Automotive Overhead Console Market: Introduction
According to the report, the global automotive overhead console market is projected to surpass US$ 54 Bn by 2031, expanding at a CAGR of 7.42% during the forecast period. An automobile overhead console is an integrated control bearing surface in the overhead section of the automobile interior. The term is applied to the controls and consoles present in the roof of the vehicle as well extending to the top of the windshield of the vehicle. Interior lighting, Heads up Displays (HUDs), foldable center mirrors, wiring as well as HVAC vents located above are examples of some of the components sheltered in automobile overhead consoles.
Automobile overhead consoles house the important controls and wiring in the vehicle. Across the world, a major shift in consumer preferences towards connected and increasingly autonomous vehicles is estimated to propel the global automotive overhead console market during the forecast period.
Increasing preference for vehicle comfort, rising demand for in-vehicle infotainment and telematics systems, application of IoT in automobiles, and growing trend to remotely monitor commercial vehicle fleets for safety, driver performance, efficiency, and predictive maintenance are other major factors that are estimated to drive the global automotive overhead console market during the forecast period.
The COVID-19 pandemic caused a negative impact on several industries, including automotive, which led to the shutdown of multiple companies. Several automotive companies slashed their investment budget in R&D and reduced production capacities, even closed down some of their manufacturing facilities, which, in turn, hampered the automotive overhead console market.
Expansion of Automotive Overhead Console Market
The demand for electric vehicles is increasing globally, especially in major developing and developed countries, in wake of the pollution occurring due to the greenhouse gas emissions (GHG), and majority of GHG emissions are primarily attributable to the use of IC engine vehicles. The rise in demand for connected, autonomous, and semi-autonomous vehicles is due to an increase in adoption of ADAS (Advanced Driving Assist System) technology in new premium and luxury vehicles. Many ADAS components are housed in overhead consoles like Driver Monitoring and Airbag Control systems. Increasing road safety concerns is boosting the introduction of ADAS and consequently, driving the demand for Overhead Consoles across the globe.
Infotainment and IoT connected applications are taking their own place in the vehicle interior system in line to the changed consumer behavior - demanding handy data and entertainment. This, in turn, is propelling the automotive overhead console market. Various industry sectors have suffered significant losses as a result of the global COVID-19 outbreak. The global vehicle market was the most notable of these. The market has suffered a significant loss due to lockdowns, restrictions on global travel, trade wars and many other factors. The global pandemic disrupted the supply chain of the global market for automotive overhead console, which has led to an abrupt halt in investment.
Regional Analysis of Automotive Overhead Console Market
In terms of region, the global automotive overhead console market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Of these, North America, Europe, and Asia Pacific are expected to account for a significant share of the global automotive overhead console market. The market in Asia Pacific is the largest owing to the significant expansion of the automotive industries in Japan, China, South Korea, and India, in terms of volume.
Furthermore, the region also leads the global market for automotive overhead console, owing to rise in the demand for connected and autonomous vehicles in various parts of Asia Pacific, in terms of volume.
Middle East & Africa and South America are expected to be emerging regions of the global automotive overhead console market during the forecast period. This is primarily due to the emergence of the automobile industry in the past few years. Furthermore, the market in South America is expanding, owing to rise in vehicle sales and establishment of large automobile manufacturing plants in the region.
Automotive Overhead Console Market Snapshot
Prominent players operating for automotive overhead console market include AGM Automotive, Continental AG, Daimay Automotive Interior Co., Ltd, Gentex Corporation, Grupo Antolin, Hella GmbH & Co. KGaA, IAC Group, Johnson Controls, LS Automotive India Pvt Ltd., Magna International Inc., Methode Automotive Solutions, Plastic Omnium, Valeo, and Yanfeng Automotive Interior.
Global Automotive Overhead Console Market: Segmentation
- Automotive Overhead Console Market, by Vehicle Type
- Passenger Vehicle (Hatchback, Sedan, and Utility Vehicle)
- Light Duty Vehicle
- Buses & Coaches
- Automotive Overhead Console Market, by Application
- Vehicle Telematics
- Driver Monitoring
- Airbag Control
- Interior Lightning
- Automotive Overhead Console Market, by Technology
- Automotive Overhead Console Market, by Type
- Front Overhead Console
- Rear Overhead Console
- Automotive Overhead Console Market, by Sales Channel
- Automotive Overhead Console Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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