Report ID: UCMIG25AG2001 | Region: Global | Published Date: November, 2022 | Pages: 165Thermoplastic Composites Market
Report ID: SQSG25AG2002 | Region: Global | Published Date: November, 2022 | Pages: 157
Global automotive center console market was valued at USD 27.07 billion in 2021, and it is expected to reach a value of USD 38.05 billion by 2028, at a CAGR of more than 5.50% over the forecast period (2022–2028).
Rise in disposable income, rising preferences for luxurious cars and improved lifestyle choices are bolstering the demand for the automotive center console market.
The center console is known as the storage compartment that is situated between the two seats in front of the car. It accommodates various features such as temperature control, cup holder, air conditioner panel, audio control, control units, and other accessories.
Some high-performance luxury vehicles provide extra facilities including screens, charging ports, electronic devices, and music controls. Advanced features such as a parking & driving assistance system in the console area will become common in the future. In the connected car & autonomous vehicles era center console is becoming much more sophisticated.
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Global automotive center console market is segmented based on the vehicle type, sales channel, and region. Based on the vehicle type, the global automotive center console market is segmented as on passenger vehicles, premium cars, compact cars, mid-size cars, luxury cars, SUVs, electric vehicles and others.
Based on the vehicle type market is segmented based on passenger vehicle, premium cars, compact cars, mid-size cars, luxury cars, suv, electric vehicles. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Vehicle type
Among these, passenger vehicles hold the largest market share. Passenger vehicles, which include sedans, hatchbacks, station wagons, sports utility vehicles (SUVs), and multi-utility vehicles (MUVs), are predicted to grow at the fastest rate. These vehicles are fitted with a number of smart features, such as smart controllers that provide access to a number of cabin features. The automobile center console market's passenger vehicle sector is expanding quickly.
Analysis by Sales channel
Global automotive center console market has been segmented on the basis of sales channels as original equipment manufacturers (OEMs) and Aftermarket. During the forecast period, the OEM sector is expected to hold the largest global market share for automobile center consoles. It held the greatest market share in 2019. The automobile center console industry's original equipment manufacturers (OEMs) are increasingly concentrating on building small, fuel-efficient cars with improved efficiency and fuel economy.
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Due to the existence of significant OEM players, Europe accounts for a substantial share of the worldwide Automotive center console market. North America comes in second to Europe in the market for automobile center consoles. Due to rising income levels and per capita incomes of the population and a lower concentration of vehicles than in developed economies, Asia Pacific is predicted to have strong demand for automotive center consoles during the forecast period. Also contributing to the growth of the automotive center console market in this region is the population's increased disposable income and the tendency for high performance and luxury vehicles. India, China, and Japan are among the developing and developed nations with the largest contributions to the rapid development.
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Popularity of Electric Vehicles and Expansion of Automotive Industry to Boost Market Demand
Complications with The Front Slag Seat Might Hinder Market Growth
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Global automotive center console market is highly competitive with presence of multiple players. To ensure that their brand stands out in the general market rivalry, they are engaging in joint ventures and merger and acquisition methods.
Top Players in the Automotive Center Console Market
Government Investment and Development of Electric Vehicles to Shape Market’s Future
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global automotive center console market Analysis, in terms of vehicle type, passenger vehicles hold the largest market share. Passenger vehicles, which include sedans, hatchbacks, station wagons, sports utility vehicles (SUVs), and multi-utility vehicles. The passenger cars come with a variety of smart gadgets, such as smart controllers for the various systems in the cabin. Global demand for automotive centre consoles is expanding as a result of rising income levels and the growing desire of the younger generation for high performance and luxurious vehicles. Due to the excessive use of electronic systems and gadgets and the integration of cutting-edge functions, the automotive industry's rapid acceptance of electrification of vehicles is also projected to positively impact the automotive centre console market over the forecast period.
By sales channel the OEM sector is expected to hold the largest global market share for automobile center consoles.
|Market size value in 2021||USD 27.07 billion|
|Market size value in 2028||USD 38.05 billion|
|Growth Rate||more than 5.50%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Automotive Center Console Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Center Console Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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