Automotive Armrest Market: Current Analysis and Forecast (2023-2030)

Report Description

The automotive armrest market is expected to grow at a strong CAGR of around 4.30 % during the forecast period owing to increasing Consumers preference for comfort and convenience features in their vehicles. Additionally, Armrests also provide support for the driver’s elbow while travelling in the long journeys which further enhance driving comfort. They also offer additional comfort and amenities for passengers with features like cup holders and storage compartments. Moreover, Luxury and premium vehicles have standard high-quality armrest which often include additional features functionalities like heating/cooling, massage, and increased storage capacity. The growth of this segment is directly related to an increase in demand for armrests.

Some of the major players operating in the market are Tachi-s, AUNDE Group SE, TOYOTA BOSHOKU CORPORATION, Adient plc, Ningbo Jifeng, GRAMMER AG, Martur Fompak International, PISTON GROUP, TESCA, and Kongsberg Automotive. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst vehicle type, the commercial vehicle segment held significant growth in the market in 2022.”

Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. Amongst these, the commercial vehicles segment of the automotive armrest market has a significant growth because commercial vehicles like trucks and buses have a growing demand in regions such as APAC due to growing demand of E-Commerce in these regions. Furthermore, growing demand for commercial vehicles due to rapid industrial growth which require commercial vehicles to transportation of the goods and services.

“Amongst sales, the Aftermarket segment held a significant share in the market. ’’                                        Based on sales, the market is segmented into OEM and aftermarket. Amongst these, the aftermarket segment has a significant share in the automotive armrest market due to fact that lower variant of hatch backs and older model of passenger vehicles lack comfort and aesthetics features such as arm rest. So, due to this factor there is a large pool of consumers which adopt aftermarket armrest. Additionally, aftermarket armrests have lower price rate and additional features like wireless charging, as compared to OEM armrest.

“Asia Pacific held a significant growth in the automotive armrest market in 2022.”

The Asia Pacific (APAC) region held dominant share in the automotive armrest market because countries like China and India are experiencing a significant boom in car production and sales. This surge in vehicle production is directly linked to higher demand for automotive components, such as armrests. Furthermore, the growing middle class with increasing disposable income in APAC countries has led to an increase in sales for personal vehicles. Consumers in these countries have started prioritizing features such as enhanced comfort and convenience, like armrests. Overall, the combined effect of the growing automotive industry, a growing middle class, and a preference for feature-rich vehicles has made the APAC region a dominant player in the automotive armrest market.

Automotive Armrest Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global automotive armrest market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Frequently Asked Questions (FAQ)

Research Methodology

Research Methodology for the Automotive Armrest Market Analysis

(2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive armrest market were the three major steps undertaken to create and analyze the adoption of automotive armrest in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive armrest market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive armrest market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive armrest market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report like sales and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive armrest market. Further, we conducted factor analysis using dependent and independent variables such as increasing vehicle productions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive armrest market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive armrest market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive armrest market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive armrest market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive armrest market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of vehicle type and technology in the global automotive armrest market.

The main objective of the Global Automotive Armrest Market Study

The current & future market trends of the global automotive armrest market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive armrest market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the as vehicle type and sales.
• Define and analyze the regulatory framework for the automotive armrest
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive armrest market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the automotive armrest market and the growth strategies adopted by the market players to sustain in the fast-growing market.

You can also purchase parts of this report. Do you want to check out a section wise
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