Automotive Overhead Console Market: Current Analysis and Forecast (2021-2027)
Emphasis on Function Type (Front Overhead Console and Rear Overhead Console); Application (Vehicle Telematics, Infotainment System & HMI and Others); Vehicle Type (Passenger Cars and Commercial Vehicle); Distribution Channel (OEM and Aftermarket); Region and Country
Global Automotive Overhead Console is anticipated to display a CAGR of around ~6% over the forecast period (2021-2027). Awareness of current driver assistance systems installed in vehicles has expanded in recent years as a result of safety and security concerns, which is expected to boost the global Automotive Overhead Console and adaptive cruise control market for automotive during the forecast period. The integrated safety systems, on the other hand, are ineffectual in regions or countries where adverse weather conditions such as fog, rain, or snow exist. The high cost of the integrated system has an impact on demand in the medium car class. The entire system is controlled by electronic components, and when these fail, the system interprets data erroneously, rendering it useless. During the forecast period, these modest constraints are expected to limit the market for Automotive Overhead Consoles and adaptive cruise control in automobiles.
Insights Presented in the Report
“Amongst Function Type, Front Overhead Console segment dominated the market in 2020”
Based on function type, the market is segmented into Front Overhead Console and Rear Overhead Console. The Front Overhead Console segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period.
“Amongst Application, Vehicle Telematics segment dominated the market in 2020”
Based on application, the market is segmented into Vehicle Telematics, Infotainment System & HMI, and Others. The Vehicle Telematics segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Automobile fleet management businesses are largely responsible for integrating vehicle telematics systems in order to correctly track a vehicle’s activity and position. In recent years, car connectivity has become a requirement, and automakers are adding connectivity technologies to their vehicles to improve features and sales
“Amongst Vehicle Type, Passenger Cars segment dominated the market in 2020.”
Based on vehicle type, the market is segmented into Passenger Cars and Commercial Vehicle. The Passenger Cars segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the passenger car sector accounted for the majority of the market. The increasing demand for passenger vehicles internationally, primarily for local and intercity transportation, is largely responsible for the segment’s strong market share
“Amongst Distribution Channel, Aftermarket segment dominated the market in 2020.”
Based on distribution channel, the market is segmented into OEMs and Aftermarket. The aftermarket segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Because of the faster rate of adoption and shorter life of electronic components such as sensors and wirings, the aftermarket sales channel sector has a larger share of the Automotive Overhead Console market than the other categories. Due to safety concerns, especially in passenger vehicles, the aftermarket segment is expected to develop at a significant rate during the projection period. Component failure is a primary driver that propels the aftermarket market
“Asia-Pacific represents the largest market.”
During the projection period, the Asia-Pacific region led the market for Automotive Overhead Console. 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. Some of the major players operating in the market include 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 and Diamond Coatings Inc. etc.
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 portfolio, 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 & country-level analysis of the industry
Customization Options:
The Global Automotive Overhead Console 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.
Table of Contents
Research Methodology for Automotive Overhead Console Market (2020-2027)
Due to the increasing customer desire to be connected 24 hours a day, seven days a week, even when traveling, the car telematics industry is expected to increase significantly. To fulfill the growing need for fleet safety and security in the transportation of commodities via commercial vehicles, automakers are implementing overhead consoles to improve geofencing, real-time monitoring, and diagnostic functions. Telematics in the global automotive sector, according to telematics service providers, is expected to grow rapidly, particularly in developing economies. As a result, the growing demand for improved safety and security is expected to drive up the adoption of overhead consoles with vehicle telematics features. Due to its low cost, electromechanical technology is likely to drive the global automobile overhead console market over the forecast period. Capacitive display prices that have been reduced are also likely to support market growth. There is a growing demand for passenger automobiles with advanced driver assistance systems (ADAS) all over the world. In the approaching years, this factor will contribute to the growth of the vehicle overhead console industry. Major automakers are investing in and extending their production capabilities in order to deploy novel components for electric vehicles. In the next years, technological developments in the development of energy-efficient electric vehicles will boost the worldwide automobile overhead console market.
Seek More Details About Research Methodology
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.
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Automotive Overhead Console 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 Overhead Console, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are function type, application, vehicle type, and distribution channel. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Automotive Overhead Console in the global context.
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. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportation, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. Demand and the supply-side scenario were also thoroughly studied.
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 market, and market shares of the segments and company. All the required percentage 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 bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Automotive Overhead Console across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Automotive Overhead Console in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Automotive Overhead Console. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of elevation system, type, product type, structure, and region.
The main objective of the Automotive Overhead Console Study
The current & future market trends of the Automotive Overhead Console were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Automotive Overhead Console in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include function type, application, vehicle type, and distribution channel
- Defined analysis of the regulatory framework for the Global Automotive Overhead Console industry
- 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 Overhead Console for the major regions & countries
- Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
- Company profiles of the Automotive Overhead Console players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive regional & country-level analysis of the industry
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