The overhead console market expected to reach US$ 15,011. 51 million by 2028 from US$ 9,934. 27 million in 2021; it is estimated to grow at a CAGR of 6. 1% from 2021 to 2028. The overall market has been segmented into four major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America.
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APAC led the market with a revenue share of more than 45% in 2020, and it is also expected to register the fastest CAGR during the forecast period.
The region has the presence of a few of the major automotive manufacturers, such as Suzuki, Mitsubishi, Hyundai-Kia, Nissan, Tata Motors Limited, Lexus, and Toyota; also, various overhead console suppliers, such as Yanfeng Automotive Interiors; Daimay Automotive Interior Co., Ltd; Kojima Industries Corporation; and JPC Automotive. Moreover, the governments in this region are taking various initiatives for the development of automotive industry. For instance, under Union Budget 2019–2020, the Indian government announced its plans to set up R&D centers to enable the automotive sector to meet the global standards worth US$ 388.5 million. Thus, such initiatives are likely to generate enormous opportunities for the development of advanced overhead console in the region. However, global automotive production strongly depends on China, and the COVID-19 pandemic outbreak resulted in the supply shortage, which affected the assembly of OEM in all regions in 2020. The COVID-19 outbreak has resulted in limiting the operations of the automotive sector.
In recent years, the automotive industry has been flourishing in the Central and Eastern European (CEE) region.Rising numbers of car manufacturers established their state-of-the-art and modern production sites in CEE countries, owing to the competitive advantage the CEE region over Western European countries.
Owing to increased economic development and political consolidation, the region has enjoyed higher attention from investors, as they consider the region as one joined-up sourcing, manufacturing, and logistics hub.This is pertaining to the presence of innovative and developed supply chain environment, while CEE provides some of the best environments for the automotive industry in the world.
Thus, the growing automotive sector in CEE region supports the growth of overhead console market, as the requirement of overhead console is directly associated to the vehicle production.
In the earlier generation, consumers used to purchase premium vehicles to reflect their social status, but the new generation is expressing other reasons for buying premium autos for the need of luxury and clever technologies.According to the study conducted by the China Association of Automobile Manufacturers (CAAM), women are playing an important role in the premium car market, especially in the developed economies.
As per the survey, while selecting a vehicle model, women primarily focus on safety features, comfort, and exterior styling, over the attributes favored by their male counterparts, such as powertrain technology, socially recognized premium brands, and bigger models.
The overhead console market is segmented on the bases of application and vehicle type.Based on application, the market is bifurcated into vehicle telematics, infotainment system & HMI, and others.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Flex Ltd.; Gentex Corporation; Grupo Antolin; Hella GmbH & Co. KGAA; JPC Automotive; Magna International Inc.; Diamond Coatings Inc.; Daimay Automotive Interior Co., Ltd.; Kojima Industries Corporation; and Yanfeng Automotive Interiors are among the key players operating in the global overhead console market.
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