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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
For Right Perspective & Competitive Insights on Automotive Decorative Control Panels Market, Request for a Sample
Global Automotive Decorative Control Panels Market: Research Scope
Global Automotive Decorative Control Panels Market, by Vehicle
- Passenger Vehicles
- Mini Vehicles
- Luxury Vehicles
- Commercial Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Automotive Decorative Control Panels Market, by Sales Channel
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.