Automotive Glove Box Market by Vehicle Type and Geography - Forecast and Analysis 2021-2025

The automotive glove box market is projected to grow by 25970.00 thousand units with a CAGR of 5.94%, during the forecast period 2020 to 2025.

The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by geography (APAC, Europe, North America, South America, and MEA) and vehicle type (passenger cars, LCVs, and HCVs).

The automotive glove box market report also offers information on several market vendors, including CIE Automotive SA, Dr. Schneider Holding GmbH, KBI Dongkook Ind. Co. Ltd., Moriroku Holdings Co. Ltd., Nihon Plast Co. Ltd, and Toyoda Gosei Co. Ltd. among others.

CIE Automotive SA - The company offers automotive glove box products such as Plastic Glove Compartment. The Mahindra CIE Europe segment focuses on the business for the manufacture of European forges, dependent on the Mahindra CIE group (dependent on the Group).

What will the Automotive Glove Box Market Size be During the Forecast Period?

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Parent Market Analysis

Technavio categorizes the global automotive glove box as a part of the global auto parts and equipment market within the global auto components market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive glove box market during the forecast period.

Automotive Glove Box Market: Key Drivers, Trends, and Challenges

The in-car personalization experience is notably driving the automotive glove box market growth, although factors such as a gradual increase in annual wages leading to declining in profit may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. 

Key Automotive Glove Box Market Challenge

• The gradual increase in annual wages leading to declining in profit will be a major challenge for the automotive glove box market during the forecast period.
• In the automotive industry value chain, the OEMs absorbed the liability for the majority of the warranty costs and price pressure caused by high demand. 
• The manufacturing activities are outsourced to China, Taiwan, South Korea, and India as these countries have cheap labour. There is a high concentration of automotive part manufacturers in these countries. It is primarily due to the drastic shift of electronic manufacturing units to these countries (due to low labour costs, established raw material supply chains, and easy availability of raw materials). 
• As the production cost increases, manufacturers will have to explore other means to maintain the low-cost advantage and profit margins.
• The automotive parts manufacturers will witness additional pressure from OEMs and tire suppliers to maintain low costs.

This automotive glove box market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Automotive Glove Box Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the automotive glove box market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Automotive Glove Box Market?

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60% of the market’s growth will originate from APAC during the forecast period. Japan and India are the key markets for automotive glove boxes in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Since APAC accounts for the highest automobile production, the region dominates the global automotive glove box market. China, India, South Korea, Thailand, and Indonesia have abundant resources in the form of land, labour, and raw materials. Due to the availability of cheap resources and funding from other countries, these countries produce relatively cheaper goods. APAC was not affected significantly by the economic recession of 2008-2009, and there is an increase in the market share due to the acceptance of foreign investment schemes by the governments in this region. This will facilitate the automotive glove box market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the regional market witnessed a significant decline in revenue, owing to the outbreak of COVID-19. In addition, automotive sales dropped, which led to a decline in the demand for front-end modules. However, in Q4 2020, many countries in APAC lifted restrictions on various businesses. The vendors were then able to resume their routine operations by adhering to the COVID-19 guidelines. Vendors mandated social distancing norms and restricted the entry of non-essential visitors at their facilities. From Q4 2020 onward, the lockdowns have been lifted, and manufacturing facilities have been resumed owing to the increasing vaccination programs in the region. Thus, the regional automotive glove box market is expected to grow during the forecast period.

What is the Fastest-Growing Geography Segment in the Automotive Glove Box Market?

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The automotive glove box market share growth by the passenger cars segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive glove box market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Automotive Glove Box Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive automotive glove box market growth during the next five years
• Precise estimation of the automotive glove box market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the automotive glove box market industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive analysis of factors that will challenge the growth of automotive glove box market vendors

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