Demand for Automotive Console Box is expected to expand at CAGR of 4% to 5.5% during 2021 to 2031
According to latest research by Fact.MR. Automotive console box market is set to witness stable growth during 2021-2031. Demand for automotive console box will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry will create lucrative opportunities in near future.
What is Driving Demand for Automotive Console Box?
An automobile console box is a storage compartment situated between the two seats in the front, back, and all sides of the vehicle in either the front portion or back seat. In general, console boxes can accommodate a variety of features, including storage for electronic devices, control units, and storage compartments.
The growth of the automobile industry, as well as the fact that major players around the world are increasing their production capacity, is the primary drivers of the automotive console box market. Moreover, during the forecast period, rising demand for luxury and high-performance cars is expected to help the growth of the automotive industry.
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Automotive Recovery Likely to Augment Automotive Console Box Sales
Automotive sales and production around the globe have been impacted by COVID-19 induced slowdown. This has also had a ripple effect on automotive component and material sales. As passenger car segment is a key focus area for automotive OEMs for console boxes. Hence, automotive console box manufacturer are likely to witness sustained opportunities in the future.
Innovative work being conveyed to upgrade car interior by including all mechanically progressed hardware will spur more interest for console box. Likewise, developing mix of gadgets in the car to expand proficiency and establishment of innovative frill, like warming and cooling canisters, will additionally support the development of the car console boxes market over the figure time frame.
Original equipment manufacturers (OEMs) in the automotive industry are currently focusing on producing lighter, more fuel-efficient vehicles with improved performance. As a result, demand for lighter-weight console boxes is increasing.
U.S. and Canada Automotive Console Box Market Outlook
North America is estimated to be one of the prominent market globally, because of sale of automobiles and customized interior aesthetic of vehicle is booming. The U.S. and Canada countries is set to account for a substantial share in global automotive console box market during the assessment period 2021-2031.
The demand of console box will be driven by the fact that there is a significant demand for passenger cars and light trucks in North America. Furthermore, from the last decade, new technological advancement such as heat & cooling bins, and wireless charging option have become popular in console box.
The console box manufacturing companies in North America trying to target Asia Pacific and APAC region by expanding sales and distribution network of console box in near future to increase their market presence.
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Europe Automotive Console Box Market Outlook
The COVID-19 crisis has had a significant impact on many European countries, resulting drop in economic activity. However, in the automotive industry, Europe is home to a automobile and parts manufacturers, making region a major producer of automotive parts and systems.
Because of the involvement of major OEM companies, Europe has a significant share of the global automotive console box sales. In addition, relative to developed economies, the general population's income level/per capita income is rising, and vehicle concentration is lower.
Due to high rate of adoption of console box and growth of the automotive industry in the European region, the consumption of automotive console box is prominent. Production of luxury vehicle with high quality console boxes has increased. Especially in Germany, U.K., France, and Italy will expected to grow in the near future.
Who are the Key Manufacturers and Suppliers of Automotive Console Box?
Some of the leading manufacturers and supplier of automotive console box include Faurecia, Flex-N-Gate, Magneti Marelli, Draexlmaier Group, Toyoda Gosei, Nihon Plast, Grupo Antolin, Inteva Products, Kojima Industries, Tata AutoComp Systems, Ningbo Huaxiang Electronic, Kasai Kogyo, Pacific Industrial, Roechling, and others.
Automotive console boxes are supplied by several leading manufacturers and suppliers under long-term contracts with end-users. Furthermore, manufacturers are focusing on developing manufacturing facilities in Asia Pacific countries such as India, China, Thailand, and Taiwan in order to meet the region's growing demand.
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By Product Type
- Wooden Type
- Plastic Type
- Passenger vehicle
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- North America
- Latin America
- South Asia and Pacific
- Australia & New Zealand
- East Asia
- South Korea
- Middle East & Africa
- South Africa
- North Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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