According to the new research report titled “Overhead Console Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 15,011.51 million by 2028, registering a CAGR of 6.1% from 2021 to 2028.
The increase in vehicle production incorporated with comfort features such as automated sunroofs is supporting the growth of the automotive overhead console market. Additionally, growing demand for attractive and spacious interior inside the vehicle is encouraging the vehicle manufacturers to develop and install advanced overhead console in the vehicles. Further, increasing adoption of smartphone and rising connectivity with the in-vehicle infotainment systems is demanding the installation of overhead consoles.
The growing demand for luxury and comfort features in vehicles and preference among consumers for elegant vehicle interiors is expected to further enhance the automotive overhead console market globally. Moreover, the expansion of the automotive aftermarket worldwide is anticipated to propel the installation of overhead console in vehicles. The substantial growth in the number of passenger vehicles and commercial vehicles globally is supporting the steady business growth opportunity for the automotive manufacturers across the developed economies through distribution networks and aftermarket sales. Thus, the overhead console market is poised to offer several profitable business market opportunities for market players in the coming years. Additionally, several automotive OEMs and the economic conditions in the different regions witnessed a disruption in their business conditions following the outbreak of COVID-19.
Key Findings of Study:
The global overhead console market has been segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America SAM. In 2020, Asia Pacific held the largest revenue share of global overhead console market. The market growth in Europe is attributed to significant use of overhead console in the automobile industry.
The market growth of overhead consoles in the APAC region can be attributed to increase in sales of vehicles. This is due to the presence of major automotive parts manufacturing industries across China, India, and Japan. Further, the increase in demand for electric vehicles across the region due to enactment of stringent vehicle emission norms in the region is boosting the growth of the market. Similarly, the growing consumer preference for sunroofs in vehicles and expansion of the automotive aftermarket across the world is fueling the growth of the market. China holds the largest share in the Asia Pacific market due to the high production of these devices and low labor costs. Further, the presence of various local and key market players in the country is also driving the overhead consoles market growth.
