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The automotive center console market share is expected to increase by USD 7.05 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.69%.
This automotive center console market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive center console market segmentations by application (SUV, premium, standard, and luxury) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The automotive center console market report also offers information on several market vendors, including Continental AG, Emerson Electric Co., Faurecia SE, FIT AG, Fritz Draxlmaier GmbH and Co. KG, GRAMMER AG, HASCO Co. Ltd., International Automotive Components Group SA, Leggett and Platt Inc., Lund Motion Products Inc., Marelli Holdings Co. Ltd., Methode Electronics Inc., Novares Group SA, Novem Group SA, and Weber GmbH and Co. KG among others.
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The increasing SUV sales is notably driving the automotive center console market growth, although factors such as fluctuation in material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive center console industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Center Console Market Driver
The increasing SUV sales is one of the key drivers supporting the automotive center console market growth. The growing demand for SUVs and luxury vehicles has escalated the position of the center console as an aesthetic attraction for buyers. The US is one of the key regions for the SUV market. They are witnessing growing demand in APAC as well, with countries like India, Japan, China, and a few others indicating a higher growth in the regional automotive industry compared to the global automotive industry. Thus, the global automotive center console market is expected to display growth due to its increased application in SUVs during the forecast period
Key Automotive Center Console Market Trend
The development of smart glass technology for the center console is one of the key automotive center console market trends that is contributing to the market growth. The smart glass is an integral part of the center console, which also works as an access point for various cabin features. It encourages the development of smart surface technologies and opens the research area for design innovation using human-machine interfaces (HMI). It can be used as an advanced material to enhance the vehicle's aesthetics and even opens many other applications for the industry. The smart glass is equipped with actuators and sensors backed up by a software architecture that enables it to comprehend the user's requirement intelligently. Such factors of small glass will drive the automotive center console market growth during the forecast period.
Key Automotive Center Console Market Challenge
The fluctuation in material prices is one of the factors hindering the automotive center console market growth. The revenue and profitability from center console products largely depend on raw material pricing. This impacts the base price of OEMs and indirectly the demand for the product. The raw materials that are utilized in center console manufacturing can be selective textile fabrics, plastic injection grain, petroleum-based resins, polymers, composites, and certain metals. Most supply contracts are close-ended with cost protection, where OEMs are not affected by open-market price fluctuation of raw materials. But most raw material suppliers to tier-1 suppliers are not bound to restrict cost increment. This directly impacts the cost of tier-1 suppliers, who then face a challenge to break even or maintain profitability. Such challenges will impede the automotive center console market growth during the forecast period.
This automotive center console 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 2022-2026.
Technavio categorizes the global automotive center console market as a part of the global auto parts and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive center console market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive center console market encompasses successful business strategies deployed by the key vendors. The automotive center console market is fragmented and the vendors are deploying growth strategies such as emphasizing their unique selling points (USP), diversifying their product portfolios, and adding compelling features to their products to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive center console market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive center console market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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44% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the automotive center console market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The presence of global key players, as well as an increasing number of regional and local players, will facilitate the automotive center console 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, APAC was the epicenter of the COVID-19 pandemic that broke out in China, which had a negative impact on the regional market. However, the economic slowdown across various countries in the region due to the outbreak of COVID-19 is expected to affect the demand for automobiles, which, in turn, may have a negative impact on the growth of the regional center console market during the forecast period.
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The automotive center console market share growth by the SUV segment will be significant during the forecast period. SUVs have a wide scope for center consoles because of the presence of multiple rear rows. The SUV segment includes vehicles like Nissan X-Trail, Honda CR-V, and others. The top-selling markets in the SUV segment are the US and China. Moreover, the higher growth rate toward the end of the forecast period is due to the improving quality of console design and higher penetration of center consoles by the end of the forecast period in the SUV segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive center console market size and actionable market insights on post COVID-19 impact on each segment.
Automotive Center Console Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.69% |
Market growth 2022-2026 |
$ 7.05 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.56 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key consumer countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Continental AG, Emerson Electric Co., Faurecia SE, FIT AG, Fritz Draxlmaier GmbH and Co. KG, GRAMMER AG, HASCO Co. Ltd., International Automotive Components Group SA, Leggett and Platt Inc., Lund Motion Products Inc., Marelli Holdings Co. Ltd., Methode Electronics Inc., Novares Group SA, Novem Group SA, and Weber GmbH and Co. KG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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