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Automotive Decorative Control Panels Market

Automotive Decorative Control Panels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030

Automotive Decorative Control Panels: Introduction

  • Demand for stylish vehicle interiors among the population is expected to drive the global automotive control panel market. The control panel provides the driver with operational knowledge of various systems installed in the vehicle.
  • An entry level passenger vehicle usually has a basic control panel, consisting of a speedometer, tachometer, fuel gauge, climate control, engine temperature gauge, and indicator lights. However, luxury vehicles, utility vehicles, and sports cars have high-end technologically advanced systems such as complex electronics, sensing systems, touch screen entertainment system, tire pressure monitor, and seat belt monitor.
  • Control panels are an integral part of motorcycles, airplanes, ship, and boats, beside passenger and commercial vehicles. It is imperative on the part of the driver to know the operations of each control system on the panel; however, information regarding the use and functions of each of the operations is usually displayed on the control panel.

Key Drivers of Automotive Decorative Control Panels Market

  • Rise in demand for luxurious features among consumers across the globe is expected to drive the global automotive decorative control panel market. Changing consumer lifestyles and increase in consumer disposable income are boosting investments in high-quality entertainment systems in vehicles. SUVs and sedans are witnessing increased installation of modern automotive control panels to enhance in-vehicle esthetics.
  • Changing consumer lifestyles and shifting preference toward the usage of onboard infotainment systems in ride hailing services, such as Uber and Ola, are expected to provide lucrative opportunities for the automotive decorative control panels market. Customers in North America, Europe, and urban areas of Asia Pacific are utilizing onboard infotainment systems in public transport facilities to access information related to ride details and stream music during daily commute.
  • Increase in number of strategic collaborations between automakers and dashboard system manufacturers is further fueling the automotive decorative control panel market. Major automobile manufacturers including Bentley, BMW, Audi, and Mercedes-Benz are partnering with dashboard and infotainment system manufacturers to incorporate modern decorative control panels into new vehicles, thereby boosting the market.
  • The OEM sales channel in the automotive decorative control panels market is expected to expand considerably in the next few years due to an increase in number of strategic collaborations of dashboard manufacturers with OEMs. Several automotive systems including seatbelts, ADAS, collision warning systems, and lane departure systems have different notifications that are displayed on control panels. Decorative control panels help the driver identify the meaning of different notifications in the vehicle. Therefore, a rise in the demand for in-vehicle automotive systems such as driver assistance systems in autonomous vehicles is fueling the adoption of advanced audio systems.
  • Rise in demand for luxury and comfort vehicles is expected to drive the global automotive decorative control panels market. Automakers launch/ adopt new and latest vehicle features and advanced technologies in vehicles to attract more number of consumers. These factors mentioned above are expected to drive the global automotive decorative control panels market.

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Automotive Decorative Control Panels Market: Challenges

  • High initial cost is a major factor hindering the adoption of automotive decorative control panel. Expensive control panel increases the total cost of ownership of vehicles. These control panels are integrated with advanced components, such as sensors, and LED touch display, increasing the overall purchasing cost of the equipment.
  • Consumers are highly inclined toward procuring essential consumer products such as groceries and healthcare products due to the spread of COVID-19. This has hampered the sales of automobiles, restricting the market in 2020 and posing several industry challenges.
  • The automotive decorative control panels market is expected to witness a temporary slowdown in 2020 owing to the outbreak of COVID-19 pandemic across the globe. The sluggish expansion can be attributed to a decline in purchasing power of consumers.

North America and Europe together to account for major share of automotive decorative control panels market

  • In terms of region, the global automotive decorative control panels market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America and Europe, cumulatively, are expected to account for a major share of the global automotive decorative control panels market.
  • High disposable income of the population and openness toward new technologies in these regions are propelling the automotive decorative control panels market. Rise in awareness about benefits of decorative control panel among consumers in countries across North America and Europe is further propelling the global automotive decorative control panels market in these regions.

Key Players Operating in Automotive Decorative Control Panels Market

The global automotive decorative control panels market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive decorative control panels market are:

  • Faurecia SA
  • Magna International Inc.
  • Lear Corporation
  • Continental AG
  • Johnson Controls Inc.
  • Hyundai Mobis Co. Ltd.
  • Calsonic Kansei Corporation
  • Toyota Boshoku Corporation
  • Delphi Automotive Plc.

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Global Automotive Decorative Control Panels Market: Research Scope

Global Automotive Decorative Control Panels Market, by Vehicle

  • Passenger Vehicles
    • Mini Vehicles
    • Hatchback
    • Sedan
    • Luxury Vehicles
  • Commercial Vehicles
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles

Global Automotive Decorative Control Panels Market, by Sales Channel

  • OEM
  • Aftermarket

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