in developing countries due to their fuel efficiency, great performance, and lightweight. Because of their low-emission qualities, battery-powered electric vehicles are becoming increasingly popular among end customers. The use of IC engine automobiles contributes to greenhouse gas emissions. Vehicles that are networked, autonomous, or semi-autonomous are in high demand all around the world. This is due to an increase in the use of modern cars with ADAS (Advanced Driving Assistant System) technology. The increased demand for overhead consoles is being fueled by the rising demand for road safety. The market is growing due to an increase in the usage of infotainment and IoT-connected applications in vehicle interior systems. All these factors are contributing to the market growth of the global automotive overhead console market in the upcoming years.
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Vehicle telematics, as well as overhead consoles in vehicles, are becoming more widely used for vehicle movement and location monitoring by combining global positioning systems (GPS) and onboard diagnostics systems. Automobile fleet management businesses are largely responsible for integrating vehicle telematics systems in order to precisely monitor a vehicle’s behavior and position. Furthermore, since cellphones have become more widely used, the characteristics of vehicle connectivity have improved over time. While traveling, the customer must maintain regular contact with the outside world. Vehicle connectivity has become a need in recent years, and automakers are incorporating connectivity solutions into their vehicles to improve features and increase sales.
COVID-19 had a different impact in different countries around the world, as certain countries saw a spike in the number of reported cases, leading to stringent as well as long-term lockdowns or social isolation. Due to their excellent healthcare systems, Western European countries such as Germany, France, and the United Kingdom have had comparatively limited development in industrial operations. The European government has made major expenditures in introducing technologies in its healthcare systems to better identify COVID-19 indications in order to safeguard the people from the virus. During the COVID-19 epidemic, the manufacturing of car factories and vehicle components came to a halt throughout Europe. The pandemic is not to blame for the issue; rather, a terrible economic environment is to blame, as seen by the falling consumer confidence index across all European markets. Most people who planned to buy a car before the crisis are still undecided, and the market will take months to fully recover. The European car market is starting to break free from its shackles. The bulk of showrooms have reopened, and some industrial factories have reopened or plan to reopen within the next several days. Automobile sales are projected to grow in the coming months, affecting the market for overhead consoles.
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For a better understanding of the market adoption of the Automotive Overhead Console, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. During the forecast period, Asia Pacific is estimated to account for a significant portion of the worldwide car overhead console market. The rise of the automotive sector, increased R&D activities in vehicle manufacturing, and quickly rising economies like India, China, Japan, Taiwan, and South Korea are all driving the Asia Pacific automotive overhead console market. China’s advancements in the automobile industry contribute to worldwide market expansion. The market in the region is being boosted by a surge in connected vehicle manufacturing and sales in China, Japan, and South Korea.
Global Automotive Overhead Console Market Segmentation
Market Insight, by Function Type
- Front Overhead Console
- Rear Overhead Console
Market Insight, by Application
- Vehicle Telematics
- Infotainment System & HMI
Market Insight, by Vehicle Type
- Passenger Cars
- Commercial Vehicle
Market Insight, by Distribution Channel
Market Insight, by Region
- North America Automotive Overhead Console Market
- United States
- Rest of North America
- Europe Automotive Overhead Console Market
- United Kingdom
- Rest of Europe
- Asia Pacific Automotive Overhead Console Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Overhead Console Market
Top Company Profiles
- Hella GmbH & Co. KGaA
- Flex Ltd.
- Gentex Corporation
- Continental AG
- Johnson Controls
- Magna International Inc.
- LS Automotive India Pvt Ltd.
- Daimay Automotive Interior Co., Ltd
- Yanfeng Automotive Interiors
- Diamond Coatings Inc.