Global Automotive Centre Console Market Size To Grow At A CAGR Of 5.50% In The Forecast Period Of 2023-2028
The ‘Global Automotive Centre Console Market Price, Share, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global automotive centre console market, assessing the market on the basis of its segments like type, vehicle type, distribution channels, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 50%
The thriving automotive industry globally, supported by improvements in road infrastructure and rising disposable incomes, are driving the growth of the automotive centre console market. As demand, production, and sales of automotives surge, and there is an increasing demand for advanced capabilities in automotives, the market for automotive centre consoles is expanding. Increasing incorporation of HVAC systems in automotives, particularly in regions with extreme temperatures, is leading to a greater demand for automotive centre consoles to operate automotive HVAC systems, thereby augmenting the automotive centre console market.
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Various vehicles are also being equipped with advanced infotainment systems, supporting features such as GPS navigation, mobile phone connectivity, and entertainment playing options. Connectivity options such as Bluetooth can also be facilitated through the centre consoles, and then used for further features. Centre consoles enable easy operations of the various functionalities of an automotive, due to which their demand is rising.
The growing demand for electric vehicles and development of autonomous vehicles are anticipated to provide lucrative opportunities to the automotive centre console market. The control requirements vary between automotives, due to which automotive centre consoles need to be adapted accordingly. Development of custom automotive centre consoles that aid in easy management and manoeuvring of electric and autonomous vehicles are likely to expand the demand for automotive centre consoles.
Automotive Centre Console Industry Definition And Major Segments
Automotive centre consoles are the control-bearing systems located in the centre of the front of vehicles and can control different functionalities of the vehicle. Situated between the front passenger and driver seats, automotive centre consoles can be used for controlling electronic devices, temperature, entertainment systems, and other features supported by the specific vehicle.
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Based on type, the market is divided into:
- Touch Screens
- Buttons and Controls
By vehicle type, the market is segmented into:
- Passenger Cars
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Electric Vehicle
On the basis of distribution channels, the market is bifurcated into:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Automotive Centre Console Market Trends
Rising popularity of premium and luxury vehicles with a multitude of features and functionalities is a key trend in the automotive centre console market. As more features such as advanced entertainment systems, temperature control, charging ports, electronic gadgets, GPS, and audio controls are added to automotives, the demand for automotive centre consoles is increasing. Premium and luxury vehicles also feature automotive centre controls that are multi-functional and aesthetically pleasing.
With the growing trend of connected car services, remote management of vehicles, through connectivity facilitated by centre consoles, is expected to rise. New automotive centre consoles are also being equipped with space for charging devices through wireless charging pads or USB ports. Young adults, in particular, are surging the demand for vehicles with advanced automotive centre consoles. The increasing focus on lightweight automotive components for improved fuel efficiency are also encouraging the development of lightweight automotive centre consoles.
Regionally, Europe accounts for a substantial share of the global automotive centre console market, supported by the robust automotive sector in the region and growing demand for premium and high end luxury vehicles. Early adoption of new technologies, rising investments, and presence of various automotive manufacturers in the region are also aiding the growth of the regional market for automotive centre consoles.
Key Market Players
The major players in the global automotive centre console market report are Hyundai Mobis Co Ltd, Faurecia S.A., Johnson Controls Inc., Langfang Huaan Automobile Equipment, Alps Electric Co. Ltd, and Methode Electronics, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
